Colombia Kitchen Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Colombia Kitchen Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Colombian kitchen appliances market is expected to witness more innovation and dynamism from the players, which would drive the market in a positive direction. This is most applicable for refrigerators, which had earlier experienced a significant drop in the volume of sales of the standard models. Among the key drivers that lift the market sentiment are energy efficiency and wellness. They are the most important factors considered by price-sensitive consumers at the time of purchase for major appliances. Rising prices for water and electricity have made Colombians more conscious about their consumption and the efficiency of their appliances. It holds a positive outlook for the future, as it is set to grow stronger in terms of volume, over the forecast period, as compared to the review period. Most of this growth will continue to be driven by the manufacturers meeting the consumers' demand for energy efficiency, multifunctionality, healthy cooking, design, noise control, and connectivity.

Key Market TrendsSmall Kitchen Appliances Facing Premiumization

The small kitchen appliances segment is expected to record a significant degree of premiumization. Demand for the high-end coffee machines is expected to be driven by aspirational purchases, as consumers switch to pod coffee machines. Convenience and healthy eating trends have resonated with the consumers and are playing an integral part in re-shaping the market for small cooking appliances. Colombians are leading increasingly busy lives and therefore continue to demand time-saving products that can still obtain stronger results.

Omnichannel Strategies Realigning the Retail Landscape

Hypermarkets and electronics and appliance specialist retailers remained to be the dominant distribution channels for these appliances, in 2018. Colombians are slowly engaging with more than one channel, as a part of their shopping experience. Hypermarkets were the leading distribution channel for small cooking appliances, in 2018, due to the variety of products that were on offer in these stores. Almacenes Exito and Supertiendas y Droguerias Olimpica have gained popularity as sellers of consumer appliances and consumer electronics products, owing to their discounts and heavy promotions that are offered through their store credit cards.

Competitive Landscape

The market is fragmented with many international companies known to have a huge presence in the market. Whirlpool has recently started to work towards building smart refrigerators. Electrolux had begun to invest in the region due to the growth. GE plans to become the leading player in the appliances sector. Private label products are increasingly gaining importance. Few noted ones include - Industrias HACEB SA and Mabe de Colombia SA continue to dominate major appliances in 2018. Offering a complete product portfolio at attractive prices has been their main strategy in targeting a larger consumer base.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

GE Appliances
Panasonic Corporation
KitchenAid
Electrolux
Samsung Electronics
Whirlpool
Philips
Mabe de Colombia SA
Industrias HACEB SA
Bertazzoni

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