Research Nester has released a report titled “Cook Processors Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the cook processors market in terms of market segmentation by cooking mode, by connectivity, by end-user, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The cook processors market is segmented by end-user into commercial and residential, out of which, the residential segment is anticipated to hold largest market share on account of increasing work time of the growing labour force population, which is indirectly affecting the time and interests they like to spend to cook their meals in their home. The shortage of cooking time amongst the meal makers of the working class of people, combined with the rise in living standards of the community is estimated for driving the growth of the segment.
The cook processor market is anticipated to record a significant CAGR during the forecast period, i.e. 2020-2027. Rising disposable income, combined with growing need for appliances which promote good food hygiene habits and lowers concerns for health and physical fitness amongst consumers is estimated to promote the demand for cook processors throughout the forecast period.
Regionally, the cook processors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to have largest market share on the back of growing demand for smart and advanced appliances amongst the consumers owing to the associated advantages of the device, and the rise in their household disposable income. The Organisation for Economic Co-operation and Development (OECD) in one of their statistical report states that United States observed increasing household disposable income from 31,111 USD/capita to 50,203 USD/capita in between 2002 and 2017.
Growing GDP and Population Density of Upper Middle Income Economies
Rising GDP and population density amongst upper middle income economies is contributing to the growth of increasing purchasing power of consumers. Owing to such factors, there is a shifting demand amongst consumers for advanced electronic kitchen appliances from those of traditional ones. With numerous benefits associated with the cook processors, for instance working side by side on other activities while the cook processor prepares the meal, and factors such as saving of time and efforts for the meal maker, the cook processors market is observing rapid demand amongst the upper middle class of people. The World Bank in one of their statistical report stated that GDP of upper middle income economies peaked 9200.45 (current USD) from 192.85 (current USD) in between 1960 and 2018. The population density also peaked 45.47 (people per square km of land area) from 20.34 (people per square km of land area) in between 1961 and 2018.
However high product cost of cook processors is a major concern for the cook processors market. Residential purpose cook processors are priced with premium pricing models owing to its build and features available, whereas, commercial ones are too priced at a higher cost owing to its size and production scalability factor. Such factors combined with lack of product awareness and high product skepticism, all of these factors are expected to operate as key restraints to the growth of the cook processors market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the cook processors market, which includes company profiling of KitchenAid, Vorwerk & Co. KG, Tefal (EPA: SK), Kenwood Limited, Magimix SAS, Vitaeco SRL, Sirman SpA, Cedarlane Culinary and Robert Bosch Hausgerate GmbH. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the cook processors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.