Research Nester has released a report titled "Cook Processors Market - Global Demand Analysis & Opportunity Outlook 2027"which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter's five force model.
GDP and population density of upper middle income economies according to The World Bank have grown multifold. Their provided statistics states that GDP increased from 192.85 (current USD) to 9200.45 (current USD) in between 1960 and 2018. Furthermore, the population density peaked from 20.34 (people per square km of land area) in 1961 to 45.47 (people per square km of land area) in 2018.
Increasing GDP in economies is also raising the purchasing power of buyers. The factor is also promoting in raising the household disposable income of consumers.
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Cook processors are hi-tech kitchen appliances which serves varied number of functions and processes required for preparing a meal by the meal maker. Cook processors are designed for performing tasks such as boiling, frying, steaming, kneading and others. The person utilizing the device is benefitted by the decrease in cooking and cleanup time.
It also helps the meal maker by reducing the number of appliances used for cooking. Growing demand for advanced kitchen appliances amongst consumers owing to shortage of cooking time combined with the need for appliances that helps the meal maker in cooking healthy foods, as a growing concern for food hygiene habits and maintaining good health and fitness; all of these factors are anticipated to support the growth of the cook processors market.
The cook processors market is anticipated to record robust CAGR over the forecast period, i.e. 2020-2027. The market is segmented by end-user into commercial and residential. Among these segments, residential segment is anticipated to hold largest market share, owing to the reduction in availability of time spent in cooking. The effect can be attributed to the increasing work time of the growing labor force around the globe. Bureau of Labor Statistics, U.S. Department of Labor, in their statistics stated that full time employed persons averaged 9.5 hours of work time on weekdays and 5.4 hours on weekends in the year 2018.
Geographically, the cook processors market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is expected to hold largest market share on the back of rising disposable income and growing demand for smart and advanced appliances amongst consumers, pertaining to its numerous associated benefits. Household disposable income in the United States was 31,111 USD/capita in 2002, which grew up to 50,203 USD/capita in 2017, according to Organisation for Economic Co-operation and Development (OECD).
However, high product cost of cook processors owing to application of premium pricing models in residential products and for production scalability in commercial ones, combined with lack of product awareness and high product skepticism amongst consumers is estimated to act as a barrier to the growth of the market during the forecast period.
This report also studies existing competitive scenario of some of the key players of the cook processors market, which includes 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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled "Cook Processors Market - Global Demand Analysis & Opportunity Outlook 2027", analyses the overall cook processors industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the cook processors market in the near future.
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