The global household slicer market size is estimated to touch USD 475.2 million by 2027, as per a new report published by Million Insights. The market is projected to register 5.5% CAGR over the forecast duration. In the recent past, cooking popularity as a habit among millennials has surged. Factors such as easy availability of various recipes online coupled with the growing preferences for a healthy lifestyle are driving the market growth.
Increasing middle-income group customers and rising living standards of customers are driving the product demand across the globe. Young consumers are more inclined towards such products. Western consumers are increasingly using this product while hosting dinner parties and celebrating birthday parties.
Product Insights
Based on the product, the manual slicer accounted for the highest share in the market of over 73.0% in 2019. The availability of different kinds of products is a key factor driving the segment growth. Manual slicer provides better control, high accuracy along with clean slicing of a variety of food products. Increasing interest in cooking shows has led to a rise in demand for household slicers for home cooking. For example, various TV shows such as Top Chef Masters, Chopped, Hell’s Kitchen, and MasterChef attract a huge number of consumers, especially millennials.
On the other hand, the automatic slicer segment is projected to witness a 6.4% CAGR over the forecast duration. Factors such as rising disposable income and the rapidly increasing tourism industry are further proliferating the demand for automatic slicers. Europe witnessed nearly 270 new hotels and resorts in 2019 with over 38,000 new rooms. Thus, rapid growth in the hospitality sector is estimated to augment the demand for the product over the next few years.
Market Share Insights
There is tough competition among market players, especially from leading players as they have a huge customer base. Companies are focusing on implementing different strategic initiatives such as merger & acquisition, partnerships, geographical expansion, and introduction of the new product to consolidate their market position. The production of sustainable slicers for household applications is also gaining traction among industry players. Major market players are Foodmate, Sirman, Hallde, Devile Technologies, Swedinghaus and Wente-Thiedig GmbH among others.
Request free sample to get a complete analysis of the market players @ https://www.millioninsights.com/industry-reports/global-household-slicer-market/request-sample
Regional Insights
In 2019, North America accounted for the highest share in the household slicer market with over 33.0%. Increasing demand for comfortable, sleek, and stylish slicers is driving the product demand in this region. Steel-made slicers are gaining traction among users owing to benefits such as high durability and easy handling. Further, this trend is estimated to drive the development of new products and innovation in the market.
On the other hand, Asia Pacific is likely to register over 6.0% CAGR over the forecast duration. Countries such as India, China, South Korea and Japan are the key markets in the region. Increasing penetration of utility slicers in the region has led to rising in demand for medium and low-priced products in the region. Further, the rise in purchasing power in the emerging countries is attributed to better living standards, which in turn, has driven product demand.
Impact of COVID-19
The outbreak of the COVID-19 virus has negatively affected the market. In the early stage of the pandemic, panic buying has led to rising in sales of kitchen products including household slicer. However, over the period, the lockdown has resulted in low production and demand for the household slicer. Further, disruption in the supply chain has significantly affected the distribution of the product, which in turn, adversely affected the market growth. Nonetheless, with the resumption of various economic activities, household slicer production has increased. Manufacturers should focus on the production of low and medium-priced slicers to consolidate their market position.
Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
No comments:
Post a Comment