Smart Kitchen Appliances Market Share, Size, Revenue, Latest Trends, CAGR Status, Growth Opportunities and Forecast 2032
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.
Currently, small kitchen appliances hold a 15% to 20% market share for household appliances worldwide. Over the next few years, demand for small kitchen appliances is expected to increase due to the emergence of cutting-edge products like smart kitchen appliances.
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.
Due to rising home food consumption, which increases demand for small cooking equipment including toasters, deep fryers, and cookers, the small kitchen appliances market is predominantly controlled by small cooking appliances. FMI predicts that sales of small kitchen appliances would be higher in the residential sector than in the commercial sector, while the HoReCa (hotel, restaurant, cafe) category will experience the largest CAGR growth throughout the forecast period.
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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.
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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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
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