The Large Cooking Appliance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Large Cooking Appliance Global Market Report 2024, The large cooking appliance market size has grown strongly in recent years.
I 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 growth in the historic period can be attributed to shifting consumer lifestyles, design and aesthetics, consumer health awareness, urbanization and space constraints, product customization and personalization..
The large cooking appliance market size 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%. The growth in the forecast period can be attributed to global economic conditions, enhanced safety features, customizable options, urban living solutions, influence of culinary trends.. Major trends in the forecast period include smart kitchen integration, energy efficiency demands, health and wellness trends, design and aesthetics, increased cooking convenience..
The growth in urbanization is expected to propel the growth of the large cooking appliances market going forward. Urbanization refers to the mass movement of populations from rural areas to urban areas. The total number of large cooking appliances rises because of urbanization, income growth, and smaller households, hence growing urbanization is boosting the large cooking appliances market. For instance, in October 2022, the World Bank, a USA-based international financial institution published an article that said globally, over 50% of the population lives in urban areas in 2022. By 2045, the world’s urban population is expected to increase by 1.5 times to 6 billion. Therefore, Therefore, the growth in urbanization is driving the large cooking appliances market.
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The large cooking appliance market covered in this report is segmented –
1) By Product: Cooktops, Ovens, Specialized Appliances
2) By Sales Channel: Brick And Mortar, E-Commerce
3) By Application: Household, Commercial
Product innovations have emerged as the key trend gaining popularity in the Large Cooking appliance market. Major companies operating in the Large Cooking appliance market are developing innovative products to strengthen their position in the market. For instance, in 2022, Samsung, a Korea-based producer of electronic devices launched Bespoke AI (artificial intelligence) Oven. Bespoke AI Oven’s unique characteristics include intelligent elements that improve the enjoyment of wholesome food. Using image-oriented food recognition technology, AI Pro Cooking5, 6 optimizes oven cook settings while keeping an eye on food to avoid meals from becoming overcooked. To make nourishing and delicious steamed dishes, the Bespoke AI Oven has a variety of steam cooking options.
The large cooking appliance market report table of contents includes:
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