Market Research Future (MRFR) expects the juicer market to reach USD 4 billion by 2027, garnering an approximate growth rate of 6.9% between 2020 and 2027.
Top Boosters and Key Restraints
One of the top factors elevating the position of the juicer market outlook could be the dramatic rise in the urbanization rate and the evolving consumer lifestyles. The rapid economic surge in emerging countries in Asia Pacific including China and India has led to a substantial rise in the disposable incomes of the consumers. This notable shift in the consumers’ lifestyles, thanks to the surging urbanization as well as consumerism has raised the sales of homemade products like juicers. The heightened use of various chemicals like preservatives in various packaged beverages and food products is forcing consumers to opt for convenient and healthy products.
The enhanced focus on developing lightweight and energy-efficient juicers will be another growth rendering factor in the juicer market. Energy efficiency is critical for commercial and residential end-users in order to bring down costs while saving energy. Juicers contain a motor that consumes significant amounts of energy. Therefore, various juicer developers are incorporating a number of energy-efficient technologies and equipment in machine production. They are also providing energy-efficient products to meet surging demands from the end-users.
With that said, the fluctuating raw material prices, as well as the operational costs, could be a major concern for the juicer manufacturers in the ensuing years. The price of juicers is dependent on numerous factors including labor costs, manufacturing costs, transportation and marketing costs and prices of raw materials. Any sort of fluctuation in the costs associated with raw materials could have a direct impact on the price of the end-product which is the juicer as well as the profit margins of the brands.
Depending on type, the juicer market caters to electric and manual. The types of electrical juicers are triturating juicers, centrifugal juicers, and masticating juicers.
The top industry end-users are residential and commercial.
With respect to application, the major segments are households, shops, public services, and others such as cafes, restaurants, and food services.
Major distribution channels are store-based and non-store-based.
Europe has attained the leading position in the worldwide market, garnering the highest share. The region houses several players that manufacture a variety of juicers. The region has emerged as a highly profitable juices market share in recent years, given the high disposable incomes of the consumers and their growing desire to have stylish kitchens and appliances. Most of the brands in the region offer energy-efficient juicers to adhere to the evolving demands of the end-users. With consumers growing more and more aware of energy-efficient and eco-friendly products, manufacturers are starting to use raw materials, advanced technologies, and production techniques, to offer end-products that meet the consumer demands. The heightened awareness level regarding climate change among people, the rising emphasis on environmental issues, and the surge in energy prices could bolster the sales of lightweight juicers.
Asia Pacific will be securing the fastest CAGR in subsequent years, thanks to the soaring number of manufacturers offering a variety of advanced juicers in the region. The demand is significantly high among the exploding urban population with rising disposable incomes. The growth in millennial consumers and surging focus on home care should also foster the sales of juicers in the ensuing years. Consumers in India and Japan are increasingly adopting luxury lifestyles and are, therefore, opting for aesthetic products that improve the décor and the ambiance of their homes. Expansion of the middle-class population with a growing preference for stylish appliances in the kitchen can also enhance the market share over the following years.
Panasonic Corporation, Nilkathvarni Engineering Co., Electrolux, Midea Retail (PTY) Ltd., M. INDUSTRIES, SKG ELECTRIC., KUVINGS, Hetal Plastic, Neo Multi-Services, HANS APPLIANCES are the leading developers of juicers in the worldwide market.
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