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Brazilian Brand Dominates Gaucho Market of Thermal Bottles While Betting on Premium Strategy, Product Innovation, and Governance Reorganization to Grow Beyond the South and Increase Revenue Amid High Interest Rates and International Competition.
In Rio Grande do Sul, the thermal bottle circulates as an everyday item and also as a cultural symbol: it accompanies chimarrão at breakfast, at work, in the car, and during outdoor gatherings, where keeping water at the ideal temperature is part of the ritual.
According to a report published by Exame magazine, despite the popularity of international thermal cups on social media, the company dominating the gaucho market is one that was established in Porto Alegre nearly seven decades ago and is deeply connected to regional habits.
This is Termolar, an industry founded in 1958 that claims to hold 70% of the thermal bottle market in Rio Grande do Sul, as well as a significant presence in other regions of the country with products aimed at hot beverage consumption.
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The company closed 2025 with a revenue of R$ 350 million and set a goal to reach R$ 400 million in 2026, supported by a strategy that seeks to increase margins and strengthen the brand rather than compete solely on price.
The strategic plan is called DT70 and includes changes involving family governance, portfolio repositioning, and adjustments in the company’s commercial logic for the coming years.
“Competing on price is not the way. We focus on the perceived value of each product. If I enter this dispute, I lose margin and I lose brand,” stated Natalie Ardrizzo, president of Termolar, in an interview with Exame magazine.
Origin of Termolar and Historical Relationship with Chimarrão
The history of Termolar begins in Porto Alegre when Uruguayan entrepreneurs Jorge Ardrizzo and Leon Spalter decided to manufacture thermal bottles for chimarrão consumption, a traditional drink that requires constant hot water throughout the day.
At that time, the proposal found a culturally prepared environment for the product, as chimarrão plays a central role in the daily lives of millions of people in Southern Brazil and requires suitable utensils to maintain temperature and facilitate use.
Over the following decades, the company consolidated its presence with models that became common in gaucho homes, including the Magic Pump, a pumping system that reduces leaks, and tabletop bottles with a glass inner vessel.
For many years, the thermal bottle sector in Brazil operated almost like an oligopoly, with a few national manufacturers dominating production and relatively predictable competition.
This scenario began to change in the 2000s as new manufacturers emerged and imports started to compete on store shelves, especially stainless steel models with vacuum insulation that gained popularity in different countries.
According to findings by Exame magazine, even amid the transformation of the sector and the expansion of international products, Termolar maintained strong regional leadership and increased its presence across the rest of the country.
Currently, the company claims to have between 30% and 40% of national market share, produces about 11 million units per year, employs approximately 700 workers, and exports to more than 20 countries.
Growth Strategy Based on Premium Products
Despite regional dominance, the company recognizes that future growth depends on adjustments in its commercial strategy, especially in a more pressured economic scenario with increased competition.
The response was to prioritize profitability and added value, focusing efforts on lines considered more strategic within the portfolio.
Today, three categories account for nearly half of the company’s annual revenue, particularly the Magic Pump, which is responsible for about R$ 70 million in annual revenue.
Additionally, the Lumina line, featuring exterior stainless steel finish and internal glass vessel, and the thermal boxes from the SUV family have become significant focuses of investment and commercial communication for the brand.
According to the report from Exame magazine, the SUV line exemplifies the strategic shift: the investment in the product had an initial return forecast of three years, but the capital was recovered in just one.
This performance reinforced the company’s commitment to items with higher perceived value, capable of maintaining margins even in periods of greater economic pressure.
At the same time, cheaper lines still exist within the portfolio but have ceased to be a priority in the commercial strategy.
“We have popular products. But that’s not where we put energy or money,” Natalie Ardrizzo explained regarding the repositioning of the product mix.
New Family Governance and Strategic Reorganization
The strategic changes were accompanied by an internal reorganization of the company, especially after the end of the original partnership in 2012, when the second generation of the family took control of the business.
Between 2013 and 2015, the siblings began to take on roles in the company’s operations, but the division of responsibilities was still considered poorly structured.
In recent years, the company decided to formalize roles to reduce overlap in decision-making and accelerate the execution of strategic projects.
With the new arrangement, Natalie Ardrizzo started leading areas related to strategy, product development, brand positioning, consumer trends, and organizational culture.
The other sister was made responsible for operational execution, including internal processes, project implementation, and industrial routine management.
The executive told Exame magazine that the change aims to turn strategic ideas into concrete results within the new planning cycle.
“I have a very visionary profile, very similar to my father’s. But ideas without implementation don’t turn into results. The change came to make projects come to life,” she said.
High Interest Rates, Pressured Consumption, and Global Competition
Even with established regional leadership, the economic environment poses a significant challenge for the company.
The brand’s primary consumer audience is the Brazilian middle class, a segment that has experienced a loss of purchasing power in recent years and tends to delay the replacement of durable goods when family budgets tighten.
A thermal bottle is not an immediate need item, and the replacement of the product can be postponed for longer periods in weakened consumption scenarios.
Additionally, significant industrial projects require long-term financing, which becomes more challenging in a context of high interest rates.
The company has been discussing for years the possibility of relocating its factory, currently located in an urban area of Porto Alegre, to another municipality in Rio Grande do Sul with more efficient logistics and space for expansion.
According to the executive, however, decisions of this nature depend on financial predictability and access to credit under viable conditions.
In the meantime, the company maintains average investments of about R$ 5 million per year in product and structural improvements.
Rebranding, Innovation, and Expansion to New Categories
The DT70 strategic plan sets goals until 2029 and includes initiatives aimed at innovation, brand repositioning, and gradual expansion into categories related to the thermal universe.
Currently, recently launched products account for less than 5% of the company’s revenue, and the goal is to raise that share to 10% in the next four years.
The company has also started testing new glass products and items aimed at coffee consumption, broadening its range while maintaining its specialization in thermal solutions.
Another area involves a process of rebranding, with a visual update and repositioning of the brand.
The name Termolar remains, but the intention is to incorporate attributes associated with design, authenticity, and lifestyle, bringing the product closer to younger audiences and increasing the perception of value.
“My brand is the company’s greatest asset. We are working to ensure it reflects not only expertise and tradition, but also desire and authenticity,” stated Natalie Ardrizzo.
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