The global Household Cooking Appliances Market Growth

Posted 2023-10-25 07:25:09

Market Overview:
Household cooking appliances help prepare and cook food easily. Common cooking appliances include stoves, ovens, microwaves, cooktops and ranges. They save time and effort in meal preparation.

Market key trends:
One of the key trends in the household cooking appliances market is the rising demand for multi-cooking functional appliances. Consumers prefer appliances that can perform multiple cooking functions such as baking, grilling, roasting and steaming. This has led to the development of combo ovens and multi-cookers that offer various cooking modes in a single unit. Their space saving design and convenience of multiple functions in one appliance is driving the sales of multi-functional household cooking appliances.

Segment Analysis
The Household Cooking Appliances Market Share is segmented into ovens, cooking appliances, and kitchen hoods. Among these, ovens dominated with a share of over 35% in 2022. Ovens are considered as essential appliances for baking, roasting, and reheating food. The increasing demand for packaged and preprocessed food products along with growing popularity of home-cooked meals has been driving the sales of ovens globally.

Key Takeaways
The global household cooking appliances market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period 2023-2030, due to increasing urbanization and changing consumer lifestyle. The market is estimated to reach US$ 82.3 Bn in 2022.

- Market size: The global household cooking appliances market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period 2023-2030, driven by rising disposable income, growing working population leading to demand for convenience appliances and adoption of latest technologies like smart connectivity in appliances.

- Regional analysis: The North America region currently dominates the global household cooking appliances market owing to high adoption of advanced appliances and presence of major players in this region. However, Asia Pacific is expected to witness fastest growth during the forecast period due to rising income levels and improving standard of living in developing countries of China and India.

- Key players: Key players operating in the household cooking appliances market are AB Electrolux, Daewoo Electronics Corporation, Whirlpool Corporation, Haier Group Company, LG Electronics, Panasonic, Philips Electronics, Videocon Industries Limited, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), and Miele & Cie. KG.