According to the new research report published by Premium Market Insights, titled "Residential Food Processors Market was valued at US$ 3,475.21 million in 2021 and is projected to reach US$ 5,553.20 million by 2028; it is expected to grow at a CAGR of 6.9% from 2021 to 2028.
The residential food processor is designed to be multifunctional and perform a wide variety of food preparation tasks, such as chopping, slicing, shredding, grinding, and pureeing. Along with this, the processors are being used for making citrus and vegetable juice, beating cake batter, kneading bread dough, beating egg whites, and grinding meats and vegetables.
Based on the size, the global residential food processors market is segmented into small, medium, and large. In 2020, the medium segment led the market. The medium food processor provides the same feature as regular size counterparts and offers an added advantage of consuming minimal space in the kitchen. Also, increased availability of design in medium-size food processors is driving the demand for such residential food processors.
The residential food processors market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SAM), and the Middle East and Africa (MEA). In 2020, Asia-Pacific dominated the market. The changing lifestyle of consumers and rising urbanization propelled the demand for modernized kitchen appliances. In addition, the increase in the working population and the presence of prominent manufacturing companies across the region drive the growth of the Asia-Pacific residential food processors market.
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Many industries, such as the consumer goods industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols negatively impacted the residential food processors market. The lockdown considerably impacted the supply and the production side of residential food processors, restraining the growth of the market. However, the introduction of the COVID-19 vaccine has further eased the situation leading to a rise in business activities worldwide. The economies are reviving their operations, and the demand for residential food processors is expected to rise globally in the coming years. Key manufacturers have started resuming their operations, increasing the production capacity of residential food processors.
Koninklijke Philips N.V., Whirlpool Corporation, Breville Group Limited, De'Longhi Appliances S.r.l., Conair Corporation, Robert Bosch GmbH, MAGIMIX, SharkNinja Operating LLC, Groupe SEB, and Spectrum Brands Inc are among the leading players in the residential food processors market. These companies are adopting strategies, such as mergers & acquisitions, and product launches, to expand their geographic presence and consumer bases.
The overall global residential food processors market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the global residential food processors market.
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