Electric Pressure Cooker Market

Market Overview

The global electric pressure cooker market size was valued at USD 4,393.10 million in 2023. It is estimated to reach USD 5,682.11 million by 2032, growing at a CAGR of 2.9% during the forecast period (2024–2032).

An electric pressure cooker is a kitchen appliance that uses electricity to automate and accelerate the cooking process. It creates pressure inside a sealed pot to raise the boiling point of water, allowing food to cook more quickly than traditional methods. The future of the electric pressure cooker market appears bright.

The market is predicted to rise due to increased demand for kitchen appliances that are convenient and time-saving. Busy lifestyles and the need for nutritious meals in less time have led to the widespread use of electric pressure cookers as a favored cooking method. Furthermore, rising awareness of healthy eating habits and pressure cookers' capacity to retain nutrients in food have fueled the growth of the electric pressure cooker market.

Market Dynamics

Global Electric Pressure Cooker Market Drivers

Time Efficiency and Convenience

The primary catalyst for the worldwide electric pressure cooker market is prioritizing time efficiency and Convenience in culinary preparations. Consumers, particularly those leading hectic lives, are progressively searching for kitchen appliances that can simplify meal preparation and conserve precious time. In 2023, a majority of 60% of Americans believed they lacked sufficient time within a day to accomplish all the tasks on their to-do lists. Consumers favor electric cookers because they preserve vital vitamins and nutrients and enhance food taste.

Furthermore, they have a preference for electric pressure cookers due to their ability to minimize the emission of heat and steam in the kitchen. Conventional pressure cookers often result in the accumulation of cooking residues and water spills on the countertops. Nevertheless, employing an electric pressure cooker obviates the necessity for cleaning by preventing spills and splashes. Market research studies suggest that the global electric pressure cooker market is witnessing substantial growth, primarily driven by its Convenience. Decreased cooking duration is a pivotal element affecting consumer buying choices. The influence of this driver is evident in the growing worldwide acceptance of electric pressure cookers, as consumers acknowledge the appliance's value in maximizing kitchen efficiency.

Global Electric Pressure Cooker Market Restraints

High Initial Cost

The comparatively steep initial expense linked to these devices is a significant limitation in the worldwide electric pressure cooker market. Electric pressure cookers, particularly those with advanced functionalities, intelligent capabilities, or multiple cooking programs, frequently cost more than conventional stovetop pressure cookers. The price range of electric pressure cookers varies from approximately USD 62 to USD 280, with an average price of USD 140. For example, a conventional stovetop pressure cooker may be more affordable than a top-of-the-line electric pressure cooker that offers features like smart connectivity, various cooking presets, and advanced safety mechanisms. The disparity in price can serve as a decisive element for consumers who are mindful of their budget.

Additionally, the cost of electric pressure cookers can vary considerably depending on the brand, model, and features. High-end models from reputable brands often come with higher price tags. The pricing structure has the potential to influence consumer buying choices. Consumers frequently take into account the initial cost when selecting kitchen appliances. Affordability plays a pivotal role, particularly in markets sensitive to price.

Global Electric Pressure Cooker Market Opportunity

Growth of Online Sales Channels and E-Commerce Platforms

The global electric pressure cooker market is presented with significant opportunities due to the expansion of online sales channels and the increasing prominence of e-commerce. Manufacturers can utilize online platforms to increase their visibility, expand their consumer base, and simplify purchasing. The surge in online shopping has emerged as a prominent phenomenon, propelled by factors such as Convenience, a vast selection of options, and the capability to compare products and prices. Electric pressure cooker manufacturers can achieve higher sales, greater brand visibility, and increased consumer interaction by investing in and optimizing online sales channels. Manufacturers can partner with renowned e-commerce platforms like Amazon, Alibaba, or Walmart to exhibit electric pressure cookers. These platforms offer extensive accessibility, enabling consumers from various regions to conveniently explore and buy products.

