Cooking Hood Market Forecast: 4.8% CAGR Growth Expected Through 2031 - Analysis by TMR

The cooking hood market is poised for significant growth over the next decade. Valued at US$ 11.9 billion in 2021, the industry is projected to expand at a compound annual growth rate (CAGR) of 4.8% from 2022 to 2031, reaching an estimated US$ 18.7 billion by the end of 2031. This growth is largely driven by the increasing installation of kitchen range hoods to enhance aesthetics and overall comfort, alongside the rise in cloud-based kitchens and service restaurants, particularly in the post-COVID-19 era.

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Market Overview

The global demand for kitchen range cooking hoods is on the rise, spurred by the need to improve kitchen aesthetics and comfort. The pandemic has accelerated the trend of cloud-based kitchens and service restaurants, further driving the market. Commercial kitchens are increasingly adopting cooking hoods with higher suction power due to their efficiency in managing large-scale cooking operations. Key players in the market are focusing on innovation and the development of technologically advanced products to expand their revenue streams.

Market Size and Growth

In 2021, the cooking hood market was valued at US$ 11.9 billion. With a projected CAGR of 4.8% from 2022 to 2031, the market is expected to reach US$ 18.7 billion by 2031. This growth can be attributed to the rising number of cloud-based kitchens and service restaurants, particularly in the wake of the COVID-19 pandemic, which has reshaped the food service sector. Additionally, the growing consumer expenditure on modular kitchens is contributing to the steady rise in demand for cooking hoods globally.

Market Segmentation

The cooking hood market can be segmented based on product type, application, and region. Product types include wall-mounted hoods, under-cabinet hoods, island hoods, and downdraft hoods, among others. Applications are categorized into residential and commercial use. Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Regional Analysis

North America is expected to dominate the global cooking hood market during the forecast period, driven by the rapid adoption of advanced technologies in the region. The COVID-19 pandemic has significantly impacted the restaurant industry in North America, particularly in the U.S. The shift towards food delivery services has boosted the demand for cloud kitchens, thereby increasing the demand for cooking hoods.

In Asia Pacific, the market is expected to witness promising growth due to the expansion of hotel chains and restaurants in developing countries such as India and China. The hospitality sector in the region is driving the sales of range hoods, with a growing number of consumers opting for advanced kitchen ventilation solutions.

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Market Drivers and Challenges

Several factors are driving the growth of the cooking hood market. The increase in the number of cloud-based kitchens and service restaurants, coupled with the expansion of the food service sector, is a significant driver. Additionally, the rising consumer awareness about the benefits of cooking hoods and the growing investment in modular kitchens are contributing to market growth.

However, the market faces challenges such as stringent hydraulic efficiency regulations and operation-related fuel combustion emission controls. Manufacturers are addressing these challenges by investing in research and development to create cost-effective and technologically advanced solutions.

Market Trends

The cooking hood market is witnessing several trends, including the adoption of advanced technologies and the introduction of innovative products. Manufacturers are focusing on developing smart household cooking appliances and IoT-enabled devices to enhance usability. For instance, North American Kitchen Solutions, Inc. has introduced UL710 Listed Type 1 range hoods that do not require factory-cut pipe connections, thereby reducing operating costs and improving kitchen comfort.

Competitive Landscape

The global cooking hood market is consolidated, with a few large-scale vendors controlling the majority share. Leading players are investing in comprehensive research and development activities to introduce customized products with advanced technologies. Key strategies include expansion of product portfolios and mergers and acquisitions. Prominent players in the market include Asko Appliances, Broan, Inc., BSH Home Appliances Corporation, Elica S.p.A., Faber S.p.A., Falmec S.p.A., Miele, Inc., Panasonic Corporation, Samsung Electronics, and Whirlpool Corporation.

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Future Outlook

The future of the cooking hood market looks promising, with steady growth anticipated over the next decade. The increasing adoption of advanced technologies, coupled with the rise in demand for modular kitchen solutions, is expected to drive market expansion. Additionally, the surge in cloud-based kitchens and service restaurants will continue to boost the demand for efficient cooking ventilation solutions.

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