10 Lessons That Will Teach You All You Need To Know About Household Slicer Market

The global household slicer market size is expected to reach USD 475.2 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.5% from 2020 to 2027. The growing trend of cooking as a hobby among younger millennials is driving the product demand. Consumers are cooking at home often due to the easy availability of recipes online and focusing on adopting a healthier lifestyle. In order to increase their market share, companies are focusing on social media marketing and increasing the supply of products in the market via home improvement centers and e-retailers.

Before the outbreak of COVID-19, salaried professionals and working couples in metro cities and large towns preferred eating out or ordering from nearby food outlets. But individuals had to resort to homemade food over the past six months. An increasing number of people have taken to social media platforms to discover new recipes and post pictures and videos of the food prepared. This has driven consumers to switch from regular cookware and kitchen utensils to more advanced tools that not only have better functions but are also aesthetically appealing.

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The rising popularity of modular kitchens has resulted in higher instances of kitchen remodeling, thereby propelling the demand for cooking equipment and tools, such as slicers. Consumers are also increasing their expenditure on kitchen tools as open kitchens are trending and ambiance has become a focal point of social gatherings.

The growing trend of house parties in western countries has resulted in consumers investing in cooking equipment, such as household slicers, in order to be well-equipped while preparing dishes. Moreover, food is a large part of festivals and other events that are typically celebrated at home, thereby driving the use of a professional set of slicers. The residential sector is anticipated to create high demand for household slicers with a rise in barbeque parties and the growing popularity of outdoor grilling as a form of leisure.

Increasing preference for modular kitchens, coupled with rising living standards, is driving the demand for slicers in the residential sector. In addition, the thriving residential sector is widening the scope of kitchen products across the globe. Over the past years, governments have been taking initiatives to promote advanced and sustainable residential constructions. For instance, according to the National Bureau of Statistics of China, in 2017, the total investment in real estate in China was around USD 1,628.31 billion, out of which, the investment for residential buildings was around USD 1,114.44 billion, which is 9.5% higher as compared to the previous year, 2016. Such growth in the residential sector is expected to propel the demand for kitchen tools in the region over the forecast period.

Further key findings from the report suggest:

• By product, manual slicers led the market and accounted for a revenue share of 73.6% in 2019

• Asia Pacific is expected to register the fastest CAGR of 6.2% from 2020 to 2027. Demand is anticipated to grow in the region due to an increase in the purchasing power of consumers and the rising preference for experimenting culinary skills

• Offline distribution channels dominated the market by accounting for an 85.4% share of the global revenue in 2019.

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Demand for household slicers across all regions is expected to continue growing on account of the growing base of affluent consumers and middle-class income groups, increasing the working population, and improving consumer lifestyle, which eventually results in the use of these tools. Young consumers who contribute majorly to the workforce population, people in western countries who are more inclined towards hosting dinner gatherings and backyard cooking during festive seasons are likely to accelerate the demand for such tools.

During the initial panic buying phase, consumers raced to stock up on toilet paper, frozen foods, disinfectant wipes, cleaning supplies, and other household necessities. In the weeks and months that followed, they turned their attention to appliances that aid in cooking, health, and wellness. With restaurants shut and food delivery considered unsafe due to coronavirus, an increasing number of consumers have begun cooking at home. This need-turned-trend of home-cooked food has augured well for the sale of kitchen household slicers among other kitchen utensils and cookware.

Manual slicers held the largest share of 73.6% in 2019. The increasing availability of products at a varied range of prices has been a major factor driving the segment. These products offer high accuracy, better control, and clean slicing of food products, such as vegetables and fruits. The growing interest in cooking shows, particularly among the younger generation, drives the demand for plain slicers so that they are well-equipped to cook at home. For instance, Hell’s Kitchen, Chopped, MasterChef, Top Chef Masters, and other cooking shows programmed on TV attract a lot of consumers and indirectly encourage them to opt for cooking on a regular basis and also persuade them to purchase good quality household slicers.

The automatic slicers are expected to register the fastest CAGR of 6.4% from 2020 to 2027. Economic development and the growing tourism industry are likely to augment the demand for automatic household slicers. A total of 1,500 new hotel construction projects in Europe were in pipeline, wherein by 2019, around 270 new hotels and resorts opened, having more than 38,000 new rooms. This is expected to have a positive impact on the segment growth as the hospitality sector focusses on providing more luxurious bedding sets in order to provide the utmost comfort and warmth.

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The offline channel of distribution led the market and accounted for a share of 85.4% in 2019. Increased prominence of retail store channels as they facilitate the consumers to have a first-hand look at the products, which helps in the easy inspection of the quality and specifications, is expected to boost the growth of the channel. The availability of a wide range of products offered by different brands and the ability to compare the prices and product attributes are some of the factors that are expected to have a positive impact on the segment growth. In addition, discounted prices and budget-friendly offers provided by retailers drive more customer footfall in these stores. Moreover, the availability of varied quality household slicers at a cheaper rate offered by local manufacturers is likely to attract a greater number of customers to supermarkets and hypermarkets. Strong localized positioning and increased focus on customer needs and experience are the major factors that are expected to foster the growth of this distribution channel segment.