The blenders market is projected to reach a valuation of USD 2.94 billion in 2023, with an estimated compound annual growth rate (CAGR) of 5% from 2023 to 2033, reaching USD 4.79 billion by 2033.
Here’s a glimpse at what’s fueling this growth:
- Women Power Up the Kitchen:As more women join the workforce, their increased spending power translates to a demand for time-saving kitchen gadgets like blenders.
- Healthy Habits Take Root:Growing health consciousness is leading people to prioritize nutritious meals made at home, and blenders are a perfect tool for creating healthy drinks and smoothies.
- Space Saving, Power Blending:Shrinking living spaces, especially in urban areas, have led to a surge in popularity of compact, handheld blenders, overtaking their bulkier countertop cousins.
- Innovation Blends with Demand:Consumers are looking for smarter, more versatile blenders, prompting manufacturers to invest in R&D. Leading brands like Philips are leading the charge with features like blade advancements for smoother results.
- Immersion Innovation:The market is seeing a rise in novel blender types like immersion blenders, catering to the demand for portable and efficient options.
- North America’s Healthy Blend:Consumers in North America, particularly the US, are embracing healthier diets with a focus on nutritious foods. This trend translates to a growing demand for portable blenders that fit perfectly into their lifestyle.
- Asia Blends in with Growth:Emerging economies in Asia-Pacific are expected to be major consumers of blenders, driven by rising disposable incomes and a growing appetite for tech-savvy appliances.
- E-commerce Spices Up Sales:The booming e-commerce industry in countries like China and India is making it easier for people to buy kitchen gadgets, further propelling blender sales in the region.
- A Fragmented Market with Big Blenders:The global blender market is a competitive landscape with established international and regional players. While global giants focus on expanding their reach, regional players face challenges in terms of cost, innovation, and product quality.
- Blending Up a Brand Strategy:Leading brands are employing strategic maneuvers like mergers, acquisitions, product launches, and continuous development to stay ahead of the curve and build a loyal customer base.
Trends in the Blenders Market
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.
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Impact of Covid-19
The economic crisis being caused because of the Coivid-19 pandemic is likely to result in massive reductions in disposable incomes and job layoffs. This is likely to affect the blenders market since blenders may once again be perceived as luxury products rather than a daily necessity.
Manufacturers would thus be required to make products more affordable so that they stay within the budgets of consumers. Similarly, durability and utility of blenders will also figure high on the consumers’ wish-list due to economic considerations. The challenge then is to make blenders more powerful and sturdier while reducing their production cost.
Key Players:
- Omega
- Braun
- Panasonic
- Breville
- Midea
- Kuvings
- Philips
- Deer
- ACA
- Supor
- Joyoung
Drivers of the Blenders Market
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.
Regions and Countries Analyzed in the Report
- North America (USA, Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, the United Kingdom, France, Italy, Spain, Poland, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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