The global hydration backpack market is estimated to reach USD 701.9 million, by end of 2025, and is projected to grow at a CAGR of 12.4% from 2019 to 2025, according to a new report by Million Insights. The growing participation of consumers especially from countries such as Brazil, India, and China in activities such as cycling, running, and hiking is anticipated to boost the market growth. Additionally, owing to health benefits offered by the usage of this product are also expected to increase the market growth.
In 2018, the sports division held the highest share in the overall market. Moreover, different sports associations, and manufacturers are focusing on creating awareness among consumers across the globe. They are also advising to athletes, trekkers, and mountaineers for using hydration backpacks. Military application is projected to grow the CAGR of over 13.0% over the forecasted period. The launch of products with rain cover features and camouflage fabrics are estimated to bolster the demand for the product.
The online channel is projected to grow at the CAGR of over 13.0% from 2019 to 2025. The increasing penetration of digital media, and internet especially across China, and India is estimated to support the market growth. Asia Pacific is estimated to grow at a CAGR of 13.9% from 2019 to 2025. The growing awareness among consumers regarding outdoor activities owing to its health and fitness is projected to positively impact the market growth.
Top players such as Lululemon, and Decathlon S.A. focus on expanding its reach across the globe. For instance, Lululemon has extend its reach across countries such as China, Australia, South Korea, U.K., and Germany by adding 40 stores to increase its distribution network.
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Further key findings from the report suggest:
• In 2018, North America held the largest market share in the overall market and is expected to grow significantly over the next few years.
• Asia Pacific is estimated to grow at the highest CAGR during the forecasted period, owing to the growing popularity of cycling, trekking, and running activities in the region.
• Based on the distribution channel, online segment is anticipated to grow at a significant rate of CAGR over the forecast period.
• The hydration backpack market is highly competitive due to presence of players such as Cascade Designs, HydraPak, LLC, Osprey Packs Inc., Deuter Sport GmbH, Mazama Designs LLC, Wingnut, and JACK WOLFSKIN.
Million Insights has segmented the hydration backpack market based on product, distribution channel, and region:
Hydration Backpack End User Outlook (Revenue, USD Million, 2015 - 2025)
Hydration Backpack Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Specialty Store
• Departmental Store
• Online Retail
Hydration Backpack Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa