Advent of Smart Electric Pressure Cookers to Drive the Electric Pressure Cooker Market

Thu, 13 August 2020 8:41

Electric pressure cookers are gradually gaining popularity and witnessing exponential growth in global demand. There is a surge in consumer spending on electric pressure cookers owing to the continuous technological advancements by the key players. The introduction of the smart Wi-Fi-enabled electric pressure cooker allows the individual to operate and control the device through smartphones. Additionally, the delay timer feature of the instant pot helps to manage the cooking time while on the go.

Rapid product innovations in the electric pressure cooker market are positively influencing the market growth. North America is expected to hold the lion’s share in the electric pressure cooker market due to the rising number of working populaces, especially women. The consumers are largely adopting electric pressure cookers as it helps in keeping the meal warm until consumed and has lower maintenance costs.

Impact of COVID-19

The COVID-19 pandemic has resulted in a halt in the production activities, causing severe disruption in the supply chain. The pandemic has severely hit the electric pressure cooker market due to reduced production levels. From the demand side, there is a lower demand for consumer goods as consumer spending has plummeted due to adverse economic conditions. Additionally, the key participants are planning on navigating the potential risks related to the pandemic.  

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Key Highlights

  • The electric pressure cooker market is expected to grow with a CAGR of xx% on account of rapid technological advancements  
  • The commercial segment holds the highest market share of 30–45% as top chefs are touting the electric pressure cookers for its convenience and AI technology
  • Asia-Pacific dominates the electric pressure cooker market strongly supported by the ever-growing population and high consumption of rice in the region

Key Players

  • Fagor Industrial
  • Panasonic Corporation
  • Maxi-Matic
  • Midea Group Co., Ltd.
  • Instant Brands Inc.
  • Breville USA, Inc.
  • Gourmia
  • Tayama Appliance USA Inc.
  • Tristar Products, Inc. (Power Pressure Cooker)
  • National Presto Industries, Inc.
  • Arovast Corporation (Cosori)
  • GROUPE SE
  • Koninklijke Philips N.V.
  • Wonderchef Home Appliances Pvt. Ltd  

Electric Pressure Cooker Market: Segmentation

By Type

  • Mechanical Timer
  • Digital /Programming

By Application

  • Residential
  • Commercial

By Distribution Channel

  • Specialty Retail Stores
  • Online Retail

By Material

  • Aluminum
  • Stainless Steel

By Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle-East and Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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