Furthermore, the projected value of the global e-commerce market in 2023 is USD 6.3 trillion, representing 21.2% of all retail sales. The increasing prevalence of e-commerce signifies the immense opportunity for manufacturers to exploit this market. In addition, the COVID-19 pandemic has expedited the transition to online retail. A study conducted by McKinsey & Company revealed a surge in the proportion of consumers engaging in online shopping for home and kitchen products amidst the pandemic. This underscores the criticality of manufacturers establishing a robust online presence. Therefore, the potential offered by online sales channels and e-commerce is significant for manufacturers of electric pressure cookers. Strategically adopting digital platforms can result in higher market share, enhanced brand recognition, and overall business expansion.

Regional Analysis

The global electric pressure cooker market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant global electric pressure cooker market shareholder and is estimated to grow at a CAGR of 3.0% over the forecast period. Asia-Pacific dominates the electric pressure cooker market due to rapid population growth and rising disposable income. The region is home to more than 60% of the world's population, or approximately 4.3 billion people. According to the Food and Agriculture Organization (FAO), Asia-Pacific produces and consumes about 90% of global rice, driving demand for electric pressure cookers.

Moreover, with India and Japan's growing urbanization, electric pressure cookers are expected to be in high demand. The desire for more intelligent living is boosting market growth. As of October 2023, Western Asia had 76.2% internet penetration, while Eastern Asia had 76%, driving demand for Wi-Fi-enabled electric pressure cookers. The presence of key market players further strengthens the region. According to data from the China Household Electrical Appliances Association (CHEAA), retail sales of home appliances in China reached USD 12,732.6 million between January and August 2020.

Europe is anticipated to exhibit a CAGR of 2.8% over the forecast period. The European Commission's initiatives to promote the use of green and low-emission products have resulted in increased sales of pressure cookers. Furthermore, consumers' high purchasing power is expected to drive up electric and coated materials sales. The presence of major manufacturers such as Fissler GmbH, Groupe SEB, Amica Wronki SA, and others primarily drives the Western European market. The growing trend of replacing home appliances is increasing the product's revenue from Eastern Europe.

The North American market will expand faster due to increased demand for electric pressure cooking devices among US and Canadian consumers. According to a 2019 press release, Instant Brands Inc. sold over 300,000 electric instant cookers in the United States through Amazon in July 2019. Furthermore, the growing popularity of cooking and baking trends among American and Canadian consumers will boost regional product consumption rates.

The Latin American market is also expanding rapidly due to the introduction of innovative cookers by leading companies such as Groupe SEB, Midea Group, and others in Brazil and Chile. For example, in September 2020, Arno, a cooking appliance brand owned by Groupe SEB, launched an advanced electric pressure cooker in Brazil. This product has a digital touchscreen, two capacity options, 2.5 and 4.8 liters, and eleven safety features.

Segmental Analysis

The global electric pressure cooker market is segmented based on type, application, distribution channel, Material, and region.

The market by type is further segmented into Mechanical Timer and Digital /Programming.

Mechanical Timer holds the major market share.

Mechanical Timer

Electric pressure cookers with a mechanical timer possess a conventional and uncomplicated design. The mechanical Timer is commonly a manual dial or knob that users can adjust to a specific duration for their cooking requirements. This Timer functions mechanically, utilizing gears and springs to measure and decrease the cooking duration. Users manually adjust the dial or manipulate the knob to select the desired cooking duration. While the pressure cooker is in operation, a mechanical timer counts down and notifies the user of the end of the cooking cycle through an audible alert, such as a bell or buzzer. Mechanical timers are characterized by their user-friendly nature and lack of reliance on electronic components, resulting in their durability and simplicity. They are frequently favored by individuals who value a straightforward and dependable timer mechanism.

Digital /Programming

Electric pressure cookers with digital or programming capabilities utilize electronic components to offer a more advanced and customizable cooking experience. These cookers are furnished with a digital control panel, typically featuring an LED or LCD, enabling users to configure cooking durations, pressure levels, and even specific cooking programs accurately. Digital timers provide accurate and flexible timing capabilities, enabling users to customize the cooking process according to specific recipes. The programming functionality is especially advantageous for intricate dishes requiring various cooking stages. They are favored by users who desire a significant mastery over the cooking process. Advanced electric pressure cooker models often incorporate digital timers, catering to users who value programmable features and customization options.

