Global market of pod-system coffee machines and espresso coffee makers together are expected to grow from 47.96 million units in 2019 to 49.99 million units in 2020 and are expected to expand at a compound annual growth rate (CAGR) of 5.1% between 2020 and 2024
Global market of pod-system coffee machines and espresso coffee makers together are expected to grow from 47.96 million units in 2019 to 49.99 million units in 2020 and are expected to expand at a compound annual growth rate (CAGR) of 5.1% between 2020 and 2024. The growth is explained by an increasing number of coffee establishments in Asian markets like China, South Korea, Indonesia, India and Vietnam, indicating a rising consumption of this beverage, which is expected to influence the sales of coffee maker appliances for household use in the region. While in US, there is a growing interest for new and varied flavors that along with convenience will continue to contribute to the adoption of pod-system coffee machines in the Americas, a region with 37% of the global shipment units.
Another trend influencing the growth of small home appliances and personal care appliances is a healthy lifestyle, consumers demand for appliances that help them prepare healthy foods and beverages, a reflection of this trend has been the increasing demand of appliances to prepare juices at home such as juicers, handheld blenders and blenders, these continue to show a healthy growth in terms of shipment units, with a projected CAGR of 3.3% between 2019 and 2024.
Healthy food preparation is also a big trend in major home appliances with refrigerators, ovens and microwaves integrating cooking guide assistants that intent to simplify processes through AI technology that detects and recognizes ingredients in refrigerators to later suggests recipes and guide the user in the preparation, or ovens and microwaves also detecting food and assisting in the detection of doneness and even managing temperature. Small kitchen appliances can benefit from those innovations focused on promoting better eating habits in major home appliances and together improve consumer’s cooking experience.
This trend is also seen in vacuum cleaners, where consumers in Western Europe look for healthy related features embedded in vacuum cleaners, such as steam or high temperature and ultraviolet functions that help to eliminate allergy elements not only used on floors but also in mattresses, curtains, or sofas, those features will continue to be key drivers to maintain a steady growth in the region. While in Asian markets like China, South Korea and Japan, this healthy lifestyle trend also starts to strongly influence the demand of upright vacuum cleaners, which are perceived by consumers to clean better and therefore have a healthier environment at home. The global market for vacuum cleaners has been projected with a CAGR of 6.1% between 2019 and 2024.
On the side of personal care appliances, shavers and epilators were the most dynamic appliances within the category, expanding 6.5% in 2019. Skin care, convenience of not using extra products like shaving creams and water making the shaving process simpler by saving time and money, along with the flexibility of waterproof and multifunctional features keep boosting the growth of hair removal appliances globally. They are forecasted to perform with a CAGR of 6.2% between 2020 and 2024.