Range Hood Market Size

Range Hood Market Size

The global range hood market was valued at USD 19.9 billion in 2023 and is estimated to grow at a CAGR of 6.4% during the forecast period. The quick service restaurant and food sector is growing quickly because people are spending more on eating out.

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The National Restaurant Association (NRA) reported that food and beverage sales in the restaurant and foodservice industry were expected to reach USD 789 billion in 2021, a 19.7% increase from 2020. Range hoods are used in restaurants and food joints to remove harmful pollutants and gases from kitchens and to prevent bacteria, germs, and mold. Restaurant operators are investing in modern technology, increasing the use of cooking hoods in commercial kitchens.

Additionally, the rising demand for energy-efficient kitchen appliances is propelling the progression of the industry. With heightened environmental awareness, consumers are gravitating towards appliances that curtail energy use and lessen their carbon footprint. Traditionally, range hoods have played a pivotal role in ensuring indoor air quality and eliminating cooking odors. Now, they are being innovatively designed with energy-efficient features to resonate with this growing trend. In response, manufacturers are rolling out state-of-the-art range hoods, integrating features like LED lighting, variable speed motors, and smart technology to maximize energy efficiency.

High initial costs are limiting the use of range hood systems in homes and businesses. Installing these systems in existing kitchens is often difficult and expensive due to the need for reconstruction. These systems come in various sizes and features. Restaurants and hotels use models with strong suction capabilities. The price of range hoods depends on factors like the Cubic Feet Per Minute (CFM) rating, special features, and the mode of operation. Higher CFM ratings make them more expensive. Homeowners usually spend between USD 500 and USD 1,000 on a range hood. Installing a new ductless under-cabinet hood or replacing a vented hood costs about USD 714. Commercial systems are more expensive than residential ones because of their strong suction capabilities.