Large Cooking Appliance Global Market Report 2024

The global large cooking appliance market has grown strongly in recent years. It will grow from $32.47 billion in 2023 to $34.99 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The expansion observed in the historical period can be credited to evolving consumer behaviors, emphasis on design and aesthetics, heightened consumer health consciousness, urban population growth and limited space availability, as well as the demand for tailored product experiences and personalization.

The global large cooking appliance market is expected to see strong growth in the next few years. It will grow to $46.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. Anticipated growth in the upcoming period is expected to stem from worldwide economic factors, improved safety functionalities, increased customization opportunities, solutions tailored for urban living, and the impact of culinary preferences. Key trends projected for this period encompass the integration of smart kitchen technologies, rising demands for energy-efficient solutions, a focus on health and wellness, emphasis on design and aesthetics, and the pursuit of enhanced cooking convenience.

The expansion of urban areas is anticipated to drive the growth of the large cooking appliances market in the foreseeable future. Urbanization, characterized by the migration of populations from rural to urban locales, is identified as a significant contributor. The surge in urbanization, accompanied by income escalation and smaller household sizes, translates to an increased demand for large cooking appliances. As per the World Bank's October 2022 publication, more than half of the global population lived in urban settings in 2022, with projections indicating a 1.5-fold rise to 6 billion urban dwellers by 2045, signifying a substantial driver for the large cooking appliances market.

The projected increase in disposable income is poised to be a key factor propelling the growth of the large cooking appliance market. Disposable income, the residual household income after accounting for taxes, plays a pivotal role in determining consumer spending patterns. The correlation between disposable income and the adoption of large cooking appliances is evident, as higher disposable incomes often prompt individuals and households to invest in lifestyle improvements. Elevated disposable incomes, as highlighted in the Office of National Statistics' 2023 report, averaging a 0.7% annual increase from 2020 to 2022, are driving consumer preferences towards technologically advanced cooking appliances, facilitating convenience and catering to evolving culinary demands.

Innovation stands as a prominent trend shaping the landscape of the Large Cooking appliance market. Leading companies in this sector are prioritizing product innovation to fortify their market presence. Samsung's 2022 introduction of the Bespoke AI Oven exemplifies this trend. This oven incorporates innovative features, including AI-driven food recognition technology and AI Pro Cooking functionalities that optimize cooking settings while preventing overcooking. The appliance's diverse steam cooking options further enhance its appeal, showcasing the significance of product innovation in meeting consumer demands for wholesome and convenient cooking solutions.

Strategic collaborations and partnerships between major entities are becoming increasingly prevalent in bolstering positions within the market. Notably, in November 2021, Samsung, a prominent South Korea-based conglomerate, forged a partnership with Mindful Chef, a UK-based meal kit recipes and products company. This collaboration was aimed at supplying a range of kitchen appliances for Mindful Chef's studio and test kitchen, featuring Samsung's Infinite Line, Dual Cook Flex ovens, combi microwaves, and dishwashers. The strategic partnership was strategically crafted to align with Mindful Chef's objective of simplifying healthy eating practices, illustrating the significance of collaborations in expanding market reach and catering to evolving consumer needs.

In February 2022, Spectrum Brands Inc., a home essentials company headquartered in the US, completed the acquisition of Tristar Products' kitchen appliances and cookware division. The financial details of the acquisition were not disclosed. This strategic move aimed to propel Spectrum Brands towards establishing a dominant position as a market leader with a focus on higher margins and accelerated growth within the global appliances market. Tristar Products Inc., the US-based company specializing in home appliances, particularly within the large cooking appliance sector, became a significant addition to Spectrum Brands' expanding portfolio through this acquisition.

Major companies operating in the large cooking appliance market report are Samsung Electronics Co. Ltd., Whirlpool Corporation, Koninklijke Philips N.V., Haier Group Corporation, Robert Bosch GmbH, Morphy Richards, Hitachi Appliances Inc., AB Electrolux, GE Appliances, LG Electronics Inc., BSH Hausgeräte GmbH, Panasonic Corporation, Fisher & Paykel Appliances Co. Ltd., SMEG S.p.A, Miele & Cie. KG, KitchenAid, Thermador Groupe SA, Dacor LLC, Wolf Appliance, Smalterie Metallurgiche Emiliane Guastalla, La Cornue, Bertazzoni SPA, ILVE SPA, Sub-Zero Inc., BlueStar Ltd., Capital Cooking Equipment, Tecnogas Superiore, American Range, Zephyr Ventilation, AGA Rangemaster Ltd.

Asia-Pacific was the largest region in the large cooking appliance market in 2023. The regions covered in the large cooking appliance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the large cooking appliance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary offerings within the realm of large cooking appliances include cooktops, ovens, and specialized culinary tools. A cooktop denotes a flat cooking surface integrated into kitchen countertops, usually equipped with four heat sources that activate upon use. These products are distributed through various channels, encompassing brick-and-mortar stores and e-commerce platforms, catering to both household and commercial applications.

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The large cooking appliance market consists of sales of electric griddle plates, stainless steel commercial kitchen equipment, bowl cutters, 4 burner cooktop, and cooking vessels. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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