The blenders market size is expected to reach a valuation of US$ 2.94 billion in 2023 and is estimated to exhibit a compound annual growth rate (CAGR) of 5% from 2023 to 2033 and reach US$ 4.79 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 2.94 billion |
| Anticipated Forecast Value (2033) | US$ 4.79 billion |
| Projected Growth Rate (2023 to 2033) | 5% CAGR |
The worldwide blenders market, similar to other kitchen gadget businesses, has witnessed consistent growth due to a variety of aspects. Blenders are popular in both residential and business kitchens, in addition to industries like the dairy sector; they also play a role in the food sciences and microbiology fields.
One of the major factors in the blenders industry has been the increasing number of women in the global employee base. This is because it has increased the average spending power of residents, requiring women to spend less on cooking.
Increasing healthcare awareness has also fueled the blenders market, as more individuals prefer to make nutritious meals and beverages at home instead of relying on packaged and processed meals.
As residences and kitchens have become lesser, especially in urban places, customers have realized the need to maximize space. As a consequence, smaller hand-held blenders have gained prominence and outsold larger table-top blenders in recent decades.
Increased demand from consumers for sophisticated and creative products has compelled blender automakers to invest heavily in R&D. Prominent competitors such as Philips, Braun, Conair, and others are highlighting product improvement by incorporating novel ideas to upgrade their models. Many producers have accelerated their expansion by introducing goods that are technologically sophisticated. Philips, for example, launched a blender with blade advancement to provide delightfully seamless and finely blended outcomes.
As a result, the market has witnessed a significant increment in the utilization of novel types of blenders, including immersion blenders. Blender layouts and wrapping have evolved in tandem with the increasing demand for mobile and efficient products.
Customers in North America, especially Americans, are inclined toward a balanced diet schedule with higher consumption of nutritional food, which is expected to end in an elevated entry of portable blenders into the regional market. According to the latest trend, many companies are currently inventing new kitchen equipment and other consumer electronics in order to address varied customer choices and provide healthy alternatives. As a result, the requirement for blenders is expected to rise significantly over the next years.
Asia-Pacific emerging nations are anticipated to dominate as major blender global consumers, due to growing disposable incomes and widespread adoption of technically sophisticated consumer electronic goods. The thriving e-commerce industry in nations such as China and India bodes well for kitchen gadget selling. Consumer electronics producers are concentrating on creating a presence in the digital retail industry, which will have an impact on blender sales in the region.
The worldwide demand for blenders is fragmented due to the presence of well-established and diverse worldwide and regional manufacturers. While global market participants focus on expanding their presence, regional players face obstacles competing with them on the expense, innovation, and quality of products. Major competitors can use branding strategies such as mergers and procurements, expansions, introductions of novel products, and product development to increase their competitive edge and build up their client base.
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The global blenders market has seen a steady growth rate just like all other kitchen appliances markets owing to a number of factors. Blenders find a demand in domestic and commercial kitchens, as well as in industries such as the dairy industry; they are also used in the food sciences and microbiology sectors.
Blenders are used domestically to puree, mix or emulsify foodstuff such as yoghurt, sauces, ice cream, soups, fresh fruits and other liquids or semisolids; they are different from mixers whose essential function is to crush harder substances, though some powerful blenders can also be used to crush ice.
A holding utensil or handle, usually made of plastic or metal, and moving blades are the key components in a blender. Blenders can be classified on the basis of their type, namely table-top, hand-held (also called immersion or stick blenders) or portable blenders; table-top and portable blenders also have a utensil cover to prevent spillage.
Positive drivers in the blenders market has transformed blenders from a luxury product to a daily-utility product. However, the Covid-19 crisis threatens to reverse this trend in the near future.
The rising numbers of women in the global workforce has been one of the key drivers of the blenders market. This is since it has caused a rise in the average disposable incomes of households and meant that women are required to cut-down the time spent in the kitchen.
Growing health consciousness has also been a driver for the blenders market as more people are keen on making healthy beverages and foods at home, rather than depending on processed and packaged foods.
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As houses and kitchen spaces have gotten smaller, especially in urban areas, consumers have felt the need for optimising space. This has resulted in smaller hand-held blenders gaining popularity and outselling the more conventional table-top blenders in recent years.
Similarly, the portable or personal blenders segment too has shown strong growth trends in line with the demand for compact blenders and growing use of blenders among health-conscious people; this is especially true for those who travel frequently or carry blenders to their gyms, work places, etc.
Technological advances in the blenders market has been aimed at increasing the power output of blenders while also allowing for greater control over speed of the mixing blades. R&D and large-scale production of blenders has simultaneously also brought down product costs.
Online sales of blenders has picked up as internet literacy has grown. However, retail outlets still remain the preferred distribution medium as they account for most sales.
North America has been the largest regional segment in the blenders market, followed by Europe. The market in these regions has been mainly driven by a demand for high-end products on account of high per-capita incomes.
The Asia-Pacific segment has been the fastest growing regional segment, mainly led by emerging economies such as China, India and Southeast Asian countries. However, the Covid-19 has threatened to slow down the growth rates of these economies.
The Latin America segment has seen the fastest growth among the rest of the world’s regions on the back of its growing economic profile. However, this segment too faces a similar threat from the Covid-19-induced economic crisis.
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The blenders market is a fragmented market since several small regional players have been competing with major global companies in domestic markets. Such competition is likely to intensify in the future since local players usually offer more affordable products due to lower costs and tariffs on finished products, labour and raw materials.
At the same time, several major consumer electronics producers have been steadily branching out into blenders market as well, further fragmenting the market.
Key global players in the market include
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