Household cooking appliances are appliances that intend to use for cooking. Microwaves, refrigerator, cooktop, and dishwasher are some of the major households cooking appliances. Some of the other cooking appliances are food processors, blenders, and coffee maker. These products are specially designed for cooking and are less expensive.
The global household cooking appliances market valued US$ 84,508.20 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.9% during the forecast period (2020 to 2027).
The increasing price of fuel is driving demand for induction or electricity operated appliances. Induction is gaining huge demand from Europe, and some of the emerging countries in the Asia Pacific region due to the high price of fuel. Also, growing environmental concern and increasing promotion of the green activities by key manufacturers and government are again expected to foster market growth. Thus, increasing the price of fuel is driving demand for microwave ovens, induction cook-tops, and other cooking ranges.
The increasing launch of novel and improved products by the key manufacturer is projected to bring new market opportunities. For instance, in January 2020, Samsung has launched innovative and new cooking appliances products at the 2020 Kitchen and Bath Industry Show. The newly launched product range includes a new premium slide-in range line, a first-ever side-by-side Family Hub™ refrigerator, and a new level of clothing care with AirDresser offer the intelligent control and pioneering design.
Growing preferences for ready to eat food products due to the busy lifestyle of the consumers is increasing time scarcity. Hence, increasing preferences for ready to eat food products is negatively impacting the market growth of the household cooking appliances over the forecast period.
Cook tops and cooking ranges type dominated the global household cooking appliances market in 2019 with around 44.9% of market share in terms of revenue, followed by ovens and specialized appliances, respectively, followed by Ovens and Specialized Appliances, respectively. Cook tops are majorly utilized by most of the people, especially in developing nations.
Increasing spending by consumers on advanced cooking appliances is a growing trend. This is attributed to the changing lifestyle and emerging middle-class population. Also, growth in the young and high-income group residing in the urban areas is again propelling the market growth. Moreover, strong economic growth in countries such as India, Brazil, and China coupled with the growing awareness regarding modern cooking appliances is further contributing to the market growth of the household cooking appliances. In addition, growing popularity of the specialized appliances that are used for a specific function in the preparation of food is expected to serve as a key growth factor for the market. Increasing globalization has led to the introduction of various exotic dishes around the globe which is further driving demand for various types of cooking devices. Thus, the growing popularity of specialized devices due to globalization is projected to foster the market growth of the household cooking appliances in the near future.
Global Household Cooking Appliances Market - Impact of Coronavirus (Covid-19) Pandemic
The global spread of (Covid-19) pandemic has resulted in lockdown measures, and cease in economic activities which has severely impacted the manufacturing sector. In addition to this, inadequate supply of raw materials will lead to rapid price fluctuation. The supply chain of the country is widely impacted. Most of the manufacturers are not be able to clear their old stock as the country is under strict lockdown. The demand for household cooking appliances faced limitation amidst the ongoing pandemic outbreak. Moreover, social distancing guidelines have been triggering supply chain disruption. Also, lockdown measures may result into delays in project construction. Restrictions on business activities, and travelling have led into limitation of household cooking appliances demand. Companies are compelled to follow precautionary safety measures owing to ongoing pandemic. This has resulted into the limitation of workers on site. This factor is expected to hinder the growth of the Global Household Cooking Appliances Market till the period of 2021.
Few Recent Developments
In February 2018, LG Electronics USA has expanded its smart kitchen appliance partnerships with plans to integrate Tovala – the effortless cooking solution and meal service – into LG smart ovens and ranges.
In March 2019, Electrolux announced the launch of a brand new kitchen range across Europe. The company has developed a line of Electrolux-branded products comprising a truly intuitive kitchen range, designed to work in harmony with the cook
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