Quite a kitchen cooking interest in the baking and cooking of small household appliances wall-breaking machine, electric oven in 2020 to eat dividends, according to Aowei Cloud Network (AVC) online push total data in 2020 (desktop single-function microwave oven, desktop single-function electric oven, desktop micro-steaming oven, desktop steaming and grilling machine, desktop micro-steaming machine) a total of five categories of market retail sales of 9.63 billion yuan, an increase of 24.4% year-on-year, retail sales of 25.46 million units, an increase of 35.1% year-on-year. In the context of a high base, after a demand correction in 2021, the blink of an eye to 2022, according to the total data of Aowei Cloud Network (AVC) omni-channel push, the above categories in Q1 2022, omni-channel retail sales of 2.36 billion yuan, down 16.3% year-on-year. The current market performance exceeds forecasts, and there are several reasons behind this figure:
War One: Integrated Stove & Embedded VS Desktop Composite Machine
Large living room, small kitchen, is the main status quo of the current housing layout in the mainland, coupled with the current number of home appliances industry categories gradually expanding, the number of consumer purchases gradually accumulated, so that the kitchen space is more and more crowded, coupled with consumers in order to cater to the decoration style of the open kitchen, driven by integrated stoves, embedded and other space-saving, neat-looking home appliances are more popular with consumers, according to Aowei Cloud Network (AVC) online monitoring data show that in 2022 Q1 integrated stove increased by 23.5% year-on-year; The embedded micro-steaming grilling laminator increased by 15.5%. As a result, the traditional desktop series of composite machine products have been hit hard.
War Two: Air Fryer VS Desktop Single Function Electric Oven
The desktop small oven has experienced a high base impact in 2021 and is expected to usher in a scale correction in 2022. However, the reality is still more serious, the emerging category of air fryer with multi-functional, oil-free health, convenient cleaning characteristics all the way to popular, similar functions of desktop electric oven has a strong substitution effect.
War Three: Multifunctional Electric Steamer VS Desktop Single Microwave Oven
Desktop single-function microwave oven as a micro-steaming series of products just needed category, has been developed for many years, the current market size has entered the saturation period, facing the single function and heating affect the taste of the ingredients drawbacks. However, it is worth noting that the electric steamer category products are constantly iterative, such as rapid heating, better ability to maintain the taste of ingredients, and can solve the characteristics of breakfast for several people at the same time, which has an impact on the desktop microwave oven.
Up close: the market encounters a temporary "freezing point"
Judging from the competition of the above three market categories, the current desktop series products, whether single-function products or composite machine products, have suffered different degrees of impact. In addition, the current overall macro consumption environment is sluggish, and the frustration of baking home appliances as a sub-rigid optional category is more serious.
From a distance: market opportunities and challenges coexist
In the long run, with the easing of the overall consumer environment, the long-suppressed demand for desktop product updates will inevitably usher in the release. Reason 1: At present, consumers' enthusiasm for baking hot food is extremely high, and the current category penetration rate is extremely low, especially in the third- and fourth-level rural markets. Reason two: integrated stoves, embedded and other products need to be installed generally suitable for new houses. Currently only occupies a part of the market. As long as we do a good job of product benchmarking for different reasons, it is still advantageous to find.
Opportunity 1: Product attributes determine the necessity of the layout of emerging channels
For the oven category, because the attributes of the product itself make the cooking process more interesting, but also make the product more suitable for the emerging live broadcast or short video and other sales channels that can be practiced, often achieved better sales results, according to Aowei Cloud Network (AVC) online monitoring data, desktop single-function electric oven in emerging channels (Douyin, Kuaishou, Pinduoduo) retail sales accounted for up to 25%.
Opportunity two: find the cause, "the right medicine" to break through the air bombing to replace the threat
At present, the market controversy is more enthusiastic is whether the air fryer will replace the electric oven, then at present, from the data level, the continuous downturn in the performance of the desktop electric oven this year is directly related to the hot sales of the air fryer, because the two functions have a certain repeatability and have a baking function, but the air fryer category is currently facing a serious loss of water from cooking ingredients, and the oven can solve this pain point very well, so if the later stage, for the oven category can solve the pain points that consumers are not easy to clean, it will inevitably bring new increments.
Attached: Desktop micro steaming grill 2022Q1 quarterly report
