Market Trends of Small Kitchen Appliances Industry
Increasing Disposable Income of the Households is Expected to Drive Growth of Small Kitchen Appliances Market
Disposable income within each household is expected to spur the growth of small kitchen appliances across developed and developing economies. As the income of the average household increases, there has been a rise in the consumer need for kitchen appliances, which would lead to the growth and demand for small kitchen appliances as they are more convenient and easy to use.
New innovations in small kitchen appliances and products have augmented the time and efficiency of the operation of kitchen appliances. These developments have further incentivized the need to buy small kitchen appliances. Innovations, such as modular kitchens, an increase in surplus money, and the growing working population in urban societies are anticipated to drive the demand for high-end products.
Asia Pacific Region along with BRICS Countries are Fastest Growing Market
The Asia-Pacific is the fastest-growing market for small kitchen appliances and leads in volume sales of small kitchen appliances. The growth of this market is mainly governed by a growing population, rising disposable incomes, single families, and developing economies in the region. China, India, and Brazil are expected to lead the market in volume growth. Other factors, such as the high penetration rate of small appliances compared to other regions, will influence the market positively.
The growing working-class population in the Asia Pacific region, coupled with the trend of fast food consumption, is further expected to drive innovation in the small kitchen appliances market. E-commerce has grown tremendously between 2017 and 2022 in selling small kitchen appliances through the Internet. The growth of distribution through online retail channels is mainly attributed to increased internet access, growing usage of smartphones and tablets, and improved internet retailers.
