Expanding at a CAGR of 3.5%, global consumption of small kitchen appliances market has reached a market valuation of US$ 102.31 Bn in 2022 and is predicted to increase to US$ 134.23 Bn by the end of 2030.
Small kitchen appliances currently account for around 15%-20% share in the global household appliances market. 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.
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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, cafe) 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.
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.
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.
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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 Hausgerate 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 2022-2030
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.
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Frequently Asked Questions
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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. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Small Kitchen Appliances Market sales are Set to Increase at a CAGR of 3.5% to Reach US$ 134.23 Bn Revenue by the year 2030 appeared first on Future Market Insights.
