Home Consumer Products Electric Pressure Cooker Market Size, Share and Forecast to 2029

Electric Pressure Cooker Market

Electric Pressure Cooker Market: Information by Type (Mechanical Timer), Application (Residential, Commercial), Distribution Channel (Online Retail), Material, and Region — Forecast till 2029

The electric pressure cooker market is growing at an exponential growth rate backed by the increasing consumer spending on home appliances and debouching trends in smart home appliances. The rising per capita income of individuals and the desire for
Report Code: SRCP986DR

Market Overview

The electric pressure cooker market is growing at an exponential growth rate backed by the increasing consumer spending on home appliances and debouching trends in smart home appliances. The rising per capita income of individuals and the desire for convenience provides an impetus to market growth.

Electric cookers have gained significant traction in recent times as they save cooking time and conserve energy. A rising number of working populaces, particularly women, are seeking faster cooking appliances for easy cooking. Additionally, the advent of the Internet of Things (IoT) is likely to enhance the effectiveness of electric pressure cookers, further driving market growth.

Report Scope

Report Metric Details
Base Year 2022
Study Period 2017–2029
Forecast Period 2023-2031
CAGR 4.2%
Market Size 1120
Fastest Growing Market Asia Pacific
Largest Market North America
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa
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Market Dynamics

Cooking Convenience Provided by Electric Pressure Cookers Drives the Market Growth

The changing consumer demographics across the globe have resulted in higher spending on products with more convenience and advancements. In line with this, the key players are integrating IoT in electric pressure cookers to improve the efficiency and usage of the cookers. The emergence of multi-functional electric cookers, which have the ability to cook cakes, soups, rice, beans, meat, and other types of food, bolsters the market growth. The demand for electric pressure cookers is rising as they save up to 70% of time and energy.

Consumers prefer electric cookers as they help in retaining the essential vitamins and nutrients, and also improving the flavor of the food. Additionally, they are inclined towards the use of electric pressure cookers over the alternative cooking appliances as they reduce the amount of heat and steam released in the kitchen. Cooking with regular pressure cookers usually tend to leave cooking residues and water spills on the countertops. However, the use of an electric pressure cooker eliminates the need to clean as it prevents spills and splashes.  

Advent of Autonomous Electric Pressure Cooker to Drive the Market Growth

The electric pressure cookers are the fastest growing appliance in the kitchen appliance market. The new generation prefers electric pressure cookers as they are designed with self-safety regulations, coupled with monitors and sensors to the control temperature, pressure, and heating intensity. The latest electric pressure cookers are equipped with micro-computers that help in automatic customization of pressure levels as per the recipe. The electric pressure cookers are getting smarter and compatible with the new AI technology, such as Alexa and Google Assistant. Thus, the integration of AI with the electric pressure cookers fosters the market growth.

Environmentally Friendly Attributes of the Electric Pressure Cooker Drives the Market Growth

The consumers are striving to build an energy-efficient kitchen as cooking activities generally account for 20% of the individual's total energy use. The electric pressure cooker power consumption is comparatively lower than traditional electric ovens, making them cost-effective solutions. Further, the use of an electric pressure cooker reduces the use of water by 75% as compared to other cooking methods. This environmentally friendly and lower energy conservation attributes of the electric pressure cooker are gaining popularity among consumers.

In the U.S., various programs are organized to create awareness among consumers about energy efficiency and the importance of environment protection, such as the Energy Star. Thus, the growing environmental concerns among the consumers regarding energy consumption is driving the adoption of electric pressure cookers.

Growing E-commerce Activities to Provide an Impetus to the Market Growth

The growing e-commerce activities are presenting new opportunities for key players in the global market. The players are strategizing to augment the sales of the electric pressure cookers. As per the key players' data, most of the electric pressure cookers are sold on Amazon, owing to the additional offers and discounts given to prime members.

In 2016, more than 2,50,000 units of electric pressure cookers were sold on Amazon Prime day. Considering the supply side of the market, the companies are capitalizing on the consumer approach of the electric pressure cooker as a medium of convenience and novelty by emphasizing on its features and capabilities.

Regional Analysis

Rapidly Rising Population and Increasing Disposable Income Drives Asia-Pacific's Market Growth 

Asia-Pacific dominates the electric pressure cooker market on account of rapidly rising population and increasing disposable income. The region is home to more than 60% of the world's population, which is around 4.3 billion people. As per the statistics recorded by the Food and Agriculture Organization (FAO), around 90% of global rice is produced and consumed in the Asia-Pacific region, further surging the demand for electric pressure cookers in the regional market.

With growing urbanization in India and Japan, the countries are predicted to witness a huge demand for electric pressure cookers. The desire for smart living is positively impacting market growth. In 2019, the internet penetration rate was around 53% in Asia, further driving the demand for Wi-Fi-enabled electric pressure cookers. The region is also backed by the presence of key market players. The below-mentioned info-graph depicts the estimated market potential for the regions during the forecast period, 2020–2029.  

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Segmental Analysis

Versatility of Electric Pressure Cookers to Drive Its Adoption in the Commercial Sector

The commercial sector uses electric pressure cookers to reduce energy consumption and for its' set and forget' feature. The automatic electric pressure cooker allows the chef to multi-task as it automatically switches off the pressure button; thus, preventing the food from getting burnt or over-cooked. The electric cookers generate high heat that helps in creating complex flavors, further rising its demand in hotels and restaurants. The below-mentioned info-graph depicts the estimated share of the residential and commercial segments in the electric pressure cooker market for the period (2020–2029).

On the other hand, the electric pressure cookers are witnessing a significant surge in demand in the residential sector for its plethora of benefits. Most of the electric pressure cookers have non-stick interior surfaces, which makes it easier to clean. Due to limited and compact spaces available in urban areas, the consumers are adopting electric cookers as they do not have any smoke emissions. Thus, rising consumer awareness regarding the advantages of the electric pressure cookers drives the segment growth.

Top Key Players of Electric Pressure Cooker Market

  • 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)
  • Koninklijke Philips N.V.
  • Wonderchef Home Appliances Pvt. Ltd

Electric Pressure Cooker Market Segmentations

By Type

  • Mechanical Timer
  • Digital /Programming

By Application

  • Residential
  • Commercial

By Distribution Channel

  • Specialty Retail Stores
  • Online Retail

By Material

  • Aluminum
  • Stainless Steel

By Regions

  • North America
  • Europe
  • APAC
  • Middle East and Africa

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Electric Pressure Cooker Market?
Electric Pressure Cooker Market size will grow at approx. CAGR of 4.2% during the forecast period.
Some of the top prominent players in Electric Pressure Cooker Market are, 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, etc.
North America has been dominating the Electric Pressure Cooker Market, accounting for the largest share of the market.
The Asia Pacific region is projected to exhibit the highest rate of growth in the Electric Pressure Cooker Market.
The global Electric Pressure Cooker Market report is segmented as follows: By Type, By Application, By Distribution Channel, By Material

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