Our in-depth analysis segmented the global smart meat thermometer market in the following segments:
By Distribution Channel
Global smart thermometer market is further classified on the basis of region as follows:
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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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.