In a recent published report, Kenneth Research has updated the market report for Global Kitchen Equipment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Kitchen Equipment Market products.
Kitchen equipment is used for handling, cooking, baking, etc. of food in household kitchens and in hospitality sector. Kitchen equipment market is one of the growing markets across the globe. Rising urbanization in developing nations and growing need of modular and advanced kitchen equipment is expected to accelerate the market for kitchen equipment during the forecast period 2016-2023 in the global market.
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Market size and forecast
Under kitchen equipment market, the kitchen appliances segment is expected to reach USD 242.5 Billion by 2023 by registering a CAGR of 6.5% over the forecast period i.e. 2016-2023. In addition to this, the cooking appliances segment is expected to witness the highest growth and projected to contribute highest revenue share over the forecast period i.e. 2016-2023 owing to rapid growth of infrastructure in residential and hospitality sector. Riding on the back of factors like rebound in construction of residential buildings and rise in personal disposable income, North-America market is anticipated to dominate in terms of revenue generation across the globe over the forecast period of 2016-2023. On the other hand, Asia-pacific region is expected to be the fastest growing market over the forecast period i.e. 2016-2023 across the globe. Factors such as presence of growing economies in the region, positive GDP growth, rapid expansion of residential & hospitality sector and increase in gross disposable income of the population are expected to catalyze the growth of Asia-Pacific region in near future.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Further, adoption of energy efficient, time-savings feature and ease of handling equipped kitchen equipment by the population is rising in order to consume better quality food. Fuelled by availability of modular & better quality kitchen equipment in the market, a steep demand has been captured in recent years across the globe. Moreover, infrastructural growth in residential and hospitality sector in the recent years across the globe has fueled the kitchen equipment demand in past few years. Trending (do-it-yourself) DIY methodology is yet another strong reason which is believed to propel the demand for smart and compact kitchen appliances substantially in the coming years across the globe.
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Market Segmentation
Our in-depth analysis segmented the global kitchen equipment market in the following segments:
Demand Analysis By Product Type
Electronic Kitchen Equipment
Microwave
Baking Ovens
Coffee Makers
Induction cooktops
Induction steamers and cookers
Toasters
Grinders, mixers and juicers
Refrigerators
Dishwashers
Non-electronic Kitchen Equipment
Barbecue
Griller
Saucepans, frying pans
Stockpots
Peelers, cores and slicers
Cutlery Equipment
Other Kitchen Utensils
By End-User
Household
Hotels & restaurants
Food junctions
Opportunity Analysis By Region
Global kitchen equipment market is further classified on the basis of region as follows:
North America (United States /U.S. & Canada)
Latin America (Brazil, Mexico, Rest of Latin America)
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia)
Middle East and North Africa (MENA)
Rest of World
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Growth Drivers and challenges
Rise health consciousness, increasing gross disposable income, availability of technological advanced & smart appliances, rising concerns towards reduction of energy consumption and shift towards eco-friendly equipment are some of the factors projected to open new avenues for the kitchen equipment supplier base. In addition to this, factors such as rising concern towards health and hygiene, growing trend of consuming ready-to-cook food, busy schedules of working population owing to rapid growth in urbanization, availability of smart and multi-tasking kitchen equipment such as grinders, mixers and juicers are some of the major factors likely to foster the demand for kitchen equipment equipment over the forecast period i.e. 2016-2023.
Moreover, increasing quality concern in hospitality sectors and rising penetration of food junctions and restaurants in growing economies have also catalyzed the growth of kitchen equipment market.
However, high cost of smart and advanced equipment, less demand in under-developed nations due to low incomes and slow growth in urbanization, poor quality of low cost kitchen equipment, absence of stringent government regulations are some of the factors curbing the growth of kitchen equipment market across the globe.
Key Players
The key vendors of kitchen equipment market are as follows:
Electrolux
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Oneida
Pyrex Cook-Ware
Middleby
Illinois Tool Works Inc.
Whirlpool
Morphy Richards
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The Global Kitchen Equipment Market is segmented as follows:
By Product type Market Size and Y-O-Y Growth Analysis
By Cutlery equipment Market Size and Y-O-Y Growth Analysis
By Other kitchen utensils Market Size and Y-O-Y Growth Analysis
By End-user Market Size and Y-O-Y Growth Analysis
By Regions
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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