Kitchen equipment are designed and manufactured for cooking, baking, cleaning, storing. Most of the kitchen equipment function on electricity, while others operate on gas or solar energy such as stove, chimney, and cooker. Kitchen equipment available in the market can be employed for activities such as cooking, cutting, baking, and cleaning of various cutleries and glasses. Many large international and small suppliers operate in the market. The choice of investing in kitchen equipment depends on the need and budget of the consumer and the type, size, shape, model, brand, and potential of the product such as ecofriendly and less consumption of electricity feature.
Commercial equipment is primarily used to prepare food for large number of consumers. Therefore, players in market are manufacturing products that are durable, easy to operate, and robust. Additionally, kitchen equipment can be categorized into receive & store food, fabricate & prepare food, prepare & process food, assemble & serve food and cleaning up & sanitize kitchen & kitchen ware.
The kitchen equipment market is primarily driven by the rise quality concerns of the hospitality industry, need for modular & advanced kitchen equipment, and increase in spending power of the population. Other factors such as smart appliances and cost effective & eco-friendly equipment are influencing the market. Rising concerns toward health and hygiene, growing penetration of restaurants and food junctions, need for smart & compact kitchen appliances, and increasing number of working population are boosting the demand for smart kitchen appliances. This, in turn, is propelling the kitchen equipment market. Moreover, rise in adoption of ease of handling equipment having energy efficient and time saving feature are factors that are expected to fuel the market. Additionally, the hospitality sector is growing in emerging economies, especially in Asia Pacific.
This is expected to boost the kitchen equipment market during the forecast period. However, high cost of smart & advance equipment, lack of awareness in underdeveloped nations, poor quality of kitchen equipment and local players are expected to restrain the market. However, rise in demand for modular, compatible, and smart & advance kitchen equipment is expected to create significant opportunities for the global market.
The global kitchen equipment market can be classified based on product type, end-user, and region. In terms of product type, the kitchen equipment market can be segmented into electronic kitchen equipment, such as induction cooktops, coffee makers, grinders, microwave, baking ovens, refrigerators, induction steamers & cookers, toaster, mixers & juicers, and dishwashers; non electronic kitchen equipment, such as griller, barbecue, stockpots, saucepans & frying pans, peelers, cores & slicers, cutlery equipment; and others, such as kitchen utensils. Based on end-user, the kitchen equipment market can be divided into household, hotels & restaurants, food junctions & stalls, and others, which includes caterers, clubs, resorts, railway dining, cruises, and hospitals. In terms of region, the global kitchen equipment market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Major players operating in global kitchen equipment market include Electrolux, Oneida, Pyrex Cook ware, Illinois Tool Works Inc., Whirlpool, Samsung, Morphy Richards, MiddleBy, True Manufacturing, AIHO, Hamilton Beach, Hobart Corporation, Fujimak Corporation, Manitowac Company Inc., and Duke Manufacturing Co. Inc. Key companies focus on increasing their R&D capabilities to diversify their product range. They are also enhancing distribution channels and quality of the product with the introduction of new designs to increase their market share. Players in the kitchen equipment market are likely to face competition due to the presence of local manufacturer. This is likely to lead to the introduction of several products in the market during the forecast period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.