LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global hand blender market provides an analysis of the key trends expected to impact the market through 2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global hand blender market is likely to generate a revenue of USD 2.6 billion by 2020, growing at a CAGR of almost 8%. According to Abhay Sinha, lead analyst at Technavio for home, kitchen and large appliances research, “Hand blender vendors are continuously improving their product offerings and visibility in the market to keep the customers content. They are expanding their distribution channels, advertising, and R&D expenditures. Companies are also making significant investments in training and technical expertise of R&D personnel to come up with more technologically advanced products.”
The top three emerging trends influencing the global hand blender market according to Technavio’s new research areas research analysts are:
- Strong distribution channels
- Increasing penetration in emerging countries
- Trade discounts and offers on kitchen appliances
Strong distribution channels
Vendors are emphasizing on developing holistic distribution channels to cater to all types of customers. This has given rise to the prevalence of omnichannel retailing. In addition, vendors ensure that the product gets maximum visibility in the market. Selling through a mix of online and offline channels ensures that the retailers get a clear picture of consumer needs and preferences through data analytics, which can provide them insights for devising marketing strategies and offers.
With the increase in internet penetration, people spend time online to research about the product features and conduct a price comparison. With the growth of e-commerce, leading brands are focusing on delivering improved sales experience. There is increased investment in devising account management and supply chain management strategies, along with enhancements in product assortments.
The small appliances category of home appliances has also seen tremendous growth with changes in lifestyle trends and preferences of consumers. Consumers are increasingly switching to time-saving and technologically advanced kitchen appliances, which make food preparation a convenient and enjoyable process. Nearly 28 million units of food preparation appliances were sold online in 2014. This trend is going concomitantly with the number of internet users in the world. The hand blender vendors can capitalize on this trend to attract a wider consumer base.
Increasing penetration in emerging countries
The increase in per-capita income in the emerging countries, coupled with an increase in the number of female buyers, will propel the market in emerging nations. The increase in the adoption of electric and technologically advanced products is visible in developing markets, especially in the higher-income segments. As the number of working members in families rise, people are increasingly opting for time-saving electric appliances for their kitchen.
Another factor propelling the market is the booming e-commerce sector in the emerging countries. For instance, in countries like India and China, the booming e-commerce sector is a major driver of the kitchen appliance market. Consumer electronics is already a sought-after category. As consumer electronic players venture into the hand blender market, they will be able to leverage on their already established presence in the online retail market.
Trade discounts and offers on kitchen appliances
People in emerging countries are increasingly switching to automating their manual cooking processes. There is a universal demand for appliances that make life easier.
The trend of gifting kitchen appliances has been supported by vendors as well. Exchange offers, discounts, and bundling are some of the promotions run by vendors during the holiday season. These offers are promoted in traditional brick and mortar stores as well as online. With the surge in e-commerce, leading online retailers are coming up with attractive offers during peak seasons, which has helped to propel the market even further.
“Vendors of hand blenders, who combine the right promotional campaigns with appropriate placement of products in stores, can leverage on this trend to increase their sales,” says Abhay.
Some of the top vendors in the global hand blender market, as researched by Technavio analysts are:
- Braun
- Breville
- Cuisinart
- Philips
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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