[250 Pages Report] The domestic food preparation appliances market is expected to record a CAGR of 6.1% during the forecast period, up from USD 601,532 Million in 2020 to reach a valuation of USD 963,451 Million by 2026.
| Report Attributes | Details |
|---|---|
| Estimated Base Year Value (2020) | USD 601,532 Million |
| Anticipated Forecast Value (2026) | USD 963,451 Million |
| Projected Growth Rate (2022 to 2032) | 6.1% CAGR |
Sales of domestic food preparation appliances are expected to rise as stringent energy efficiency requirements in many areas of the world, easy availability of domestic kitchen appliances on e-commerce websites, rising desire for home automation, and continuing introductions of smart cooking goods are all projected to contribute to the industry's growth.
In addition to this, demand for the domestic food preparation appliances is rising on account of the rising frequency of bone-related illnesses.
Furthermore, customer preference for eco-friendly and energy-efficient appliances fuels the sales of domestic food preparation appliances.
The report sheds light on the factors improving the sales of domestic food preparation appliances and, in turn, the opportunities for the market players. However, the domestic food preparation appliances market also faces some challenges, which might limit the domestic food preparation appliances market share from reaching its potential.
Some of the key domestic food preparation appliances market trends promoting the demand for domestic food preparation appliances include the regional adoption of IoT-enabled appliances, which is projected to be aided by the continuous expansion of high-speed internet networks and the rising popularity of modular kitchens.
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The rising urge of the consumers for a better and more convenient lifestyle is driving the sales of domestic food preparation appliances across the globe.
Moreover, continuous innovation and product launches coupled with consumer inclination for modular kitchen products are attracting the consumer, fueling the demand of the domestic food preparation appliances market during the forecast period.
The sales of domestic food preparation appliances industry's marketing and positioning tactics for the domestic market are built on utility and simplicity. This is crucial for vendors in the worldwide home food preparation appliances market.
Food production and research advancements have bounced well for the expansion of global sales of domestic food preparation appliances. In addition, the usage of various modern appliances and technologies in the food business has offered enormous prospects for worldwide expansion and advancement.
In addition, the influence of consumers from various television cookery shows supports the demand for domestic food preparation appliances.
The demand for the domestic food preparation appliances is examined in North America, Europe, Asia-Pacific, Latin America and the Caribbean.
North America's household appliance market is mature and homogeneous, with high product penetration. Product replacement drives the sales of domestic food preparation appliances. The European market is growing because of low loan rates and a favourable economic climate.
From 2021 to 2028, the domestic food preparations appliances market in the Middle East and Africa is predicted to grow at the quickest rate, with a CAGR of over 10%. Although the sector is still in its infancy, consumers' buying habits in the region are shifting.
Furthermore, factors such as government programs for energy-efficient appliances in the United States and some EU nations are predicted to demand for domestic food preparation appliances in recent years and is also projected to contribute to the growth of the sales of domestic food preparation appliances market share.
Smart appliances have been developed due to technological improvements, and they are projected to boost the demand for the domestic food preparation appliances market over the forecast period. Washing machines, dishwashers, and refrigerators are among the most popular appliances.
Few international players operating in the domestic food preparation appliances market include Bajaj Electricals Ltd., Koninklijke Philips N.V., Groupe SEB, Sunbeam Mexicana S.A. de CV, Kenwood Ltd., Joyoung Co Ltd., De'Longhi UK Ltd., Joyoung Co Ltd, Whirlpool Corp. and Breville Group Ltd. among others.
Larger companies from other regions of the world are also increasing their businesses in the Asia Pacific.
Over the projection period, the regional sales of domestic food preparation appliances market are predicted to develop due to continued urbanization, rising consumer spending power, increasingly changing lifestyles and early acceptance of novel technology.
Cooking appliances with the newest technology and features, including touch screen doors, Wi-Fi connectivity, voice control support, self-cleaning, and smartphone app-based capabilities, are also available from market competitors.
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| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 6.1% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product type, Distribution channel, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, UK, EU5, Nordics, Benelux, Australia and New Zealand (ANZ), Greater China, India, Japan, ASEAN, GCC Countries, Other Middle East, North Africa, South Africa, Other Africa |
| Key Companies Profiled | Bajaj Electricals Ltd.; Koninklijke Philips N.V.; Groupe SEB; Unbeam Mexicana S.A. de CV, Kenwood Ltd.; Joyoung Co Ltd.; De’Longhi UK Ltd.; Joyoung Co Ltd.; Whirlpool Corp.; Breville Group Ltd. |
| Customization Scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The domestic food preparation appliances market is anticipated to register a CAGR of 6.1% during the forecast period.
Key players holding substantial domestic food preparation appliances market share include Bajaj Electricals Ltd., Koninklijke Philips N.V., Groupe SEB, Sunbeam Mexicana S.A. de CV, Kenwood Ltd., Joyoung Co Ltd., De’Longhi UK Ltd., Joyoung Co Ltd, Whirlpool Corp. and Breville Group Ltd.
As per the analysis, the domestic food preparation appliances market share is likely to be US$ 963,451 Mn by 2026.
Demand for domestic food preparation appliances is likely to rise on the back of increasing customer preference for eco-friendly and energy-efficient appliances is fueling the sales of domestic food preparation appliances.
| Market Estimated Value (2023) | USD 11,631.0 Million |
|---|---|
| Projected Market Value (2033) | USD 23,094.7 Million |
| Value-based CAGR (2023 to 2033) | 7.1% |
| Market Estimated Size (2023E) | USD 3,800 Million |
|---|---|
| Projected Market Valuation (2033F) | USD 6,934.7 Million |
| Value-based CAGR (2023 to 2033) | 6.2% |
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