Global Small Kitchen Appliances Market is estimated to expand at a CAGR of 3.5% from 2022 to 2030 - Future Market Insights, Inc.
The small kitchen appliances market size was valued at $102.31 billion in 2022, and Small cooking appliances hold 62.2% of the global market share in 2022. Product advent, business expansion, and mergers are key growth strategies of small kitchen appliances market players.
NEWARK, Del., June 13, 2022 /PRNewswire/ -- The global small kitchen appliances market is estimated to be valued at US$ 102.31 Bn in 2022 and expected to expand at 3.5% CAGR during the forecast period of 2022-2030. Health and fitness awareness and usage of environment-friendly products are the latest trends observed in almost every industry, which have 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 its large population base which is more inclined towards healthy & home cook food.
- Small kitchen appliances market is primarily dominated by small cooking appliances due to growing food easting habits in the home, which further creates demand for small cooking appliances such as cookers, deep fryers, toasters etc.
- According to FMI, residential sectors are expected to see higher sala es of small kitchen appliances as comparthe ed to the commercial sector however HoReCa (hotel, restaurant, cafe) segment is anticipated to expand at the 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 the competitive price range.
- The small household appliances industry is thriving immensely through increased sales on e-Commerce platforms, owing to advantages such as the ability to compare prices of products, brands, and product variety, and the 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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Leading Companies Profiled in Small Kitchen Appliances Market are
- Groupe SEB
- Electrolux AB
- BSH Hausgeräte GmbH
- Whirlpool Corporation
- Haier Group
- Panasonic Corporation
- LG Electronics
- Dongbu Daewoo Electronics
- Samsung Electronics
- Breville
- Miele
- Koninklijke Philips N.V.
- Conair Corporation
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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"Integration of technology in kitchen appliance is not new, hence manufacturing is 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.
Key Segments of Small Kitchen Appliances Industry Survey
Small Kitchen Appliances Market by Product:
- Small Cooking Appliances
- Food Preparation Appliances
- Beverage Making Appliances
Small Kitchen Appliances Market by Price Range:
- Mass Small Kitchen Appliances
- Premium Small Kitchen Appliances
Small Kitchen Appliances Market by End Use:
- Residential Small Kitchen Appliances
- Commercial Small Kitchen Appliances
Small Kitchen Appliances Market by Sales Channel:
- Wholesalers/ Distributors
- Hypermarkets/ Supermarkets
- Multi-brand Stores
- Independent Stores
- Online Stores
- Others
Small Kitchen Appliances Market by Region:
- North America Small Kitchen Appliances Market
- Latin America Small Kitchen Appliances Market
- Europe Small Kitchen Appliances Market
- East Asia Small Kitchen Appliances Market
- South Asia & Pacific Small Kitchen Appliances Market
- Middle East & Africa (MEA) Small Kitchen Appliances Market
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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 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.
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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.
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