Hydration Backpack Market Segmented by Distribution Channel, End user, Country and Segments Forecast, 2019-2025
According to a report, “Hydration Backpack Market Size, Share & Trends Analysis Report By End User (Sports, Military), By Distribution Channel (Specialty Store, Departmental Store, Online Retail), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global hydration backpack market size is expected to reach USD 701.9 million by 2025, registering a CAGR of 12.4%, as per a new report by Grand View Research Inc. The market is driven by the increasing number of hiking enthusiasts, particularly in emerging economies, such as China, India, and Brazil. Furthermore, the rising focus on maintaining a healthy lifestyle has resulted in increased participation in outdoor activities, including walking and cross country running, thereby fueling the product demand.
Sports end user segment accounted for the largest revenue share in 2018. In addition, sports associations are increasing awareness regarding the signification of proper hydration. Athletes are advised to use hydration packs, which is boosting the market product adoption. The military segment is projected to register the fastest growth rate of 13.0% owing to the introduction of camouflage fabrics.
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Major companies, such as Lululemon Athletica, Inc. and Decathlon S.A. are focused on expanding their geographic foothold, which, in turn, is driving the segment growth. For instance, Decathlon S.A. has opened around 40 stores in the U.K.. Moreover, online distribution channels are set to expand at a fastest CAGR of 13.1% during the forecast period, given the rising popularity of smartphones and laptops.
Hydration Backpack Market Report Highlights
- The clothing, footwear, & accessories industry has observed a checkered growth in 2020 with the onset of Covid-19 pandemic, resulting in unprecedented supply chain disruptions. Despite the expected decline in global sales, the industry is likely to recover over the forecast timeframe
- Extensive exposure to social media and usage of smartphone, especially in developing countries like India and China, is anticipated to assist in product sales via online distribution channels
- Alpine skiers have embraced hydration backpacks amid the Covid-19 pandemic to continue the longtime skiing tradition prevailing in Canada, Europe, and out west. Skiers are opting for a waterproof pack with multiple zipper pockets to store different personal gears
- Specialty store led the market in 2018 owing to the increasing number of merchandises in tier II and III cities of the globe. For instance, Lululemon plans to enlarge its reach by adding 40 new stores in China, Australia, Hong Kong, Singapore, South Korea, the U.K., Germany, and Switzerland
- Asia Pacific is set to emerge as the fastest-growing regional market with a CAGR of 13.9% by 2025. This is attributed to the rising product penetration of numerous adventurous outdoor activities, especially in India and China
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