Global Major Domestic Cooking Appliances Market - 2022-2029

Global Major Domestic Cooking Appliances Market - 2022-2029

Market Overview

The major domestic cooking appliances market size was growing at a CAGR of 6.4 % during the forecast period (2022-2029).

The major domestic cooking appliances include built-in hobs, cookers, microwaves, cooktops, hot plates and others. Manufacturers are coming up with modern technologies for modern appliances to encourage consumers to substitute their traditional cooking appliances with modern ones. The recent domestic cooking appliances launched in the market provide safer, easier cooking with less power consumption.

The demand for major domestic cooking appliances is rising as individuals have started pursuing cooking as a hobby and are interested in the latest technologies. Advancements in technology have encouraged innovative major domestic cooking products that improve connectivity and voice assistants and highlight built-in cameras and touch screens.

Market Dynamics

The global major domestic cooking appliances market is boosted by rising demand for smart cooking appliances.

Rising demand for smart cooking appliances

In today's age, everyone is looking for smart, quick and time-saving solutions for everything. After all, cooking is done extensively in most homes and the energy and time spent preparing dishes are considerable. An alternative to the conventional gas stoves is an induction cooktop, which utilizes a different principle and machinery to cook. As families spend more time at home, they cook more and look for convenient ways to prepare meals. Various smart kitchen appliances are available in the market to help prepare or even reheat a meal. These days, ovens, microwaves and even air fryers already have models counted as smart kitchen appliances.

Various major smart kitchen appliances have been recently launched in the market, which highlights easy cooking practices. For instance, in 2021, Instant Brands announced the Instant Pot Pro Plus launch, the newest multi-cooker and the Instant Brands Connect app powered by Drop. The Instant Pot Pro Plus and Instant Brands Connect app work collectively as a kitchen assistant, providing consumers with access to over 1,500 smart recipes for all types of preferences and dietary needs. The new multi-cooker offers advanced features, including mobile monitoring, delayed start and quick tips and tricks.

Growing ready-to-eat food trends

The growing trends for ready-to-eat meals are restraining the growth of the major home cooking appliances market. Consumers opt for ready-to-eat because of the convenience of time-saving and the little effort required to prepare these meals. Moreover, the preference for these meals by the working population and millennials has expanded because they only require heating before consumption, which decreases the overall time and effort.

Young consumers spend the majority of their income on available ready-to-eat food products. Consumers seek for convenience level of such products because of the rapidly moving lifestyle in major countries. For instance, in a recent survey, 88% of adults ate ready meals or ready-to-cook foods in the UK. Moreover, 2 in 5 people eat ready meals every week. 76% of U.S. consumers stated that the main purpose of purchasing ready-to-eat/heat meals was convenience.

COVID-19 Impact Analysis

The market for major domestic cooking appliances has grown exponentially during the COVID-19 outbreak. During the pandemic, people spent a lot of time inside the home, which resulted in home cooking habits. Consumers were looking for high-quality and top-class products for storage, cooking and even cleaning chores. Consumers are spending more time in the kitchens due to the worldwide lockdown. The trend has driven the growth of small appliances, including products such as ovens, grillers, blenders, induction cookers, pressure cookers and mixer grinders.

The Association of Home Appliance Manufacturers surveyed over U.S residents in 2020 to determine the appliances they purchased during the pandemic. Two out of five people voted that they had bought at least two more appliances since the start of the pandemic. Small kitchen appliances were the second most common category, with 32% of respondents reporting purchases. The appliances were likely being put to good use, as nearly half of respondents reported cooking at home after the pandemic. 42% expect to continue cooking at home more after covid passes. However, kitchen appliance prices have grown due to various macroeconomic factors like commodity prices, material shortages, freight rates, etc.

Segment Analysis

By type, the major domestic cooking appliances market is segmented into built-in hobs, cookers, microwaves, cooktops, hot plates and others.

Consumer looking for more attractive options in the kitchen is boosting the sales for built-in-hob

A built-in hob blends into the kitchen's countertop and its sleek looks add artistic value to the space. Built-in hobs are perfect for small kitchens, as they support saving on space. Since a built-in induction hob does not have an open flame, its surface doesn't become blazing hot and it cools down quickly after it is switched off. Most kitchens shift from portable stoves with an LPG or piped gas connection to a more stylish and space-saving alternative. Although built-in hobs have been more popular in developed countries, they slowly increased in popularity in emerging countries. Pairing built-in hob with modular kitchens is an attractive approach, considering how well they merge with the surface and have a smooth design, which provides a clean overall look.

Built-in hobs are easy to clean since they are low maintenance and have a flat surface. Built-in hobs are available in two varieties, electrical and gas. The products are also available in sizes ranging from 2 to 6 burners. The stainless steel hobs are considered to be the most economical. The Built-in hobs provide low flame and multi-flame control suitable for cooking.

Geographical Analysis

Eating habits as the home are boosting sales in the Asia-Pacific

The increasing popularity of the cook-at-home trend in the region is boosting the market growth. Consumers prioritize cooking more at home in emerging countries to save money, eat healthy food, spend time with family and convenience. Moreover, the pandemic has also been a major factor in boosting the market growth in the region. Thai people are shifting to cook more and are more health-conscious in their dietary choices since the pandemic forced them to spend time at home. The majority of the consumers, almost 70.94%, said they had given more attention to food now than before the COVID-19 outbreak.

In 2019, According to a study released by Kitchen Stories, it emerged that 31.11% of Chinese citizens cooked for their families every day. In 2020, according to a Japanese survey, the majority of the respondents cooked meals at least once per week. While the largest share, almost 46%, stated preparing food almost every day at home. In 2021, the demand for kitchen appliances such as hot plates and toasters saw double-digit growth, with more people staying at home.

Competitive Landscape

The major domestic cooking appliances market is fragmented with the presence of global companies. The market is highly competitive and has the availability of products depending on consumer spending. In addition, key players in the market are Samsung, Whirlpool, Instant Brands Inc, Panasonic Corporation, Elica s.p.A, Electrolux Group, BSH Home Appliances Corporation, GE Appliances, Faber SpA., Koninklijke Philips N.V and others. The players are adopting new strategies in the market, such as launching new products, acquisitions and collaborations, to dominate the major domestic cooking appliances market.

SWM International

Overview: Samsung is a multinational manufacturing conglomerate headquartered in Samsung Town, Seoul, South Korea. The company has over 267,000 employees across 75 countries globally. The company has 15 regional offices, 36 production sites, 39 R&D centers and 53 sales offices globally.

Product Portfolio: The company manufactures a full line of cooking appliances, including single and compact ovens, hobs and hoods.

Key Development: In 2021, Samsung developed a new 30 Smart Induction Built-In Cooktop with Wi-Fi that helps families prepare meals by offering more precise cooking performance. Samsung's Smart Induction Cooktop is recognized for decreasing energy use and lower emissions while cooking. The products have also received a 2021-2022 ENERGY STAR Emerging Technology Award in the Residential Induction Cooking Tops category.

Why Purchase the Report?

Visualize the major domestic cooking appliances market segmentation by type, power, distribution channel and region, highlighting the key commercial assets and players.

Identify commercial opportunities in major domestic cooking appliances by analyzing trends and co-development deals.

Excel data sheet with thousands of data points of major domestic cooking appliances market-level 4/5 segmentation.

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global major domestic cooking appliances market report would provide an approximate 61 market data table, 57 figures and 200 pages

Target Audience

Buyers

Manufacturers

Industry Investors/Investment Bankers

Cooking Appliance Manufacturers

Education & Research Institutes

Research Professionals

Emerging Companies

Distributors