LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global kettle controls market to grow at a CAGR of above 7% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights continuous new product development as one of the key emerging trends driving the global kettle controls market. The continuous new product development by the players that are investing heavily in R&D is one of the main trends in the market. For example, companies such as Strix launched its U9 series of controls suitable for multiple markets around the world. In its automation strategy, the company has made some significant progress, with a fully automated production line for the U9 series. These products upgrades in the market will augment the demand for advanced kettle controls. Such upgrades encourage other players to invest heavily in developing advanced products to maintain their position in the market. During the forecast period, the introduction of new products in the market will support the revenue inflow in the market.
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In this report, Technavio analysts highlight the rise in the consumption of tea across the world due to its health benefits as a key factor contributing to the growth of the global kettle controls market:
Rise in the consumption of tea across the world due to its health benefits
Tea is one of the most consumed beverages in the world due to its health benefits. Tea consists of strong antioxidant properties because of its flavonoid components such as theaflavins, bisflavanols, and theaflavic acids. These are all potent antioxidant in vitro compounds. Tea act as free radical scavengers, which removes endogenously generated superoxide, peroxyl, and hydroxyl radicals due to which, the consumption of black tea and green tea is significantly increasing across the world. Majority of the people in developed as well as the developing economies are using electric kettles to prepare tea owing to their busy lifestyle. This, in turn, will increase demand for kettle controls during the forecast period.
According to a senior analyst at Technavio for tools and components, “Kettle controls aids in controlling the temperature of the tea prepared. It is easy to maintain the temperature of the tea using a controlled kettle since consumers have various preferences for their tea. Thus, demand for kettle controls is rising significantly and at the same time increasing the revenue inflow in the market.”
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Global kettle controls market segmentation
APAC was the leading region for the global kettle controls market in 2017, accounting for a market share of nearly 47%. By 2022, APAC is expected to continue dominating the market and witness a substantial growth of nearly 6%.
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