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Kitchen appliances are an essential part of modern life. They help us prepare, cook, store, and serve food in a convenient and efficient way. They also save us time, energy, water, and space. But what are the factors that drive the demand for kitchen appliances? And how will the market for kitchen appliances change in the future?
According to a report by SkyQuest, the global kitchen appliances market is expected to grow at a CAGR of 6.1% from 2021 to 2028, reaching a value of US$356.75 billion by 2028. The report attributes this growth to the rising disposable income, urbanization, lifestyle changes, consumer preferences, technological innovations, and environmental awareness of consumers worldwide.
In Malaysia, the household appliances market, which includes kitchen appliances, is projected to reach US$3.77 billion in 2023, with a CAGR of 4.46% from 2023 to 2028. The largest segment in this market is major appliances, such as refrigerators, ovens, and dishwashers. Online sales are expected to account for 20.7% of the total revenue in the household appliances market by 2023.
The demand for kitchen appliances in Malaysia is influenced by several factors. One of them is the growing trend towards energy-efficient household appliances as consumers become more conscious of their environmental impact. Another factor is the increasing popularity of smart and connected kitchen appliances that offer convenience, functionality, and personalization . A third factor is the rising demand for multifunctional and compact kitchen appliances that can perform various tasks and save space . A fourth factor is the growing preference for healthy and homemade food that requires kitchen appliances such as soy milk machines, bread machines, food processors, etc. . A fifth factor is the increasing interest in cooking as a hobby or a family activity that encourages consumers to buy kitchen appliances that enhance their cooking experience .
Based on these factors, we can conclude that there will be more demand for kitchen appliances in 2024 in Malaysia. However, to capture this market potential, kitchen appliance manufacturers and retailers need to develop effective market cultivation strategies that target different consumer segments based on their needs, preferences, and budgets . They also need to offer innovative and attractive products that cater to the changing consumer tastes and expectations . Moreover, they need to provide online platforms and channels that enable easy access, comparison, and purchase of kitchen appliances . Furthermore, they need to enhance customer service and after-sales support that ensure customer satisfaction and loyalty .
In summary, kitchen appliances are expected to see a growing demand in 2024 in Malaysia due to various social, economic, and technological factors. However, the market is also competitive and dynamic, requiring kitchen appliance players to constantly innovate and adapt to the changing consumer behavior.
