Summary

Colombia is classified as an upper middle-income economy of Latin America. The country's economy is shaped by its land and, like many South American nations, is based on its rich natural resources. Agriculture and commodity-driven industries are a large part of the economy, with petroleum, coal, gold, and coffee as the top exports. The government of Colombia promotes energy-efficient products for cooking. An induction cooktop is referred to as a type of cooking application that functions by transferring electric power from the glass surface to the magnetic induction cookware using an electromagnetic field. It is equipped with the ability to directly heat the cookware without the need of using any flame or burner. Induction cooktops also feature instantaneous changes in heat settings and allow users to cook at high temperatures.

According to the research report "Colombia Induction Cooktop Market Overview, 2028," published by Bonafide Research, the market is anticipated to add USD 47.04 million in the upcoming period, 2023–2028. The market is segmented by type: built-in and freestanding. Freestanding is dominating the market and expected to grow at a significant CAGR during the forecast period due to its features like energy efficiency, safety, ease of cleaning, flexibility, quick cooking, and versatility. On the basis of application, the market is segmented into residential and commercial. With a number of new home development projects underway, demand for induction cooktops is projected to increase. In the past, the steady transition away from gas cooktops benefited the market, and an increasing number of consumers are interested in installing induction cooktops in their homes or large-scale residential projects.

Since early 2016, the Colombian organization Fundación Natura has been collaborating with UNEP DTU to promote the use of more efficient cook stoves in Colombia. The effort to make the tax incentive a reality is part of a project to create a market for improved cook stoves that benefits the poor rural population. The changes in taxes on improved induction cook stoves come after the Colombian government has been reviewing categories for VAT exemption. As a partner in the UNEP DTU-ADMIRE project, Fundación Natura engaged in intense dialogue and advocacy, which led to cook stoves being included on the list and thereby exempted from the 19% VAT.

Many people living in rural Colombia use low-efficiency cook stoves or open fires for cooking. This has severe adverse effects not only on the rate of deforestation and emissions of greenhouse gases but also on the health of people, especially women and children. Presenting these facts was an important part of convincing the Colombian government to exempt improved stoves from VAT. Using more efficient stoves means less pollution and cutting down fewer trees, thus leaving more trees to absorb CO2, but it also means time and money saved from collecting or buying firewood, and it can save millions of lives. Burning wood, coal, or other sources of heat in primitive cookers emits smoke and particles that can lead to lethal respiratory diseases such as pneumonia and bronchitis. Globally, 3.9 million people die every year of air pollution from home cooking, and the pollution is known as "the killer in the kitchen." Since most women and children are responsible for cooking and staying in poorly ventilated kitchens, it is especially those who are affected by the diseases caused by cooking.

The ADMIRE programme is funded by DANIDA and aims to involve the private sector in climate mitigation and adaptation by developing business cases for climate-friendly investments in countries in the developing world. The project in Colombia focuses on creating a market for efficient induction cook stoves that can help limit greenhouse gas emissions and deforestation and help achieve the goals in the Paris Agreement and the Sustainable Development Goals. It focuses on both improving the supply and demand sides of cook stoves. On the supply side, the focus is on studying the potential market dynamics to create alliances between actors in the cook stove value chain. On the demand side, the work focuses on creating financial mechanisms that allow the usually poor rural population to buy a cook stove but pay for it over time. Tax incentives such as VAT exemptions are a crucial element in this.

Induction cooktops have witnessed rapid adoption in recent years, owing to the rise in demand for energy-efficient and time-saving cooking appliances. Moreover, the boom in demand for modular kitchens and the implementation of stringent government regulations regarding energy savings contribute to the household induction cooktop market's growth. In addition, an increase in GDP along with growth in sales of household kitchen appliances further drives the household induction cooktops market's growth. However, the need for specialised cookware and a high initial investment hamper the growth of the household induction cooktop industry. Advancements in online marketing and an increase in the use of digital media for product marketing are the key factors that contribute to the growth of the global household induction cooktop industry. An increase in the adoption of technologically advanced and high-tech products is projected to contribute to the growth of e-commerce websites for kitchen appliances, thereby enhancing the market size for household induction cooktops. The key impacting factors of the Colombia Household Induction Cooktops Market have been discussed in the report.

Considered in this report
• Geography: Colombia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Colombia Induction Cooktop market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type:
• Built-In
• Freestanding

By Application:
• Residential
• Commercial

By Distribution Channel:
• Specialty Store
• Hypermarkets & Supermarkets
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Induction Cooktop industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.