The global market for the Self-Stirring Mug market is estimated to be worth USD 168.3 million in 2021 and is anticipated to reach a value of USD 295.8 million by 2031. Sales are projected to rise at a CAGR of 5.8% over the forecast period between 2021 and 2031. The revenue generated by the Self-Stirring Mug market in 2020 was USD 160.1 million. The industry is anticipated to exhibit a Y-o-Y growth of 5.1% in 2021.
Global Self-Stirring Mug Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 160.1 million |
| Estimated Size, 2021 (E) | USD 168.3 million |
| Projected Size, 2031 (F) | USD 295.8 million |
| Value-based CAGR (2021 to 2031) | 5.8% |
The target market is segmented under shape, type, and distribution channels. The market is further sub-categorized under these segments to provide a granular aspect which will benefit the businesses operating in the market to improve on their products, gain a competitive edge over other players, and grasp a major portion of the market, in parallel.
The latest trend in food and beverages involves self-stirring mugs, and this market is steadily growing, as a result of the growing consumer awareness of convenience products and innovations in kitchenware. These mugs come in handy through their convenience when it comes to swirling drinks and this makes them suitable for working people and individuals always on the move.
Technology and an increase in purchasing power parity (disposable income) have also contributed to the growth of the market by prompting consumers to incur the costs of smart kitchen gadgets. Hence, self-stirring mugs are interesting to buyers, who are interested in improving their daily routine, coffee lovers, athletes, or anyone who does not want to waste time on stirring hot beverages, which makes it attractive for both the urban and suburban areas.
The competitive landscape of the self-stirring mug market is characterized by a mix of established players and emerging brands, each vying to capture a share of this growing segment. Key players in the market include Thumbs Up (UK) Ltd., Ningbo Bothwins Import & Export Co. Ltd, and SENIORITY.IN., among others. Key companies compete on factors such as design innovation, material quality, and brand reputation.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 127.5 million and is predicted to rise approximately 1.8 times the current market value through 2031.
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The market for self-stirring mugs is continuously increasing during the forecast period. These cups are the perfect option for lazy people who loves to sip coffee and hot chocolate but avoid cleaning cups and spoons. Also, used by the employees and students to avoid annoying days when there are no clean mugs in the office or mess.
Furthermore, the students of university and college love to keep a coffee cup with them. With this stylish and innovative mug, they can take snaps and post them on social media platforms. This encourages other people to buy such innovative mugs and helps the players to generate more revenue.
Moreover, these mugs are very convenient for working adults, travellers and employees. They can save their valuable time during working days. Also, as it is simple and instant use so, old people may find it easy to use. They can make ice tea and coffee instantly and without any effort.
The flexibility and the demand for self-stirring mugs have increased over time. Most of the people like employees, students, security, artiest, average coffee drinkers don’t prefer the traditional way of preparing beverages in the kitchen with a spoon and other utensils.
They want an instant lifestyle. They prefer self-stirring cups to make coffee and drinks instantly and automatically. Thus, the self-stirring cup is an innovative, advanced and unique product that will increase the market share all around the globe with great success in the near future.
Furthermore, many people use this mug as a creative present, because it is a headache when there is an anniversary, birthday, thanksgiving, Christmas or any other event that people need to send the gift. This also increases the sales of the mug during the forecast period.
However, the sales of the self-stirring mug are affected during the COVID-19 pandemic. Customer’s behaviour has changed in all sectors of society due to the novel coronavirus. On the other hand, many players have restructured their business strategies in order to adjust to the changing market environment.
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People of the US and Canada are more inclined towards these smart mugs because it is the easiest and the best way to stir clod and hot drink automatically. Also, spill-free twist lid allows people to take a drink from kitchen to office, school, gym, car etc.
Furthermore, many people use these types of cups while travelling, camping or picnic, it can be easy to put into a bag because of its compact size. Also, the majority of people in the region are busy with their job and work so this cup is the best option for them because this cup does not waste time and energy of people to clean a spoon and other utensils. So there is a good opportunity for players to expand their penetration in the market of the region.
The European market for the self-stirring mug is growing. There is considerable competition from an established market brand with a sharp positioning and long heritage. Players in the region focusing on materials, techniques, designs linked to local origin and distributer gives a good chance of success. In addition, fair trade and sustainable values can give a competitive edge to the players.
Increasing usage of coffee, soup, hot chocolate, ice tea, espresso and other beverages in the region, helps in the growth of the market. In addition, many market newcomers in the region are focused on methods such as product introduction in collaboration and partnership with important companies, which allows them to enhance their position in the competitive environment.
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Players invest a huge amount in the research and development sector to innovate advanced technology that will reduce the overall energy and time of the user. Some of the leading manufacturers and suppliers of bag re-sealer include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Self-Stirring Mug Market
