The Household Cooking Appliances Market will grow at highest pace owing to increasing urbanization and changing consumer

The household cooking appliances market constitutes a wide range of kitchen appliances including cooktops and cooking ranges, ovens, specialty appliances and other small cooking appliances. Cooktops and ranges allow for cooking food via different heating methods like gas, electric or induction. Ovens are used for baking, roasting and broiling foods. Small appliances include blenders, coffee machines, slow cookers and several other countertop appliances offering convenience in food preparation. Rising urbanization has led to greater nuclearization of families with both adults pursuing professional careers, increasing the demand for appliances that save time and effort in cooking. Further, changing lifestyles and introduction of modern and innovative products is also driving the market growth.

The Global Household Cooking Appliances Market is estimated to be valued at US$ 100.03 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Household Cooking Appliances Market Size are China Lesso Group Holdings Limited, Hebei Bosoar Pipe Co. Ltd, Plásticos Ferro S.L., Fujian Aton Advanced Materials Science & Technology Co. Ltd., Pipelife Austria Gmbh & Co KG., Georg Fischer Ltd., Astral Pipes, Aliaxis Group S.A., JM Eagle, Inc., Supreme Industries Ltd., and Vinidex Pty Ltd. The increasing demand for energy efficient and multifunctional appliances has compelled key players to invest heavily in research and development of innovative products. Further, rising health-consciousness is generating demand for appliances supporting preparation of healthy meals quickly.

Growth in the working population has led to increased dependence on convenience products that aid faster food preparation without compromising on taste and nutrition. Streamlined designs and easy to use interfaces in modern appliances are positively impacting their adoption. Additionally, demand for specialty appliances is rising from commercial kitchens, food trucks, cloud kitchens and takeaway markets.

Technological advancements like wi-fi enabled appliances, touchscreen interfaces, smartphone controls and cloud connectivity are augmenting consumer experience via remote monitoring and voice command operations. Additionally, introduction of advanced materials and innovative designs to improve energy efficiency, durability and aesthetics are expected to foster market expansion during the forecast period.

Market Trends

Growing consumer preference for energy efficient and eco-friendly appliances fitted with inverter technology, brushless motors and improved insulation is a major trend. Additionally, a rise in modular kitchen culture and focus on integrated and aesthetic kitchen designs by manufacturers according to latest trends is also being witnessed. Further, kitchen appliances with multi-cooking capabilities, customized settings and pre-programmed recipes are gaining popularity.

There is increasing demand for large and feature-rich appliances from rapidly expanding organized retail sector and e-commerce platforms. Aggressive promotional activities, easier financing options and rising disposable incomes are supporting sales through these distribution channels.

Market Opportunities

Growing cognizance regarding health impacts of indoor air pollution and toxic fumes released during cooking is presenting opportunities for innovation in vented and chimney-integrated appliances. Additionally, focus on local production to achieve cost competitiveness and cater to regional consumer preferences also presents an opportunity for domestic as well as international players in the market.

Impact of COVID-19 on Household Cooking Appliances Market growth and geographical regions

The COVID-19 pandemic has impacted the growth of the household cooking appliances market. During the initial lockdown phase, there was a significant decline in demand and supply as manufacturing and logistics came to a halt. However, as people spent more time at home due to work from home and social distancing norms, the demand for household appliances increased significantly. Manufacturers saw a rise in demand for appliances like microwave ovens, induction cooktops, kitchen chimneys etc as consumers looked to make their time at home more comfortable.

Post lockdown, the demand further picked up momentum as people continued to spend more time at home. Manufacturers ramped up production capacities to cope with this increased demand. However, supply chain disruptions, rising input costs and shortage of raw materials like steel posed challenges. Companies explored alternative sourcing options and transportation routes to stabilize supply. They also resorted to occasional price hikes to offset inflationary pressures. Moving forward, the household cooking appliances market is expected to grow steadily as online sales continue to rise and technological innovations make appliances more efficient.

In terms of geographical regions, North America currently holds the largest share of the household cooking appliances market in terms of value. This is attributed to factors like growing health consciousness, busy lifestyles and rising disposable incomes in countries like the US and Canada which have fueled the demand. Another fast growing region for this market is Asia Pacific, driven mainly by China, Japan and India. Rapid urbanization, increasing middle class population and changing consumer preferences towards technologically advanced appliances are fueling market growth in Asia Pacific.