Boomers are the generation with more disposable income and a desire to splurge or trade-up for more premium products, but the sheer size of the millennial generation, and their fundamental need for the essentials, health consciousness, growing awareness regarding health, increasing fear of diseases are what moving the needle in juice extractor category.
The increased consciousness in consumers mostly in millennial about their health and well-being is a major incentive for them to increase their juice consumption. While the market is flooded with packaged juices and beverages, majorly millennial are gaining awareness of the health issues arising from the excess use of these products. Media and health journals warn consumers about the excessive consumption of preservative-laden food products. This affects most of the millennial. The increased awareness coupled with innovations in product offerings are the major factors which will propel the growth for juice extractors during the forecast period. In developed regions, these products have sustained demand due to better awareness, while the penetration in emerging regions is gradually increasing on account of factors such as increased disposable income, better living standards and awareness about health.
According to recently published report of Bonafide Research "India Mixer, Juicer & Grinder Market Outlook, 2021", the market for juice extractors/ juicer will grow at a CAGR of more than 20% over next five years. The juice extractor segment is an integral part of the electric kitchen appliances market, which is currently growing at a significant pace. Better awareness, promotion of the products, consciousness of diseases and various campaigns are promoting the importance of juices in everyday life. This is expected to result in market’s growth during the forecast period. Millennial are increasingly demanding juice extractors which have resulted into high sales. While the older generations are the core customer, making up less in juice extractor sales, millennial were the only generational segment with a sales increase compared to previous years. Moreover, the influx of small and independent food enterprises is also a key driver that is expected to bolster market growth during the forecast period. The market is witnessing young entrepreneurs investing in the small restaurant business. These restaurants employ less than 50 people and, therefore, require electrical appliances like juice extractors to improve productivity and ensure better customer experience.
There exists tremendous possibility for development of juice extractors in India as the ever-growing fitness and wellness trend among millennial demands the inclusion of fruit juice products in their diet. With lifestyle diseases and conditions like hypertension and diabetes experiencing an exponential rise in the country, more and more youngsters are opting for healthier options such as fruit juices, fruit-based drinks and nectars. Urban India is the key target market for the growth of juice extractors/juicers.
Major companies operating in the mixer, juicer & grinder market of India are Preethi Kitchen Appliances Pvt. Ltd., Bajaj Electricals Limited, Philips India Limited, Groupe SEB India Pvt. Ltd., Butterfly Gandhimathi Appliances Limited, Kitchen Appliances India Limited, TTK Prestige Limited, Havells India Limited, Usha International Limited and Crompton Greaves Consumer Electricals Ltd.