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 the market growth.
Electric cookers have gained significant traction in recent times as they save cooking time and conserve energy. 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 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.
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.
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.
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.
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.
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.
The North America and Europe region have recorded a steady growth rate in the electric pressure cooker market strongly supported by the government initiatives for energy conservation. The regions enjoy a tech-savvy population and have a large number of early adopters. In the U.S., over 75% of the population is expected to deploy smart technologies in their homes by the end of 2022. More than 80% of the population in the U.S. are purchasing smart cooking appliances to monitor food through smartphones. The consumers find it difficult to make homemade yogurt due to the extreme cold weather, further driving the demand for electric pressure cookers in the regions.