Smart Cup Market: Global Size, Share, Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Smart Cup Market Overview
Smart cup market revenue will reach approximately USD 1.4 billion in 2022. Further, our smart cup market insights show that the market is expected to grow at a CAGR of approximately 14.8% during the forecast period and reach a value of approximately USD 5.6 billion by 2032.
Smart cup is a new concept in beverage industry. The beverage industry is evolving since last few decades in terms of technology and new advancements.
Smart Cup operation principle is based on smart system encapsulated in the cups. A smart cup utilizes the inbuilt system technology to print the flavors and ingredients in terms of energy drink mix clusters that are technologically microencapsulated with an outer shell in the cup to protect the beverage powder until it comes in contact with water. Once the water is added active ingredients from the shell dissolve completely without any need to stir. The product falls under smart digitalized devices category. It enables users to see their workout data on the smart cups' glass, including calories burnt, steps taken, distance covered when connected to smart phone.
Smart cups can operate on touch sensor or on pressure of the water. Depending on the purpose of the consumers one can choose any of these two types of smart cups. Touch sensor enabled cups activate their screen when they sense touch of human body on their surface and turn on the screen. The screen may show various types of data that is connected to the cup by smart phone. One of the major drivers that boost the growth of smart cups market is increased demand for smart fitness & sports devices. In addition to this, increasing health awareness among the consumers and the rising number of new market players are driving the growth of the smart cup market since last few years. Moreover, rapid rise in internet connectivity and digitalization, demand for smart electronics is continuously increasing. The smart cup segment is emerging as a notable and fast revenue contributor in digital devices segment. Increase in the inclination of the population towards fitness and wellness is allowing the smart cup market to offer growth potential for the market growth Smart cups offers wireless connectivity, greater battery life, and other advanced features in addition to fitness trends/data when connected to smart phone. Smart cups also allow consumers to maintain the diet plan by maintaining beverages in ideal condition. Moreover, rising disposable income and the growing popularity of smart technologies are few other reasons which are likely to escalate the growth of global smart cups market in the near future.
Although the market promises numerous growth opportunities, high cost of smart cups and less awareness about the product are expected to restrain the global smart cups market's market growth. Weak internet infrastructure in underdeveloped regions, especially in rural areas is another challenge for the global smart cup market.
Opportunities in the global smart cups market lies in new technologies for the powders encapsulation. Market players are researching a new corrugated tube approach with custom printed, machine-applied label that will act as a moisture barrier for the ingredients. These tubes will feature a lid that makes it easy to nest and stack the tubes together for both storage and display purposes. Such new innovations promises lucrative growth opportunities for the global smart cups market to grow. One of the leading company in smart cup industry is Smart Cups LLC, a California based company in the U.S. The company officially launched their first line of energy drinks through smart cups in 2017. Its cups are lighter in weight and are cost reducing. Smart Cups LLC is getting attention in the market and hence is selling their products with aggressive marketing strategies. And because of the consumers' raising attention, Smart Cups has their own manufacturing facility, plus successful FDA and health board inspections. Moreover many manufacturers, retailers, and distributors are interested in selling their products. This example is expected to offer promising opportunities for many new entrants in the market to mark their footprint in U.S. and global markets.
COVID-19 pandemic has stuck all the industries all around the world in 2020. Many of the countries imposed lockdowns in the cities, and most manufacturing units were shut to maintain social distancing norms and follow safety guidelines. Because of such norms and industry closure, manufacturers of digital devices also had to shut their industries hence production was hampered in 2nd and 3rd quarter of 2020. Although the production is slowly getting back to normal after the relaxation in many norms, consumers are spending their income carefully as many consumers lost their jobs in the pandemic. Hence the market is estimated to get back to normal in the 2nd half of 2020.
The global smart cup market is segmented on the basis of type, application, and region. On the basis of type the market is segmented in touch sensor, pressure sensor and other categories. On the basis of application the market is bifurcated in household, offices, and others. On the regional basis the market is segmented on North America, Europe, Asia-Pacific, and LAMEA.
Some of the notable players in the smart cup market are NEMO CUP, SNX, IFit, HAORUI, XIAOMAOTU, CloudCUP, SENBOWE, Smart Cups, LLC, Moikit, Ipinto and Aidis.