Global juicer market to grow at a CAGR of 7.35% during the period 2018-2022.
The latest trend gaining momentum in the market is the shift in manufacturing to low-cost countries. A substantial portion of home and kitchen appliances are produced in manufacturing-intensive countries. Manufacturers are moving toward low-cost countries such China, South Korea, and other countries in Eastern Europe. China is the world leader in the production of home and kitchen appliances. In the last few years, the gross industrial output of the home appliances segment of the country has registered a healthy growth rate, while exports in the same category grew nearly to 9%. In APAC, China represents more than 60% of the appliances market, with electronic and electrical retailers handling close to 50% of the output.
According to the report, one of the major drivers for this market is increased health awareness among consumers. Over the past few years, there has been a significant increase in health issues such as diabetes, obesity, and allergies among consumers, and this has pushed individuals to become more health conscious and follow healthy diets. Consumers are avoiding products that contain artificial ingredients and are purchasing items that have natural ingredients.
Further, the report states that one of the major factors hindering the growth of this market is the availability of packaged juices. The increase in the availability of packaged juices is hindering the market growth of juicers. With the change in consumer lifestyle and preferences, there is a growing demand for ready-to-eat food and beverages. Consumers have an increased tendency to switch to convenient and time-saving methods to attain good health. Despite the high amount of preservatives and artificial content in packaged fruit juices and nectars, the market for these products is growing across different regions and is experiencing a demand from all income segments. While leading FMCG brands are leveraging their established brand equity and distribution channels, several private labels have also started offering packaged juices, and this hinders the purchase of juicers among end-users.