LONDON--(BUSINESS WIRE)--The global residential ice-cream machine market is expected to grow at a CAGR of close to 10% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global residential ice-cream machine market by product, including 2-quart residential ice-cream machines, 4-quart residential ice-cream machines, and 6-quart residential ice-cream machines. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: technology innovation and portfolio extension, enabling product premiumization
In 2017, premiumization and product portfolio extension by competitors were the two prominent drivers in the global residential ice-cream machine market. Premiumization is a type of market strategy, which encourages customers to purchase expensive products that have a value proposition and brand entity.
Players offer a high-value proposition that influences the consumers to buy more expensive products. This is done by cross-selling and upselling different variants of the product. In countries such as the UK, Germany, the US, France, and Japan, the upward trend of cooking at home and increasing purchases of home appliances in the residential sector are fueling the price sales of residential ice-cream machines.
According to a senior analyst at Technavio for home, kitchen, and large appliances research, “High disposable income, urbanization, and development in the financial infrastructure of economies are driving the upper-middle class and premium class consumer segments to grow in developed and developing countries. Such macroeconomic factors help in increasing the sales of premium products in the global market.”
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Market trend: digital campaigns for consumer engagement
The development of the Internet technology and the emergence of several Internet applications has led to a radical change in the promotional and marketing activities by players operating in the market. In the past decade, print media and radio communication were the prime media of communication. At present, the players in the market are innovating with several digital marketing campaigns and promotional activities for the sales of ice-cream machines. Such campaigns are often carried out on digital platforms. Social media has become a major tool for product marketing and customer engagement.
Market challenge: price sensitivity of consumers in developing regions
In 2017, price sensitivity was a leading concern for the global residential ice-cream machine market. In regions such as APAC and the Middle East, consumers are hesitant to spend much on expensive models or variants of ice-cream machines. Consumers mostly prefer ice-creams only during festive seasons, family gatherings, and other occasions. Low purchasing power and disposable income of consumers also contributes towards the challenge of price sensitivity and affect the sales of the product. Such price sensitivity in developing market, is compelling players to sell their products at a relatively lower price than what they sell in other developed countries. Therefore, it can be referred as the price challenge for the marketers.
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