The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreOct 2018
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Global sales of connected major kitchen appliances are predicted to reach 25 million units in 2023, generating huge opportunities for businesses in appliances, retailing and artificial intelligence. Connected kitchens integrating multiple appliances will provide safety protection, efficient planning and a guided cooking experience for consumers. To maintain sales growth, cross-industry efforts still need to address challenges such as a lack of ecosystem services.
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The primary advantage of the connected kitchen is protection against accidental fires, child misuse and counterfeit food. Also, it offers time saving through efficient planning. Artificial intelligence (AI) can not only help consumers to cook like a chef for fun, but also give personalised dietary advice to maintain a healthy lifestyle. Furthermore, food recycling can convert waste to fertiliser for more environmentally friendly living.
Simple smartphone control of individual appliances is not necessary for consumers. Instead, the future will be integrated connected kitchen with AI coordinating multiple appliances and interacting with consumers via voice, etc, for convenience. Also, integration of each phase of the cooking cycle and guided cooking can help ease the cooking process for consumers.
There are still significant challenges for the current global connected kitchen market. These include high prices, given low consumer awareness of value, a lack of ecosystem services, a shortfall of integrated solutions, along with immature AI technology. These barriers require efforts from multiple industries, especially real estate, retailing and AI, to overcome them.
12 million units of connected major appliances were sold globally in 2018. It is projected that the market will grow by a 17% CAGR between 2018 and 2023. Sales will be led by fridge freezers, largely driven by manufacturers such as Samsung and Haier. These can play a key role in multiple phases of the cooking cycle, including recipe advice, purchasing and storage, supporting sales.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.