Electric Oven And Cooker Market

The article discusses the rising demand for electric ovens and cooking appliances worldwide, with forecasts indicating steady growth in both market volume and value. Key insights include consumption trends, production statistics, import and export data, and analysis of major countries driving this market growth. Key points include market performance forecasts, consumption patterns of various countries, production trends, import and export statistics, and notable fluctuations in prices over the years.

Market Forecast

Driven by increasing demand for electric ovens, cookers, cooking plates, boiling rings, grillers and roasters worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.7% for the period from 2022 to 2030, which is projected to bring the market volume to 418M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.4% for the period from 2022 to 2030, which is projected to bring the market value to $34.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electric Ovens, Cookers, Cooking Plates, Boiling Rings, Grillers And Roasters

Global electric oven and cooker consumption was estimated at 338M units in 2022, surging by 7.7% against 2021 figures. In general, the total consumption indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +54.4% against 2015 indices. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The global electric oven and cooker market value rose markedly to $24.2B in 2022, growing by 9.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the maximum level in 2022 and is expected to retain growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (83M units), the United States (50M units) and Thailand (31M units), together comprising 49% of global consumption. Brazil, Russia, Mexico, Germany, France, the UK, Canada, Italy, Saudi Arabia and Turkey lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Turkey (with a CAGR of +23.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest electric oven and cooker markets worldwide were the United States ($3.4B), China ($3.4B) and Mexico ($2.8B), together accounting for 39% of the global market. Brazil, Germany, the UK, France, Russia, Canada, Italy, Saudi Arabia, Turkey and Thailand lagged somewhat behind, together accounting for a further 27%.

In terms of the main consuming countries, Thailand, with a CAGR of +15.0%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of electric oven and cooker per capita consumption was registered in Thailand (438 units per 1000 persons), followed by Canada (173 units per 1000 persons), Saudi Arabia (171 units per 1000 persons) and the United States (150 units per 1000 persons), while the world average per capita consumption of electric oven and cooker was estimated at 0.6 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the electric oven and cooker per capita consumption in Thailand stood at +21.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Canada (+6.4% per year) and Saudi Arabia (+14.3% per year).

Production

World Production of Electric Ovens, Cookers, Cooking Plates, Boiling Rings, Grillers And Roasters

In 2022, the amount of electric ovens, cookers, cooking plates, boiling rings, grillers and roasters produced worldwide expanded slightly to 457M units, rising by 2.3% on 2021. Over the period under review, production enjoyed pronounced growth. The most prominent rate of growth was recorded in 2018 with an increase of 117%. Over the period under review, global production reached the maximum volume at 467M units in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, electric oven and cooker production declined modestly to $36.5B in 2022 estimated in export price. Overall, production recorded notable growth. The most prominent rate of growth was recorded in 2018 with an increase of 60%. Global production peaked at $53.3B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of electric oven and cooker production was China (360M units), comprising approx. 79% of total volume. Moreover, electric oven and cooker production in China exceeded the figures recorded by the second-largest producer, the United States (17M units), more than tenfold. Turkey (13M units) ranked third in terms of total production with a 2.8% share.

In China, electric oven and cooker production increased at an average annual rate of +4.5% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+10.0% per year) and Turkey (+3.2% per year).

Imports

World Imports of Electric Ovens, Cookers, Cooking Plates, Boiling Rings, Grillers And Roasters

In 2022, after two years of growth, there was significant decline in purchases abroad of electric ovens, cookers, cooking plates, boiling rings, grillers and roasters, when their volume decreased by -19.3% to 232M units. Overall, imports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2020 when imports increased by 25%. Global imports peaked at 288M units in 2021, and then contracted notably in the following year.

In value terms, electric oven and cooker imports dropped to $15.5B in 2022. In general, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +65.0% against 2015 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 27%. As a result, imports reached the peak of $16.6B, and then shrank in the following year.

Imports By Country

Thailand (35M units) and the United States (35M units) were the major importers of electric ovens, cookers, cooking plates, boiling rings, grillers and roasters in 2022, finishing at approx. 15% and 15% of total imports, respectively. It was distantly followed by Germany (14M units) and Russia (11M units), together constituting an 11% share of total imports. France (10M units), the Netherlands (9.9M units), the UK (8.9M units), Canada (6.8M units), Saudi Arabia (6.1M units), Italy (5.3M units), Spain (4.9M units), the Philippines (4.6M units) and Poland (4.3M units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +28.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($2.5B), Germany ($1.3B) and the UK ($936M) constituted the countries with the highest levels of imports in 2022, with a combined 31% share of global imports. Canada, France, the Netherlands, Russia, Italy, Poland, Spain, Saudi Arabia, Thailand and the Philippines lagged somewhat behind, together accounting for a further 27%.

The Philippines, with a CAGR of +14.1%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average electric oven and cooker import price amounted to $67 per unit, rising by 16% against the previous year. Over the period under review, the import price, however, recorded a mild curtailment. Over the period under review, average import prices reached the peak figure at $74 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($121 per unit), while Thailand ($2.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+4.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electric Ovens, Cookers, Cooking Plates, Boiling Rings, Grillers And Roasters

After five years of growth, overseas shipments of electric ovens, cookers, cooking plates, boiling rings, grillers and roasters decreased by -16.5% to 351M units in 2022. Over the period under review, exports, however, continue to indicate a notable expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 161% against the previous year. The global exports peaked at 421M units in 2021, and then fell markedly in the following year.

In value terms, electric oven and cooker exports shrank to $17.9B in 2022. Overall, exports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 27% against the previous year. As a result, the exports reached the peak of $19.6B, and then fell in the following year.

Exports By Country

China dominates exports structure, reaching 278M units, which was near 79% of total exports in 2022. The following exporters - Turkey (11M units), Germany (9.1M units), Poland (6.5M units) and the Netherlands (5.7M units) - together made up 9.3% of total exports.

Exports from China increased at an average annual rate of +4.6% from 2012 to 2022. At the same time, the Netherlands (+11.4%), Poland (+7.0%), Germany (+3.5%) and Turkey (+2.1%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.4% from 2012-2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($7.4B) remains the largest electric oven and cooker supplier worldwide, comprising 41% of global exports. The second position in the ranking was held by Germany ($2B), with an 11% share of global exports. It was followed by Turkey, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +9.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+4.7% per year) and Turkey (+4.8% per year).

Export Prices By Country

In 2022, the average electric oven and cooker export price amounted to $51 per unit, picking up by 9.3% against the previous year. Over the period under review, the export price enjoyed modest growth. The most prominent rate of growth was recorded in 2015 when the average export price increased by 124% against the previous year. The global export price peaked at $118 per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($218 per unit), while China ($27 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform