Key Market Overview:
Kitchen appliances market is anticipated to reach over USD 281.4 Billion by 2030 from a worth of USD 186.2 Billion in 2022, and the market is anticipated to register a CAGR of 5.3% from 2022 to 2030.
Kitchen appliances, a sub-part of home appliances, are devices that offer assistance in several kitchen activities such as cooking, cleaning, and storage functions. A wide range of kitchen appliances are available in the market such as microwaves, refrigerators, blenders, toasters, grilling machines, and others. These devices are mainly used to reduce the efforts of consumers in performing certain time-consuming tasks such as grinding, reheating, cutting, and others. Additionally, the market players have introduced numerous product innovations by designing appliances in different colors, mechanisms, materials, sizes, and styles.
The market for kitchen appliances is primarily driven by the need for constant product innovations and upgrades. With growing disposable income among the population and changing lifestyles, consumers have started to demand innovative products from a convenience and time-saving point of view. Thus, kitchen appliances have become an integral part of overall house needs as people have started to consider cooking more as an art than a daily chore.
Further, the kitchen appliances market is projected to witness substantial growth due to increased consumer popularity. Additionally, the market players are required to keep introducing novel product innovations to meet the increased consumer demand. This is primarily because of the rising standards of living that require such introductions. To name a few, the wide adoption of customizable refrigerator shelving, built-in dishwashers, Wifi-enabled appliances, and a high preference for minimal designs are examples of kitchen appliance innovations that have gained pace in recent years.
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||281.4 Billion|
|By Product Type||Refrigerators and Freezers, Microwave Ovens, Dishwashers, Water Purifiers, Food Processors, Mixers and Grinders, Grills and Roasters, Others|
|By Structure||Built-In and Free Stand|
|By Fuel Type||Cooking Gas, Electric, and Others|
|By Distribution Channel||Multi-brand Stores, Online, Exclusive Stores, and Others|
|By End Use||Residential, and Commercial|
|By Geography||Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]|
|Key Players||The Samsung Group, LG Electronics Inc., Panasonic Corporation, Koninklijke Philips N.V., Morphy Richards, Haier Electronics Group Co., Ltd., Robert Bosch GmbH, Electrolux AB, BSH Hausgeräte GmbH, The Whirlpool Corporation, Miele, General Electric Company, Haier Group Corporation, Beko, Dacor Inc.|
The growing emphasis on convenience and saving time and effort in kitchen chores have accelerated the need for kitchen appliances among the population. Furthermore, such an increase is also attributed to the growing preference for homemade food due to the rising health consciousness element among consumers. The global population has also shifted their preference towards the aesthetic design of kitchens and thus, integrate customizable kitchen appliances to meet the standards of kitchen interiors.
The kitchen appliances are available at high costs which create affordability concerns among varying income population. Additionally, these appliances also require higher maintenance for the extension of product life. Thus, the aforementioned factors hamper the growth of kitchen appliances market statistics during the forecast period. In the context of electrical kitchen appliances, the risks of product damage due to fluctuations in electricity voltage also primarily restrict the market growth.
During the initial phases of the COVID-19 outbreak, the kitchen appliances market joined the list of industries that witnessed sudden declined business operations. Consumers were uncertain of purchasing new appliances due to unemployment and increased lay-offs from the institutions. Additionally, the closure of manufacturing facilities and shortage of raw materials resulted in decreased production of innovative products at low costs. As the businesses started to shift their operational activities to work-from-home tasks, the consumers gained an increased interest in cooking food at their residences to prevent disease contraction. Thus, the overall impact on market growth is expected to be at a moderate level.
Kitchen Appliances Market Segmentation:
By Product Type
The product type segment is categorized into refrigerators and freezers, mixers and grinders, food processors, dishwashers, microwave ovens, grills and roasters, water purifiers, and others. The refrigerators and freezers are anticipated to contribute substantial shares to the market growth in terms of revenue. These products have the crucial role of preserving perishables such as vegetables, meat, and fruits under cold temperatures to slow down the process of bacterial growth into them. With the increase in cooking chores conducted by individuals, refrigerators have started to become a vital component of storing and extending the shelf life of raw ingredients. Additionally, the cooking appliances such as grills, microwave ovens, and roasters are also attributed to witnessing significant growth during the projected period. A wide range of appliances also falls under this category namely griddles, kettles, burners, vegetable cutters, and fryers amongst others. These appliances are highly favorable among customers due to the features such as user-friendly interfaces, durability, and energy-efficient usage for cooking.
The structure segment is bifurcated into the built-in and free stand. The free-stand kitchen appliances are expected to contribute the largest shares in terms of volume. The middle-income consumers opt for free-stand kitchen appliances due to their easy and cost-effective availability. Additionally, the flexibility of shifting freestanding appliances during the relocation of the house or overall renovation purposes results in the high adoption of such appliances. Further, built-in kitchen appliances are also anticipated to witness increased demand during the forecast period. These appliances are adopted to enhance the aesthetics of kitchen interiors in terms of seamless designs and customized cooking solutions. Thus, built-in kitchen appliances are primarily opted for by high-income populations that also integrate such appliances to increase the overall property value for further resale opportunities.
