Smart Home-Based Beverage Machine Market Size worth $2bn by 2026
Published Date: April 27, 2020 Authors: Preeti Wadhwani, Prasenjit Saha
Smart Home-Based Beverage Machine Market size is set to surpass USD 2 billion by 2026, according to a new research report by Global Market Insights, Inc.
The smart home-based beverage machine market is primarily driven by ongoing technological advancements in home appliances. Leading companies are incorporating novel technologies into household appliances to enhance their efficiency and productivity, attributing to the market growth. For instance, in January 2020, Breville introduced the 3X Bluicer Pro, a combination of juicer and blender for enhanced efficiency in smart kitchens. The newly developed machine is integrated with a one-touch program that aids in optimizing the time and speed combination of the juicer.
Growing concerns on the safety and hygiene of outside food will drive the market, resulting in consumers purchasing smart home-based beverage machines to prepare juices or coffee at home. Furthermore, the increasing prevalence of water-borne diseases is creating a market demand for water purifying machines. Smart water purifiers are integrated with UV lights that ensure that water is disinfected, preventing several water-borne diseases. The emergence of advanced water purifying technologies, such as Reverse Osmosis (RO), ozone, ultra-filtration, and activated carbon will support smart home-based beverage machine market size expansion.
The major factor challenging the market is the high initial cost of smart home-based beverage machines. Consumers with low disposable income prefer to purchase conventional beverage machines due to their low-initial purchasing cost and low maintenance requirements compared to smart home-based beverage machines.
Furthermore, the outbreak of COVID-19 pandemic has impacted the global economy. The government enforced lockdowns and restrictions on public movement have led to a temporary shutdown of manufacturing & distribution facilities of several market players. The global economic disruption is expected to cause a slowdown in the market demand in 2020.
Growing consumer awareness on the health benefits of alkaline sodas
The smart soda machine segment revenue crossed USD 2 million in 2019. The smart soda machines are witnessing growth in the market owing to increasing consumption of flavored soda across the globe. These smart home-based beverage machines offer on-demand soda and flavored sparkling water in households, supporting their adoption.
The market demand for smart soda machines can also be attributed to high mobility, convenience in operation, and smart connectivity to smartphones & tablets. The growing consumer awareness on the health benefits of alkaline sodas compared to bottled sodas will propel industry growth. Alkaline soda helps in slowing down the aging process, prevents several chronic diseases, and regulates pH levels of the body. Furthermore, easy installation and low-energy consumption of smart soda machine suitable for residential applications will drive the market.
Browse key industry insights spread across 164 pages with 157 market data tables & 27 figures & charts from the report, “Smart Home-Based Beverage Machine Market Size By Product (Smart Soda Machine, Smart Water Machine, Smart Espresso Machine, Smart Juice Machine), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing awareness of the harmful effects of consuming packaged food and drinks in Asia Pacific
The Asia Pacific smart home-based beverage machine market is anticipated to reach USD 350 million by 2026. The industry growth can be credited to growing consumer awareness of the harmful effects of consuming packaged food and drinks, supporting the demand for fresh beverages in the region. Global industry players are focusing on introducing new products, specifically catering to the regional market demand.
Moreover, rising levels of electronic manufacturing activities in the region will boost the market revenue. Government initiatives, including ‘Make in India’ and ‘Made in China’ are encouraging the expansion of production facilities in India and China. Also, growing smart home construction activities coupled with rising consumer awareness on smart home-based beverage machine will support the regional market size expansion. The low-quality drinking water supply in countries including India and China is expected to propel the demand for smart water purifiers and dispensers in the region.
Smart home-based beverage machine market players are emphasizing on adopting collaborations, partnerships, and strategic alliances along with enhancing their R&D capabilities to introduce new solutions. These strategies aid smart home-based beverage machine manufacturers in offering enhanced customer experience, supporting industry trends.
For instance, in November 2019, Zumex launched its new SOUL Series 2 fruit juicer. The new device is integrated with IoT technology that offers real-time data on juicer performance. Additionally, this smart home-based beverage machine can extract juice from multiple types of fruits such as oranges, limes, lemons, etc.
Key players in the market include Bevi, Behmor, Inc., Breville Group Ltd., Coway Co., Ltd., BSH Hausgerate GmbH, De’Longhi S.p.A., Jura, Illy, Kuvings, Lavazza, Hurom Co., Ltd., and Smart Soda Holdings, Inc.