5 reasons the small kitchen appliance market is growing
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NEW YORK — Environmental concerns and a consumer quest for health and fitness are helping propel growth in the small appliance business.
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The small kitchen appliance market is expected to experience a compound annual growth rate of 3.5% between 2022 and 2030, to $102.31 billion, according to a report from Future Market Insights. FMI categorizes small cooking appliances as the dominate type of product in this group.
Increasing consumer demand for green or sustainable products, such as those that consume less energy and reduce harmful carbon emissions, will help drive that growth, the report said.
Other key takeaways from the study include:
East Asia is expected to dominate the global small appliance market due to its large population base, an interest in healthy cooking, and more people eating at home, creating demand for products like deep fryers and toasters.
The residential segment is expected to generate more small kitchen appliance sales that the commercial sector, but the commercial sector is expected to grow at a higher rate during the forecasted period.
The “hypermarket/supermarket” retail channel is expected to dominate the global market due to “high product variety of multiple vendors at competitive price range,” according to the report.
Technological advances, energy efficiency, cost and product quality are driving consumer purchase preferences.
The market research firm identified some of the key players in this segment as Whirlpool Corporation, Panasonic Corporation, Groupe SEB, Electrolux AB, BSH Hausgeräte GmbH, Haier Group, LG Electronics, Dongbu Daewoo Electronics, Samsung Electronics, Breville, Miele, Koninklijke Philips N.V., Conair Corporation and others.
According to a report from The NPD Group in June, kitchen electric sales have grown 35% over the last two years and are expected to grow over the next two.