The past few years have been tumultuous for all industries especially in the consumer electronics segment. The mixer grinder industry has had a slightly different journey through this time in comparison to other kitchen appliances. The industry did see a downturn in demand and sales at the start of the pandemic because of supply chain related production and distribution issues. However, as lock downs across the word continued, people found a renewed interest in home cooking which drove the sales in the category to some extent. Further, considering the limited use of semiconductors in most of these appliances, it was able to forgo the impact of semiconductor shortages.
Mixer Grinder Market Segmentation
There is significant difference in the global annual growth rate and the region-specific growth rate. Therefore, understanding the various segmentations, especially the geographic segmentations is important to understand the context.
According to the latest report by Mordor Intelligence, geographical segmentation can be done on the basis of market density for the product. According to their report, the North American Market is a medium density market, the South American market is a low-density market and the Asia-Pacific market is the highest density market in the product category.
Segmentation in the market can also be done on the basis of the nature of use by the end user. These categories include the commercial use and the residential use. According to reports by the Allied Market Research, while both the segments are expected to see growth during the next decade, residential market is likely to retain the majority of the sales volume.
Segmentation can also be done on the basis of distribution style (Online/offline), type of mixer (Stand mixer/Traditional mixer), etc. However, these segmentations have a lower importance in understanding the overall growth rate across the industry.
Mixer Grinder Market Size and Growth Globally
The mixer grinder market size globally, as estimated in FY 2021-22, was $12.70 billion. It is estimated to maintain a growth rate of 3.7% for the next 10 years to $18.18 billion in 2031. Now this is in sharp contrast to the estimated growth rate of 8% in the same period for the General Consumer Electronics market. The global mixer grinder growth rate is definitely slower than the over all consumer electronics market. However, there are some markets where the growth rate for the mixer grinder industry is more so on parity with the overall consumer electronics market.
Mixer Grinder Market Size in India
India is a different story when it comes to the mixer grinder market. The market size in India is around $391 million as of 2021 but the interesting thing is that the growth rate for the preceding period of 2017-2022 was 18% which surpasses the global growth rate tremendously. Mixer Grinder market in India has tremendous advantages in comparison to other markets. The first big thing is the sheer volume of consumers in the residential market. Then this factor gets compounded by the fact that the per capita income of the consumers is also increasing in the country. Considering the fact that the country is currently the fastest growing major economy in the world and is expected to retain the growth trajectory for the coming few years, we can expect the mixer grinder market in India to maintain its growth rate.
What’s In It for The Indian Consumers?
Having established the mixer grinder market size in India and its prospective growth rate, it is important to understand how these factors will affect the Indian consumers. The first thing that we should understand is that a higher than global average growth rate means that companies from across the world would be interested in setting up shop in the country. This means more options for the consumers in India. The Readers Time has a comprehensive catalogue of the various products in the mixer grinder segment in India. On the other hand, the prospect of higher growth, large prospective market size, and production linked incentives offered by the Indian government, means that companies would be willing to set up manufacturing plants in the country which further reduces the cost of the products in the country. So, in effect, Indian consumers can expect to find a lot more options at a much lower price range in the mixer grinder segment.
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