The global small kitchen appliances market is estimated to be valued at ~US$ 96 Bn in 2020 and expected to expand at 3.4% CAGR during the forecast period of 2020-2030. Health and fitness awareness and usage of environment-friendly products are the latest trends observed in almost every industry, which has a direct or indirect impact on consumers… Read More »Global Small Kitchen Appliances Market Will Reflect Significant Growth Prospects during 2020-2030
Global Small Kitchen Appliances Market Will Reflect Significant Growth Prospe...
The global small kitchen
appliances market is estimated to be valued at ~US$ 96 Bn in
2020 and expected to expand at 3.4% CAGR during the forecast period of
2020-2030. Health and fitness awareness and usage of environment-friendly
products are the latest trends observed in almost every industry, which has a
direct or indirect impact on consumers and the environment. This trend is also
observed in the cookware industry where consumers are increasingly demanding
green or sustainable products, which will cause no harm to the surrounding
environment. Due to the growing need of sustainable kitchen appliances, many
new trends have emerged in the market.
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As an example, gas
cooktops use less energy than electric ones, but they do release carbon
monoxide, carbon dioxide, and nitrogen dioxide into the air which harms the
environment. Chefs around the world prefer eco-friendly pans that will not put
the health of consumers at risk. Cuisinart’s green gourmet non-stick cookware
is an example of it. It consumes less energy and reduces harmful carbon
emissions. Spurred by these factors the small kitchen appliances market is
expected to witness a steady growth in the coming years.
Key Takeaways from the
Small Kitchen Appliances Market Study
- East Asia is expected
to dominate the global small kitchen appliances market owing to large
population base which are more inclined towards healthy & home cook food.
Small kitchen appliances market is primarily dominated by small cooking
appliances due to growing food easting habit in home which further creates
demand for small cooking appliances such as cooker, deep fryer, toaster etc. - According to FMI,
residential sectors are expected to see higher sales of small kitchen appliance
as compared to commercial sector however HoReCa (hotel, restaurant, café)
segment is anticipated to expand at highest CAGR during the forecast. Changing
consumer lifestyle and increasing income level is expected to boost industry
growth over the forecast period. - Modern trade
(hypermarket/ supermarket) is considered as the largest sales channel in terms
of value share in the global small kitchen appliances indirect sales channel.
Hypermarket/Supermarket is anticipated to dominate the global market owing to
high product variety of multiple vendors at competitive price range. - The small household
appliances industry is thriving immensely through increased sales on e-Commerce
platforms, owing to advantages such as ability to compare prices of products,
brands, and product variety, and ability to read reviews of other consumers.
The e-Commerce industry is reshaping the global retail market. Growing interest
for online purchasing is driving the industry forward. The facility of product
comparison of different vendors has led to higher online sales.
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Small Kitchen
Appliances Sales are Gaining Traction Globally owing to High Product Awareness,
and New Innovative Product Launches
Technology
advancements, energy efficiency, cost, and quality of the products are major
factors drive consumers’ purchasing preference. The advent of e-commerce
industry and wide availability of different offline sales channel such as
modern store (hypermarkets/supermarkets, specialty stores etc.) supports the
industry from supply side. Growing health consciousness, increasing consumers
with cooking as hobby, growing television programs and cooking recipes on
YouTube and other online platforms push the consumers towards home food which
is resulting as an increased demand for small kitchen appliances across the
world.
“Integration of
technology in kitchen appliance is not new, hence manufacturing are focusing on
eco-sound materials, energy efficiency and easy recycling product materials
which will have minimum impact on the environment. Compact & multi-feature
appliances will be preferred in future. South Asia & Pacific could be the
potential region in future for small kitchen appliances, hence manufacturers
should focus on the same” says an FMI analyst.
Market to Recover As Soon As Economies
Return to Normalcy Post Coronavirus
Covid-19 which originated in
China has now spread all over the world. Except essential products
and services, all businesses are temporarily closed. As per World Economic
Forum, The US and Eurozone’s economies are expected to recover to its full
swing until 2023. The small kitchen appliances market are also affected due to Covid-19
pandemic as production are temporarily suspended, physical stores are closed.
Online platforms also face challenges in product delivery due to country
lockdown, and low availability of stocks. However, initiatives taken by the
respective country governments have checked the growth rate of people getting
infected. This shows positive sign of normalcy in coming quarter for few
countries such as China, India etc.
Who is winning?
Some of the key
players operating in the Small Kitchen Appliances market are Whirlpool
Corporation, Panasonic Corporation, Groupe SEB, Electrolux AB, BSH Hausgeräte
GmbH, Haier Group, LG Electronics, Dongbu Daewoo Electronics, Samsung
Electronics, Breville, Miele, Koninklijke Philips N.V., Conair Corporation and
others.
Several leading foot
care product players are launching new innovative products to expand their
footprint and product portfolio. At present, manufacturers are focusing on
R&D, merger & acquisition and partnership activities to come up with
new technologies which can change the market landscape of Small Kitchen
Appliances.
- In Nov 2019, Caraway
Home launched eco-friendly, non-toxic and non-stick materials cookware set. - In Sept. 2019,
Philipps had launched Keurig K-Duo coffee machine in three variants.
Get Valuable Insights
into Small Kitchen Appliances Market
Future Market
Insights, in its new offering, provides an unbiased analysis of the global
small kitchen appliances market, presenting historical demand data (2015-2019)
and forecast statistics for the period from 2020-2030. The small kitchen
appliances study reveals compelling insights on the small kitchen appliances
market on the basis of product type (small cooking appliances, food preparation
appliances, and beverage making appliances), price range (premium/high,
economy/mass), end user (residential, commercial), and sales channel
(wholesaler/ distributor, hypermarket/ supermarket, multi-brand stores, small
independent stores, online and others) across all regions.
