Market size for electronic kitchen appliances stood at Tk 650cr in 2020
Annual growth rate was about 10-12% before pandemic
Demand for ovens, rice cookers, blenders grew 40% to 200% amid pandemic
Dining out has become a rare exercise amid the ongoing coronavirus pandemic as many people prefer to stay at home in a bid to maintain social distancing and avoid infection.
To satiate their hunger for restaurant-quality food, many families tried to prepare the dishes themselves. This has led to a sudden rush for electronic kitchen appliances.
The market size for electronic kitchen appliances stood at Tk 650 crore in 2020, a 55 per cent increase compared to the year before when it was Tk 420 crore.
Previously, the industry's annual growth was limited to about 10 or 12 per cent. However, industry insiders say that this is not accurate statistics as there is no reliable market data.
Major producers, including Walton, Electra, Singer, Eco, Miyako, Sebec, Panasonic, Philips and Sharp are active in the market.
"We saw a sharp rise in demand for electronic kitchen appliances amid the pandemic," said Manzurul Karim, general manager of Esquire Electronics, the local distributor of Japanese brands General and Sharp.
The demand will maintain an upward trend for years to come as people have become more self-reliant in the kitchen and are now accustomed to the convenience of these appliances, he added.
Echoing the same, Saikat Azad, head of marketing at Transcom Digital, said the demand for appliances such as ovens, rice cookers and blenders witnessed a growth between 40 and 200 per cent amid the pandemic as people now understand the utility of the products.
Other than being handy, these appliances are cost-effective and very easy to maintain, he added.
Increased income and availability of electricity in the country's rural areas also fuelled the demand for electronic kitchen appliances in both urban and rural areas.
Market leader Walton saw a sharp rise in home appliance sales amid the ongoing crisis.
The sales of Walton's washing machine grew 40 per cent year-on-year in 2020, when other home appliances also witnessed a boom in demand, according to Al Imran, chief executive officer of Walton Home Appliance.
The industry has huge potential at home and abroad. But it needs suitable policy support to tap into those opportunities, Imran added.
Singer, a major player in the local electronics market, told The Daily Star in a statement that the pandemic forced many localities into lockdown for months. During this period, the use of home and kitchen appliances has increased by manifold.
This led to a positive outcome for the local kitchen appliance market as it required to support the increased demand, Singer said.
Brands such as Singer and BEKO, and even non-brand manufacturers saw their profits grow as a result.
To utilise the opportunity, brands soon came up with promotional offers such as cashback and discounts.
"The use of modern technologies has changed our daily lives by a large margin compared to how it used to be just a decade back," the statement said.
"We have been gifted with convenience and comfort by gadgets such as toasters, pressure cookers and electric kettles, which are more advanced than ever thanks to the magic touch of technology," it added.