PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1550687
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1550687
The global temperature controlled mug market is estimated to be valued at USD 854.8 Mn in 2024 and is expected to reach USD 1,448.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 854.8 Mn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 7.80% | 2031 Value Projection: | US$ 1,448.1 Mn |
The global temperature controlled mug market is witnessing strong growth in the recent years. A temperature controlled mug is an insulated thermal mug which helps to keep hot beverages hot and cold beverages cold for longer duration of time. These mugs use insulated wall construction along with high performance phase change materials (PCMs) which allow the transfer of heat at a very slow rate. The technology integrated in these mugs electronically monitors and maintains the temperature of beverages between certain preset temperatures such as 140-170 degrees Fahrenheit for hot beverages and 40-60 degrees Fahrenheit for cold beverages. The growing demand for on-the-go consumption coupled with rising health awareness among consumers are the key factors propelling the demand for temperature controlled mugs.
Rise in busy lifestyles and changing consumer preference towards on-the-go consumption are the primary drivers propelling the growth of global temperature controlled mug market. These mugs allow consumers to enjoy perfectly temperature beverages even hours after preparation without frequent refills which suit their fast-paced lifestyle. Moreover, increasing health consciousness among consumers have stimulated demand for thermal food carriers as they help consumers to avoid consumption of extremely hot or cold liquids that may cause harm. However, high initial costs of temperature controlled mugs compared to regular mugs limit their mass adoption. Furthermore, availability of substitute products such as vacuum insulated stainless-steel bottles and flasks pose challenge to market growth. Nevertheless, ongoing technological advancements in temperature control technologies and material science are expected to create new opportunities.