The e mergence of innovative products such as smart kitchen appliances is set to drive overall demand for small kitchen appliances over the coming years.
The small kitchen appliance market is predicted to develop at a 3.5% CAGR from 2022 to 2030, reaching a value of US$102.31 billion. The newest trends in nearly every industry are awareness of health and fitness, the usage of environmentally friendly products, and these trends. These trends have an impact on customers and the environment directly or indirectly.
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.
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.
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Key Takeaways from the Small Kitchen Appliances Market Study
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.
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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 is 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.
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Key Segments of Small Kitchen Appliances Industry Survey
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 28, 2022