A collapsible or foldable plastic bottle of circular bellows like configuration capable of manufacture on current plastic bottle manufacturing equipment with current plastic materials approved for contact with foods and beverages. The bellows over center and fold to retain the folded condition without external assistance thus providing a self-latching feature. In particular, the bellows of the bottle, when fully folded, cause the bottle to substantially fit within a cup fastened to the base of the bottle. The cup is generally formed by further extending the cup upward and increasing the diameter slightly in comparison with the reinforcing cup on current soda pop bottles.