Market Size of South Korea Kitchen Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Kitchen Appliances Market Analysis
The South Korea Kitchen Appliances Market has generated a revenue of USD 9 billion in the current year and is poised to grow at a CAGR of greater than 6% during the forecast period.
The market for home appliances in South Korea is, in large part driven by kitchen appliances. The domestic, as well as export of Korean kitchen appliances, have shown a huge surge in demand in recent years.
The United States and Canada are the largest importers of South Korean Kitchen appliances. The United States alone contributes to 69% of the total export of Kitchen appliances from South Korea. This increase in exports of home appliances is regarded as a surprising performance considering that exports are not easy to increase due to the increase of production lines in overseas factories by major players. It is analyzed that the main factor behind this increase in exports of kitchen appliances is the relatively increased interest in the kitchen to solve the essential food problem as the time spent at home increases due to the coronavirus. High disposable income, high brand awareness, and significant adoption of smart appliances are some of the major factors augmenting the domestic market growth in the country.
The South Korea kitchen appliances market is expected to see a positive post-COVID scenario. The South Korea kitchen appliances market is projected to experience growth as people continue to prioritize their home cooking and kitchen activities. With the shift towards more cooking at home during the pandemic, there has been an increased demand for appliances such as refrigerators, ovens, microwaves, and dishwashers. The market may also witness advancements in smart kitchen appliances, offering convenience and efficiency to users.
