Hmm, since it is conical, I am betting you could make a collapsible version just by using a more flexible plastic and instead of having the catch around the bottom belled you could just make a seam fold and it'd still catch the moisture and collect it. Then you could pinch the bottom flat and roll it up into a cylinder. I am also thinking you could make it pyramidal and have it fold flat for transport/storage under the same premise. it might not be quite as reliable, but it would still be a whole lot better than nothing.

As an alternative carry method, you could also put a cone of cloth covering over it with a little rectangular hole cut in the front of the cover and a strap at the bottom and wear it as a cool kung-fu Koolie hat.