Growth in Economically Active Population with Enhanced Purchasing Power Triggering the Demand for Food Thermos Market
Growing economically active population has been escalating the demand for several commodities that eases consumers’ stay in the office. Food thermos being one such commodity, their demand have been observed to multiply at a significant pace in the recent past. The surge in demand for food thermos led their manufacturers to categorically target their consumers, which can be seen in the evolution of an array of products with multiple functionalities. In 2018, North America and Europe together comprised over half of the global food thermos demand, while owing to the surge in middle income group in the developing regions of Asia and Africa, several manufacturers have expanded their distribution capabilities in selective countries in these regions. With the present set of trends and rising consumer confidence, the demand for food thermos is expected to further swell during the forecast period.
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Differentiated Offerings for Various Consumer Groups Bolstering the Demand for Food Thermos
The consumers of food thermos consider several parameters while choosing a brand. The food thermos manufacturers have categorically aligned their portfolio to include products in various sizes, heat retention capability, material used, durability and price range to suit all strata of consumers. This has enabled the consumers to find food thermos based on their requirement and affordability. Steel food thermos are being preferred by most of the consumers, though the consumers are also showing interest towards other materials. The aesthetics associated with food thermos has been observed to be a key differentiator, and with this the manufacturers are also able to charge higher than the plain variants.
Large labor force with up-scaling spending capability holds significant opportunity in terms of unaddressed demand
According to the United Nations, the global labor force comprised 3.5 billion people in 2018. Of this population, 3.3 billion were employed. With the growth in global GDP, the wages of employees have also surged, which has been encouraging them to elevate their lifestyle. Besides, as food thermos are becoming more mainstream product, their availability near to the consumers has also grown. This has further diminished the demand supply time lag. Social media has been observed as one of the silent drivers for food thermos market. Consumers are flaunting their lifestyle they carry, to their virtual social-spaces, which has triggered the demand for several utility products including food thermos. Several consumers also own more than one food thermos to showcase their elevated social status.
Availability of Inferior Quality Food Thermos though with Good Aesthetics Hurtling Consumer Sentiments
In the recent past, several new entrants with low economies of scale and low capital have entered the market with inferior quality food thermos. Such food thermos have low insulation levels, though they looks are appealing to the consumers. The advent of inferior food thermos, especially in the developing markets have led to the erosion in consumer confidence, and are thereby hindering the market growth to some extent. Several new entrants are also creating a look-alike food thermos, replicating the established brands. This also impacts the early footprint of international brands in the emerging markets.
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Surge in Online Retail Presence of Food Thermo Brands Strengthening their reach in Consumer Clusters
Food thermos is available through multiple distribution channels, including convenience stores, supermarkets and hypermarkets, utensil stores and online retail among others. The expansion of online retail has not only made the food thermos products nearer to the consumer, but have also empowered them to compare prices between brands and avail additional discounts. This has augmented the consumers’ propensity to purchase food thermos.
The manufacturers in the food thermos market have showcased their products in two main product types, standard and leak proof. As observed, some of the small and medium enterprises (SMEs) have shown to claim their food thermos as leak proof. The food thermos manufacturers offer their products in a variety of volume sizes ranging from less than 15oz, 15 to 30oz and more than 30oz.
Innovation to lead the food thermos manufacturers to new levels
Food thermos value chain incudes a large number of players with small to large production and distribution capabilities. Some of the players in the market are Jaypee Plus, Tupperware, Milton, Thermos, MIRA Brands Inc, Simple Modern, Energify, DaCool and Zojirushi among others. Milton is one of the leading players in the food thermos market. The company has brought multiple changes to its food thermos owing to the evolving consumer needs.
Electric tiffin is one of the innovations in the food thermos market which received well with the client and soon generated significant shelf space for itself. The electric variant of food thermos have the capability of heating food in a short span of time. The innovations are also being replicated among the competitors though with a degree of differentiation.
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