Growth of Kitchen Equipment Market Trends, Share, Industry Size, Opportunities and Forecast 2017-2023 – Research Nester

“Kitchen Equipment Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”

Global Kitchen Equipment Market Overview

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.

Market Size & 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.

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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.

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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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 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, and absence of stringent government regulations are some of the factors curbing the growth of kitchen equipment market across the globe.

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