Global Household Cooking Appliance Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The household cooking appliance market has experienced robust growth, with the market size expected to increase from $136.89 billion in 2023 to $147.49 billion in 2024, boasting a notable compound annual growth rate (CAGR) of 7.7%. The historical growth can be attributed to electrification, changing lifestyles, energy efficiency and safety standards, rising home improvement costs, and the adoption of modular kitchens.
Future Trends and Expansion
Anticipating continued growth, the household cooking appliance market is projected to witness strong expansion in the coming years, reaching an estimated $193.36 billion in 2028, with a CAGR of 7.0%. Key drivers in the forecast period include smart home integration, sustainability, health and wellness trends, increased home cooking, and urbanization in smaller living spaces.
Elevated Kitchen Remodeling Activities
- Remodeling Catalyst
Increasing kitchen remodeling activities emerge as a pivotal force driving the growth of the household cooking appliance market. As homeowners engage in kitchen renovations, there is a heightened demand for upgraded and advanced household kitchen appliances to align with newly designed and modernized kitchen spaces.
- Remodeling Statistics
- Houzz Report: According to a report from Houzz, approximately 36% of recent homebuyers invested in kitchen renovation projects in April 2022.
- Increased Spending: Homeowners spent 25% more on kitchen remodeling, with median expenses for both large and small kitchen renovations rising from $12,000 in 2020 to $15,000 in 2021.
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Integration of Smart Kitchen Technologies
- Technological Enhancements
Major companies in the household cooking appliance market are incorporating smart appliance technologies to elevate user experiences, streamline cooking processes, and offer personalized culinary journeys.
- VersaWare’s Smart Kitchen Appliances
- Launch: In January 2023, VersaWare Technologies Inc. launched the next generation of smart kitchen appliances with a nutrition AI approach.
- Features: These appliances include a connected mixing bowl and cutting board, along with a VersaWare mobile app that aids users in creating meals that align with their nutritional goals.
- AI Integration: The nutrition system incorporates an extensive product database, enabling users to scan barcodes for packaged items and input details for fresh ingredients, facilitating real-time creation of diverse meals based on nutritional profiles.
Spectrum Brands’ Strategic Acquisition
- Expanding Portfolio
In February 2022, Spectrum Brands made a significant move by acquiring Tristar Products, expanding its cookware and kitchen appliance portfolio within the household cooking appliance market.
- Tristar Products’ Contribution
- Acquisition: Spectrum Brands acquired Tristar Products for an undisclosed amount, strengthening its presence and offerings in household cooking appliances.
Market Segmentation
The household cooking appliance market is segmented based on various criteria:
- By Product
- Electric Stoves
- Microwave Ovens
- Barbecues And Grills
- Others – Household Cooking Appliance
- By Fuel Type
- Cooking Gas
- Electricity
- By Application
- Household
- Commercial
Regional Dominance
In 2023, Asia-Pacific stood out as the largest region in the household cooking appliances market, reflecting the region’s significant contribution to the global landscape.
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The Household Cooking Appliance Global Market Report 2024 provides an overview of the household cooking appliance market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The household cooking appliance market forecast analyzes household cooking appliance market size, household cooking appliance market share, leading competitor and their market positions.
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