HOUSEHOLD COOKING APPLIANCES MARKET ANALYSIS

Market Challenges And Opportunities

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.

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.