Increasing per capital income of the consumers along with the rapid advancements ad development of smart devices is expected to propel the Global Smart Mugs Market in the forecast period, 2023-2028.
According to TechSci Research report, “Global Smart Mugs Market By Region, Competition Forecast & Opportunities, 2027”, the market growth can be attributed to the ongoing technological advancements in kitchen utilities, expanding food and beverage sector, and rapid urbanization across the globe. In addition to this, with the increasing per capita income of the people along with their elevating lifestyle, the market for smart mugs is proliferating. Rise in the working women population has resulted in strict routines and stringent working hours, therefore, the consumers are increasingly opting for products that facilitate on-the go-food and drink services. Smart mugs have flavored material print on their surface which gets activated when water or any other liquid substance such as water or milk is added to it. Apart from this, several market leaders are introducing smart mugs that can track and measure the amount of drink consumed by the consumer. Further, it also tracks the number of calories consumed over a day. The new variants are also coming with zero calories flavored capsules which are gaining wide traction among gym and sports enthusiasts. In addition, a technology company and cutting-edge drink manufacturer, smart mugs, have recently launched eco-friendly and 100 percent biodegradable plant-based mugs to minimize carbon footprint. All the aforementioned factors are expected to propel the global smart mugs market.
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Global smart mugs market is segmented on the basis of type, material type, end-users, capacity, distribution channel, regional distribution, and company. Based on the type, the global smart mugs market is divided into wired and non-wired. Among these, the non-wired segment is expected to dominate the market in the coming years. This is primarily because the non-wired smart mugs are much more convenient to use, are portable, and are designed for use on the go. The non-wired mugs usually have double wall vacuum insulation, which acts as an additional layer for insulation to facilitate better heat retention and an air-tight enclosure that prevents heat from escaping.
By material type, the market is bifurcated into ceramic, porcelain, stainless steel, and others. Among these, the stainless-steel segment is expected to lead the market over the forecasted period because stainless steel is easily workable and much more durable. While on the other hand, over the time, porcelain and ceramic will become discolored, which cannot be restored. It can also very easily develop stains. Moreover, stainless steel has a “self-healing” quality if damaged chemically or mechanically, provided that oxygen is present. Additionally, due to the presence of special high chromium and nickel-alloyed grades, it can retain strength and resist scaling and extreme temperature. As a result, the stainless-steel segment is expected to propel the growth of the smart mugs market.
Based on the end users, the market is segmented into household use and commercial use. The household segment is anticipated to lead the market with an impressive CAGR. With the rising per capita income of the people and elevating the lifestyle of the consumer, the demand for smart products is increasing. In addition, the rising working women population across the globe has resulted in strict schedules and stringent working hours. As a result, the demand for on-the-go products is augmenting. This, in turn, is providing a positive outlook to smart kitchen utilities such as smart mugs.
By capacity, the market is fragmented into Less than 400 ml, 401-750 ml, and more than 750 ml. the 401-750 ml segment is expected to have the largest market share. This size of the smart mug is neither too large nor too small, hence the ideal size of a mug to have the right amount of drink. Moreover, this size of the product is easily portable and travel friendly.
Based on the distribution channel, the market is bifurcated into offline mode of distribution and online mode of distribution. Among these, the offline channel of distribution will lead the market over the forecast period due to the widespread presence of kitchen utility stores, home essentials centers, and supermarkets where the product is easily accessible. However, the online channel of distribution is expected to grow at a rapid pace in the upcoming five years. This is primarily because the online retail channels provide a hustle-free shopping experience, doorstep delivery option, and lucrative discount and cashback offers.
Major market players operating in the global smart mugs market are:
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Propelling demand for efficient, convenient and smart kitchen utilities is facilitating the growth of smart mugs market. Moreover, the availability of several market players who are intensively invested in the development of technologically advance smart mugs is also adding to the growth of the global smart glasses market in the upcoming years. Inflating disposable income among the population particularly in the regions like North America, and Europe etc., incorporated with the demands for the ownership of the smart devices such as smart mugs is also strengthening the growth of the global smart mugs market. New market players are advised to emphasize on the research and product development. Technological advancement in the smart mugs to improve their performance would allow the new players to establish their brands in the market and support the market growth in future too,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. “
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