COVID-19 will have a mixed impact on retail volume sales of small cooking appliances in 2020, significantly boosting demand for coffee machines, coffee mills and beadmakers, as consumers spent more time at home, visit coffee shops less frequently and – like their counterparts in many other parts of the world – bake their own bread in growing numbers. On the other hand, the pandemic will have a modest negative impact on demand for light fryers and rice cookers.
Despite the slowdown in the rate of retail volume sales growth for light fryers, it remains the top performer in small cooking appliances. Small light fryers with a capacity of less than five litres appeal to single-person households, while the ten-litre format is popular with larger households.
Demand for rice cookers, which account for more than a third of retail volume sales of small cooking appliances in South Korea, is mature. The ongoing Westernisation of local diets, with South Koreans eating more bread and less rice, is also weighing on growth in retail volume sales of these appliances.
Lihom-Cuchen Co Ltd launched the Cuchen Robot Cooker The Wok in November 2019. It can be used to steam, fry or barbeque food and has automatic-stirring and fast-heating functions.
With daily life set to gradually return to normal during 2021, the rate of retail volume sales growth in coffee machines will slow, with pod coffee machines set to be the hardest hit. Growth in retail volume sales of small cooking appliances will be very modest and steadily decelerate over the course of the forecast period as a whole, with rice cookers particularly weak as local dietary habits continue to Westernise.
Premium products launched by such international players as Groupe SEB Korea Ltd and Philips Korea Ltd are unlikely to have a significant impact on retail current value sales of small cooking appliances in South Korea. These innovations tend to be quickly copied by local players, undermining their premium pricing.
With consumers spending more time at home and more reluctant to go shopping in person, the pandemic has provided a significant boost to the channel share of e-commerce in small cooking appliances, with this growth largely coming at the expense of electronics and appliance specialist retailers. The importance of e-commerce is likely to increase during the forecast period: A growing number of consumers are comfortable shopping online, bricks-and-mortar retailers are deepening their online presence and price competition among online players is intensifying.
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Understand the latest market trends and future growth opportunities for the Small Cooking Appliances industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Small Cooking Appliances research and analysis database.
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