The import value of electric cooking, grilling, and roasting equipment into Vietnam experienced substantial growth from 2013 to 2023, starting at 468.31 thousand USD in 2013 and reaching 1347.7 thousand USD in 2023. Over the past decade, the annual compound growth rate (CAGR) indicates strong expansion, particularly in the earlier years, with a CAGR of 27.08% in 2013, which gradually slowed down to 5% by 2023.
Year-on-year variations reveal significant fluctuations, such as a peak increase of 31.02% in 2017 and a slight decline of -1.02% in 2018. The growth stabilized in recent years, with the import value showing a modest increase of 4.33% in 2023.
Looking ahead to the forecasted period (2024-2028), the CAGR is anticipated to decelerate to 2.83%, suggesting a period of slower growth compared to previous years. The overall increase from 2023 to 2028 is projected at 14.98%, indicating steady, albeit reduced, expansion.
Future trends to watch for include technological advancements in energy-efficient appliances, potential trade policy changes affecting import tariffs, and shifting consumer behavior towards more sustainable and smart kitchen solutions. Monitoring these factors will be key to understanding further developments in this market.
