HOUSEHOLD COOKING APPLIANCES MARKET ANALYSIS

The global household cooking appliances market is projected to reach around US$ 126.54 Billion by the end of 2030, in terms of revenue, growing at CAGR of 5.5% during the forecast period (2023-2030).

Global household cooking appliances market: Growth Drivers

Growing population around the globe coupled with the increasing number of small households is fueling the market growth of the household cooking appliances. The market growth is also attributed to the increasing number of nuclear families that require at least one cook-top. Hence, the growing number of nuclear families are driving the demand for kitchen appliances. Robust growth in the establishment of residential buildings due to increasing population is again expected to foster the market growth.

The increasing disposable income of consumers is the driving demand for efficient and modern kitchen appliances. The overall development of economies coupled with the advent of affordable and efficient kitchen appliances is driving the market growth. Increasing labor participation is boosting the national GDP which is further fueling the market growth of the household cooking appliances. Thus, the growing disposable income of consumers across developing regions is expected to foster the market growth of the household cooking appliances.

Figure 1. Global Household Cooking Appliances Market Share (%) in terms of Value, By Region, in 2022

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Global household cooking appliances market: Restraints

High initial costs of household cooking appliances as compared to conventional cooking appliances is expected to hinder the market growth. Modern appliances require frequent maintenance which is again limiting the use of advanced cooking appliances. This factor is hampering the market growth.

The increasing population of single who prefers eating out than cooking at home is affecting the product demand. Also, the growth of the food and catering industry around the globe is again expected to restrict the market growth of the household cooking appliances.

Market Opportunity

The rising urban population worldwide is expected to provide lucrative growth opportunities for the market. According to stats by United Nation, at present, 55% of the world’s population lives in urban areas, and this number is expected to increase to 68% by 2050 driven by the gradual shift in residence of the human population from rural to urban areas, combined with the overall growth of the world’s population. This could add another 2.5 billion people to urban areas by 2050.

The growing popularity of connected cooking, that involves the interconnection of kitchen appliances via Internet of Things (IoT) is expected to offer profitable market growth opportunities. This is attributed to advancements in technology driven by changing consumer preferences and demand that compels manufacturers to launch innovative products. Also, the growing demand for appliances that are easy to use and handle is further expected to support the market growth in the near future.

Figure 2. Global Household Cooking Appliances Market Share (%) in terms of Value, By Product Type, in 2022

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Market Trends-

Modern food consumption is one of the current trends in the market. Modern cooking require baking, grilled, and reheating, which is driving the demand for advanced cooking appliances such as microwaves. Less time spent in microwaves and reduce the energy cost is one of the other major factors driving demand for household cooking appliances.

Strategic partnerships and agreements among the key players for market expansion on the regional as well as the global levels are popular market trends.

Global household cooking appliances market: Recent Developments

• On March 22, 2021, Electrolux hosted Future Sustainable Kitchen, a digital event bringing together experts from across the food ecosystem all united by a common goal: to make sustainable eating the preferred choice
• On April 15, 2021, Electrolux won four Red Dot Design Awards across its Electrolux and AEG brands. Under the scrutiny of an international judging panel, the designs impressed in areas of innovation, functionality, formal quality, and ergonomics.
• On May 27, 2021, Whirlpool Corporation announced an investment of US$15 million into its factory in Oklahoma as part of the company’s ongoing efforts to further strengthen its manufacturing capabilities in the U.S. and boost innovation, introduce top ranking consumer products, and create high-quality jobs in the region.

Global household cooking appliances market Share (%) in terms of Value, By Region, in 2022

Asia Pacific held the dominant position in the global household cooking appliances market in 2020, accounting for 36%, followed by Europe and North America, respectively. The region has emerged as a major production hub for household kitchen appliance manufacturers due to low labor costs and the availability of raw materials at competitive prices.

Global household cooking appliances market: By Product Type

On the basis of Product Type, in 2022, the microwave segment accounted for the largest market share of 53% in terms of value.

Global household cooking appliances market: Key Companies

The key companies operating in the market are AB Electrolux, Daewoo Electronics Corporation, Whirlpool Corporation, Haier Group Company, LG Electronics, Panasonic, Philips Electronics, Videocon Industries Limited, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), and Miele & Cie. KG.

*Definition: Household cooking appliances include a range of cooking products such as microwaves, cooktops and cooking ranges, and other specialized products. These products can be based on auto programs, thermal regulators, and, smart programs. They are designed for easy and smooth cooking.