By Fuel Type
The fuel type segment is divided into cooking gas, electric, and others. The others are estimated to register a fast CAGR growth of over 11.4% during the forecast period. Multiple fuel types fall under this category such as kerosene, ethanol methanol, and plant oil, along with renewable gaseous fuels like biogas and wood gas. Commercial kitchen appliances highly rely on using such alternatives to meet the high volumes of food orders on a daily basis. These fuel types are also offered at comparatively low costs due to their wide adoption among restaurant chains. However, cooking gas offers primary shares to the market growth in terms of volume. The factors such as the easy availability of LPG cylinders or direct cooking fuel connections to the houses along with the easy integration with numerous kitchen appliances result in increased usage of cooking fuel types.
By Distribution Channel
The distribution channel is segmented into multi-brand stores, exclusive stores, online, and others. The online channels are primarily opted by the mass consumer base thus, this segment is anticipated to contribute substantial shares in terms of revenue. Multiple brands of kitchen appliances are available on one e-commerce platform like Amazon which has millions of users placing high-volume orders. Thus, the widespread adoption of online distribution channels among consumers has resulted in the creation of a favorable customer base, especially for kitchen appliances. Additionally, several market players opt to sell their products via such online channels to reach targeted consumers of varying income levels.
By End Use
The end-user segment is separated into residential, and commercial. The residential end-users contribute the largest market shares in terms of revenue and volume. The shifting consumer preferences and demand for smart and innovative kitchen appliances have resulted in increased market growth. Additionally, the surged standards of living of consumers due to rising disposable incomes have caused them to emphasize aspects such as minimal yet smart kitchen appliances integration into home space. Furthermore, commercial end users are also projected to support the market growth in terms of value. The presence of established restaurant and hotel chains facilitates the high usage of commercial kitchen appliances. These appliances help manage the high volumes of daily food orders in terms of easy maintenance, and effective usage of kitchen spaces and bring in the overall efficiency in cooking processes by increased cooking speed.
The regional segment comprises Asia Pacific, North America, Europe, the Middle East, Africa, and Latin America. In the context of the region, Asia Pacific is estimated to contribute the largest share due to several factors. The large presence of market players to meet the needs of the middle-income population is the primary reason that facilitates market growth in this region. Additionally, the population of countries such as Japan, Thailand, Korea, and India has a high demand for product innovations at low costs.
Further, Europe is also projected to support the market growth with substantial shares in terms of value. The established presence of commercial restaurant chains with huge demand for such kitchen appliances and surged consumer adoption due to high disposable income results in favorable market statistics in this region. The primary reason for such wide consumer base adoption is also due to the surged emphasis by the population on improved aesthetics of the complete residential place.
Kitchen Appliances Market Competitive Landscape:
The market research report published on the kitchen appliances market offers an in-detailed analysis of macroeconomic indicators in terms of segmental analysis, market dynamics, SWOT analysis, and others. In the context of industry players and their business portfolio offerings, the report offers an inclusive understanding of crucial factors such as market trends, mergers & acquisitions, product launches and innovations, product developments, and business strategies. Thus, business stakeholders are offered such insightful information to deploy relevant strategies for maintaining a competitive business position. Mentioned are the crucial market conglomerates that comprise the current market concentration–
• The Samsung Group
• LG Electronics Inc.
• Panasonic Corporation
• Koninklijke Philips N.V.
• Morphy Richards
• Haier Electronics Group Co., Ltd.
• Robert Bosch GmbH
• Electrolux AB
• BSH Hausgeräte GmbH
• The Whirlpool Corporation
• General Electric Company
• Haier Group Corporation
• Dacor Inc.
• In 2021, the South Korean Conglomerate, Samsung introduced the launch of an AI-integrated smart refrigerator. This latest product innovation offers features such as an entertainment system for the kitchen, creating automated groceries lists as per the availability of materials, and a video calling interface. This smart refrigerator can also be synced and connected to numerous devices simultaneously.
• In April 2022, LG Electronics revealed their new lineup of 2022 home appliances that comprise numerous smart appliances with AI Technology. These latest products are primarily offered in stylish designs to suit the needs of consumers\' premium lifestyles. This latest 2022 lineup consists of new AI InstaView Door-in-Door Refrigerators, Direct Drive Washing Machines, UV+UF Water Purifiers, and the latest assortment of Charcoal Microwaves.
• In August 2022, a Canada-based firm named Thomson launched a new range of appliances across the kitchen segment. This segment offers numerous appliances such as juice mixers, electric cookers, sandwich makers, and others at an affordable price range between USD 11.3 to USD 150.