Oct 12, 2017   SOURCE: BusinessWire

Precision Food Thermometers Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global precision food thermometers market to grow at a CAGR of over 12% during the forecast period, according to their latest report.

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Technavio has published a new report on the global precision food thermometers market from 2017-2021 ...

Technavio has published a new report on the global precision food thermometers market from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the global precision food thermometers market for 2017-2021. The report segments the market by product (meat thermometer, cooking thermometer, oven thermometer, fridge/freezer thermometer, food probe thermometer, pocket thermometer, and others), by distribution channel (online channel and offline channel), and by geography (the Americas, EMEA, and APAC).

Manufacturers of food thermometers need to focus on technological advances, appropriate channels of distribution, and aggressive pricing strategies to market their product among end-users. Moreover, R&D of the product is an important factor for food thermometer manufacturers. The increasing awareness and strict government regulations will boost the market for food scale thermometers. Whereas, online retailing widens the reach and scope of distribution for manufacturers to operate globally.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global precision food thermometers market:

  • Product innovation in terms of utility and raw materials
  • Growing awareness about the perils of overcooked or undercooked food
  • E-commerce expansion and increasing preference for online purchases

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Product innovation in terms of utility and raw materials

Several advances in technology have empowered vendors to produce multipurpose and high-utility products. Vendors are coming up with new designs and value-driven products to remain competitive in the market. The concept of multipurpose food thermometers has gained popularity as these thermometers are capable of analyzing multiple cuisines and helping restaurants cut costs.

Shikha Kaushik, a lead retail goods and services research analyst at Technavio, says, “Taylor Precision Products' Connoisseur Digital Cooking Thermometer with a folding probe can be used for a number of cuisines barring candied products. It has a light and alarm signal when food reaches the optimum temperature. Its sleek probe design enables it to fold at the base for easy storage. The bottom of the probe has a thin tip for faster readings and smaller puncture holes.”

Growing awareness about the perils of overcooked or undercooked food

People in the US are more aware about the effects of overcooked and undercooked foods such as toxicity, digestion problems, and loss of nutrients. These effects are substantially raising the demand for food thermometers in various food industries and restaurants. This rising concern about health and hygiene are significant factors that are pressurizing restaurants and food joints to adopt food thermometers.

“According to the International Association for Food Protection, raw poultry may be contaminated with Salmonella and Campylobacter; hence, it is imperative that poultry is handled and prepared properly. Using a food thermometer is the only reliable way to ensure that poultry has reached a safe internal temperature while cooking,” adds Shikha.

E-commerce expansion and increasing preference for online purchases

The global e-commerce market is expected to grow at a CAGR of more than 19% by 2020 as per Technavio estimates. The key factors contributing to the growth of the e-commerce market stem from its diverse portfolio segments. These segments include electronic gadgets, apparels, books, and many others that are regularly updated with latest offerings and help to retain customer loyalty, thereby leading to an increase in the preference for online purchases.

Vendors in the precision food thermometer market operate globally via the e-commerce market. The main reasons for operating through the e-commerce market are complex issues related to inventory and continuous technology updates.

Top vendors:

  • Electronic Temperature Instruments
  • Lavatools
  • MAVERICK HOUSEWARES
  • Taylor Precision Products
  • ThermoWorks

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