Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Smart Meat Thermometer Market Overview
Smart meat thermometer is a wireless thermometer device which is used to measure internal temperature of meat and other cooked food. It consists of metal probe with a sharp point which is pushed into the meat and a dial or digital display. The probe is inserted into the meat to check the temperature. Smart meat thermometer has many different models, such as single probe and multi probe. It can also set a sound alarm when the specified temperature is reached. Smart meat thermometer is connected through wireless device such as Wi-Fi and Bluetooth. Moreover, rising e-commerce channel expansion and increasing preference for online purchases is anticipated to positively impact the market of global meat thermometer.
Market Size and Forecast
Global smart meat thermometer market reached USD 37,073.7 Thousand in terms of value in 2016 and is expected to reach USD 167,446.6 Thousand by the end of 2024, expanding at a CAGR of 21.7% over the forecast period i.e. 2017-2024. Moreover, the smart meat thermometer market accounted for 445.4 Thousand units in 2016 in terms of volume and is expected to reach 1,656.5 Thousand units in 2024, expanding at a CAGR of 18.8% over the forecast period.
In term of regional platform, North America is slated to account for a leading share of 60.3% in the terms of value by 2024 in the smart meat thermometer market. The growth in the region is anticipated to be fostered by high awareness regarding meat thermometer. Besides, government campaigns such as THERMY are paving the way for the growth of the smart meat thermometer market in the North America; U.S. has the prominent market in the region. Additionally, U.S. smart meat thermometer market reached USD 19,583.4 Thousand in 2016 and is expected to reach noteworthy revenue by the end of 2024, and showcase a significant CAGR over the forecast period i.e. 2017-2024. In the terms of volume, U.S. smart meat thermometer market is anticipated to reach 793.5 thousand units in 2024 from 250.6 Thousand units in 2016.Furthermore, Europe is expected to showcase lucrative growth over the forecast period i.e. 2017-2024 by registering a noteworthy CAGR in terms of value over the forecast period.CLICK TO DOWNLOAD FREE SAMPLE
Market Segmentation
Our in-depth analysis segmented the global smart meat thermometer market in the following segments:
By Connectivity
By Distribution Channel
By Region
Global smart thermometer market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Rising health and hygiene concerns along with rising personal disposable income of consumers are believed to foster the growth of global smart meat thermometer market. Further, increase in the global population coupled with advancement in the smart technology and growing demand for convenience products due to increasing personal disposable income are some of the major factors likely to foster the demand for smart meat thermometer.Improving lifestyles due to rise in income level, especially in the developing countries such as India, China, South Africa and Brazil is the key factor which is believed to fuel the demand for smart meat thermometer during the forecast period. Moreover, rising trend of adoption of smart home products is providing many opportunities for the smart meat thermometer manufacturers to grow and diversify their portfolio. The smart meat thermometer market is growing in North America region owing to the rapid urbanization and increasing government regulations implemented by regulatory authorities regarding food safety. Further, growing population along with advancement in the smart technology are also some of the factors fostering the growth of smart meat thermometer in this region.In contrast with, high cost of technologically advanced smart meat thermometer is anticipated to limit the growth of smart meat thermometer market over the forecast period. Dominance of ordinary cooking products is restricting the manufacturers to enter into the production of smart cooking products. This factor is expected to dampen the growth of smart meat thermometer market.
Key Players
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global smart meat thermometer market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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