According to a new research report published by Premium Market Insights, “ The residential food processor market was valued at $3,475.21 million in 2021 and is projected to reach $5,553.2 million by 2028. It is expected to grow at a CAGR of 6.9%. From 2021 to 2028.
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Residential food processors are designed to be multi-functional and perform a variety of food preparation tasks such as chopping, slicing, mincing, grating, and pureeing. Along with this, processors are used to make citrus and vegetable juices, beat cake batter, knead bread dough, beat egg whites, and grind meat and vegetables.
Based on size, the global residential food processor market is segmented into small, medium and large. In 2020, the midsize segment led the market. Medium-sized food processors provide the same functionality as regular-sized processors, with the added benefit of taking up minimal space in your kitchen. Additionally, the increasing availability of designs in mid-sized food processors is driving the demand for these residential food processors.
Based on geography, the residential food processor market is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SAM), and Middle East and Africa (MEA). In 2020, Asia Pacific dominated the market. Changes in consumer lifestyles and increasing urbanization have fueled the demand for modernized kitchen appliances. Additionally, growing workforce and presence of prominent manufacturing companies across the region drive the growth of the Asia Pacific residential food processor market.
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Many industries, such as the consumer goods industry, have faced unprecedented challenges due to the COVID-19 pandemic. Raw material and labor shortages, plant closures, and other operational difficulties under COVID-19 safety protocols have negatively impacted the home food processor market. The lockdown significantly impacted the supply and production aspects of residential food processors, restraining market growth. However, the situation has been further mitigated by the introduction of the COVID-19 vaccine, resulting in increased business activity worldwide. The economy is reviving operations and demand for residential food processors is expected to increase globally over the next few years. Major manufacturers have begun resuming operations, increasing capacity at residential food processors.
Koninklijke Philips NV, Whirlpool Corporation, Breville Group Limited, De’Longhi Appliances Srl, Conair Corporation, Robert Bosch GmbH, MAGIMIX, SharkNinja Operating LLC, Groupe SEB and Spectrum Brands Inc are the major residential food processors.
market. These companies are adopting strategies such as mergers and acquisitions and product launches to expand their geographic presence and consumer base.
The total global residential food processor market size has been derived according to primary and secondary sources. To initiate the research process, a thorough secondary research was conducted using internal and external sources to obtain qualitative and quantitative information relevant to the market. We also conducted several primary interviews with industry participants to validate the data and gain more analytical insights on the topic. The process includes industry experts such as VPs, Business Development Managers, Market Intelligence Managers, and Country Sales Managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global residential food processor market.
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