From 2013 to 2023, the import of electric cooking, grilling, and roasting equipment to Vietnam has shown a steady increase, rising from 11.896 million kilograms in 2013 to 31.413 million kilograms in 2023. The annual growth rate witnessed significant peaks in the early years, such as 23.62% in 2014 and 19.35% in 2016. However, this growth rate slowed down to 2.7% in 2022 and 4.45% in 2023, reflecting market saturation and matured demand. The Compound Annual Growth Rate (CAGR) also saw a considerable decline from 28.48% in 2013 to 5.15% by 2023.
Looking forward, projections indicate that the growth is expected to persist but at a more moderate rate, with a forecasted CAGR of 2.9% for the next five years, culminating in an anticipated volume of 37.775 million kilograms by 2028. This suggests a 15.35% overall growth over the forecasted period.
Future trends to watch for include:
- Technological advancements in the equipment offering higher energy efficiency and automation, potentially influencing manufacturing standards and import volumes.
- Shifts in consumer preferences towards smart home appliances and their impact on import compositions and volumes.
- Regulatory changes and trade policies that might affect the import landscape, particularly in the context of sustainability and energy consumption.
