Boston, MA -- (ReleaseWire) -- 06/05/2014 -- Throughout 2013 small cooking appliances continued to post confident growth increasing by 24% and 30% in volume and current value terms, respectively. By the end of the year small cooking appliances reached 8.2 million units and sales of RUB26.4 billion. Over 2013 consumers showed increasing interest in products, such as rice cookers and coffee machines (both standard and pod type). Despite the fact that small cooking appliances are considered non-essential in a typical Russian kitchen, constantly improving financial conditions and growing disposable incomes positively influenced consumer purchasing behaviour. As such, consumers showed a stronger willingness to spend a larger proportion of their incomes on small cooking appliances that would simplify the cooking process and make it even more convenient.
Even though small cooking appliances continued to show healthy development in 2013, the share of ?others? remained on a relatively significant level, accounting for 31% of overall small cooking appliances volume sales. On the other hand, the share of ?others? decreased by five percentage points in 2013 over the previous year, which shows that consumers are opting for well-known brands at the cost of unbranded products.
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Over the forecast period small cooking appliances is expected to grow by CAGRs of 4% and 7% in volume and constant value sales, respectively. It is anticipated that the category will be driven by continuous growth in consumers? disposable incomes. At the same time consumers are likely to look for small cooking appliances that offer multifunctional options, as such appliances are more convenient to use and are more efficient in terms of saving space in the kitchen.
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The Small Cooking Appliances in Russia market research report includes:
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