The Global Household Cooking Appliances Market is expected to surpass US$ 126.54 billion by 2030, exhibiting a CAGR of 5.5% during the forecast period (2023-2030).
Household cooking appliances are appliances that are intended for cooking purposes. Microwaves, refrigerators, cooktops, and dishwashers are some of the major household cooking appliances. Other cooking appliances include food processors, blenders, and coffee makers. These products are specially designed for cooking and are less expensive.
The global household cooking appliances market accounted for around US$ 82.3 Billion in 2022 and it is predicted to grow at a CAGR of 5.5% during the forecast period (2023-2030).
Drivers:
The increasing fuel prices are driving the demand for induction- or electricity-operated appliances. Induction is gaining huge demand in Europe, and some of the emerging countries in the Asia Pacific region due to the high price of fuel. Also, growing environmental concerns and increasing promotion of green activities by key manufacturers and governments are again expected to foster the market growth. Thus, increasing the price of fuel is driving the demand for microwave ovens, induction cook-tops, and other cooking ranges.
Global Household Cooking Appliances Market: Recent Developments
- On May 4, 2021, Electrolux Group won six iF Design Awards, once again being recognized for its thoughtful solutions for the kitchen, clothing care, and well-being segments that cater to home. Electrolux and AEG products impressed an international judging panel in areas of user experience, innovation, functionality, and ergonomics.
- On Aug 26, 2021, Whirlpool Corporation announced the promotion of Joseph T. Liotine to the position of President and Chief Operating Officer. In this new role, Liotine will be responsible for all global operations. This change is was made effective on September 1, 2021.
- On May 20, 2021, Whirlpool Corporation’s Whirlpool and Kitchen Aid brands were recognized with Shorty Awards, honoring the best of social media and digital content during the past year. Whirlpool brand was honored for the 2020 launch of The Chore Club.
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Market Restraints:
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.
Global Household Cooking Appliances Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by governments worldwide to curb the spread of the infection, companies started looking forward to functioning remotely. Moreover, various companies implemented strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on the global household cooking appliances market.
Market Trends:
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.
The growing popularity of specialized appliances that are used for a specific functions 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 the 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.
Competitive Section:
- Company Names
- 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.)
- Miele & Cie. KG