By application, the segment can be further bifurcated into Residential and commercial.

Commercial applications generate the most revenue in the market.

Commercial

The commercial sector utilizes electric pressure cookers to minimize energy usage and maximize their convenient "set and forget" functionality. Commercial electric pressure cookers are specifically engineered for utilization in professional culinary environments, such as restaurants, catering services, and other establishments involved in providing food services. These appliances are designed to accommodate larger volumes of food and are optimized for the rigorous requirements of professional cooking. The automated electric pressure cooker enables the chef to engage in multiple tasks by automatically deactivating the pressure function, preventing the food from becoming scorched or excessively cooked. Electric cookers produce intense heat, enhancing the development of intricate flavors and increasing their popularity in hotels and restaurants. The following infographic illustrates the projected distribution of the residential and commercial sectors in the electric pressure cooker market during the specified period.

Residential

Electric pressure cookers are experiencing a substantial increase in demand in residential settings due to their wide range of advantages. Residential electric pressure cookers are specifically designed for domestic use, serving the culinary requirements of individuals and households. These appliances are usually designed to fit the standard size requirements of a typical home kitchen. Residential electric pressure cookers are available in various sizes appropriate for cooking meals for households of different sizes, from small to large. Most electric pressure cookers feature non-stick interior surfaces, facilitating effortless cleaning. Consumers in urban areas increasingly opt for electric cookers due to the limited and compact spaces available, as these appliances produce no smoke emissions. Hence, the increasing consumer consciousness regarding the benefits of electric pressure cookers is propelling the growth of this segment.

Based on distribution channel, the market is sub-segmented into Specialty Retail Stores, Online Retail.

Online Retail accounts for the largest share of the market

Online Retail

Online retail involves the dissemination of electric pressure cookers through digital platforms, e-commerce websites, and online marketplaces. Consumers can explore, evaluate, and buy electric pressure cookers through different online platforms, all from the Convenience of their homes. Among the examples are Amazon, Walmart, Target, Best Buy, and Bed Bath & Beyond. E-commerce platforms provide a wide array of electric pressure cookers, enabling consumers to browse through various brands, models, and price categories. Product details, customer feedback, and ratings are commonly accessible to assist in making informed decisions.

Specialty Retail Stores

Specialty retail stores are physical establishments that focus on selling kitchen appliances, specifically electric pressure cookers. These stores prioritize providing a carefully selected range of kitchenware and cooking appliances, offering a tangible environment for customers to discover and buy products. Patrons who visit specialty retail establishments can gain advantages from receiving face-to-face aid, observing product demonstrations, and evaluating the construction and characteristics of electric pressure cookers before completing a transaction. Therefore, consumers who prioritize the in-store shopping experience and the ability to inspect and compare various electric pressure cooker models physically tend to favor specialty retail stores.

By Material, the market is fragmented into Aluminum and stainless Steel.

Stainless Steel occupies the maximum share of the market.

Stainless Steel

Stainless Steel is the most common Material used in electric pressure cookers. It is long-lasting, stain-resistant, and maintains its appearance. Stainless Steel also helps to retain heat, allowing food to be cooked more thoroughly and quickly. Stainless Steel's sleek and modern appearance enhances the aesthetics of the kitchen. Furthermore, stainless Steel is non-reactive, making it ideal for cooking a wide range of foods, including acidic ones.

Aluminum

Electric pressure cookers made of aluminum are well-known for their lightweight design and efficient heat conductivity. Aluminum pressure cookers are popular because of their low cost and quick heating capabilities. They are suitable for various cooking tasks and are frequently chosen as entry-level or cost-effective options.

Recent Developments

January 2024 - Panasonic will work with Amazon Fire TV to create new experiential value for smart TVs.

In 2023 - Instant Pot Essential 6 Quart is a 9-in-1 electric pressure cooker launched by Instant Brands.