Residential Food Processors Market Analysis by Business Methodologies, Financial Overview and Growth Prospects Predicted by 2028

Growing Number of Home Bakers to Escalate Residential Food Processors Market Growth During 2021-2028

According to our latest market study on "Residential Food Processors Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Size (Small, Medium, and Large), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others), and Geography," the residential food processors market size 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 report highlights key factors driving the residential food processors market growth and prominent players and their progress in the market.

A residential food processor is a kitchen appliance having a closed container with interchangeable blades. The processor is mainly used for quick and easy slicing, shredding, mincing, chopping, and puréeing of food, which helps in saving time and effort.

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There is an increase in the number of bakers across the world. In recent years, due to the lockdown caused by the COVID-19 pandemic, consumers have increased their focus on home cooking and home baking. The National Online Survey conducted by Packaged Facts in November-December 2020 stated that 84% of the respondents reported baking at home in 2020, resulting in a growing number of bakers. Along with this, countries such as the UK saw an increase in the number of home bakers in 2020. The food processor is mostly used to chop, slice, grate, and mix large quantities of ingredients, and all these functions are useful in the home baking process. Thus, the growing number of home bakers across the world drives the residential food processors market growth.

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 well-established players constituting the majority of residential food processors market share.

Impact of COVID-19 Pandemic on Residential Food Processors Market Growth

The COVID-19 pandemic negatively impacted the consumer goods industry with the shutdown of manufacturing facilities, difficulty in procuring raw materials and components, and restrictions on logistic operations. The disruptions in the supply of raw materials to manufacturers hampered residential food processors' production. However, during the pandemic, the demand for residential food processors increased due to the demand for convenient products and the rise in home cooking and baking. Along with this, the increased consumption of consumer goods on e-commerce platforms is expected to support the residential food processors market recovery during the forecast period.

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This release was published on openPR.