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Nowadays, there is a growing trend of the use of an electric lunch box owing to its ability to provide healthy warm meals to consumers. The certain advantage of using an electric lunch box include delivering healthier food, help to save money, offer warmer food, and others. The increasing number of people taking road trips to various places also has a positive impact on the growing usage of the product. For instance, according to the United States Department of Transportation, 2018, there is an estimation of 87 percent of the American population to be taking a daily trip using their vehicles. Furthermore, most parents prefer their children to consume healthier warm food is also accelerating the consumption of the electric lunch box.
The increasing number of people across the globe becoming more conscious of the importance of maintaining a healthy diet upsurge the usage of this product and act as one of the major driving factor for the market growth. The rising popularity of providing nutritious warm healthy food to hospital patients by their family is likely to fuel the demand of the product. Furthermore, the escalating demand of the product in hiking is acting as a crucial factor for the growing consumption as carrying a lunch is popular among hikers. For instance, some of the top hiking destinations which attracts large number of people in Europe are Seven Hanging Valleys Trail Portugal, Plitivice Lakes Croatia, El Camino del Rey Spain, The Kjeragbolten hike Norway.
Nonetheless, intense competition with its substitute products such as regular lunch box, insulated lunch box, and others are acting as a threatening factor for the market growth.
Key Market Driver -
The rising popularity of maintain healthy diet act as a driving factor for the market growth.
Key Market Restraint -
Intense competition with its substitute products act as a restraining factor for the market growth.
Wonderchef Home Appliances Pvt. Ltd., Nayasa, Hamilton Housewares Pvt. Ltd, Koninklijke Philips N.V., Cello World, Haven Innovation are the key companies operating in the global lunch box market.
The electric lunch market is segmented into by material use, technology, sales channel, and geography.
On the basis of material use, the market is fragmented into metal, plastic, and combination. Combination is projected to be the leading market shareholder owing to plastic and metal combinations possessing lightweight while still owning qualities such as easy cleanability, durability, longlasting, and others.
Based on technology, the market is bifurcated into battery-powered and wired. Wired is estimated to be the greater segment due to its lower cost as compared to a battery-powered and also large number of manufacturers still not perfected battery lunch box technology.
By sales channel, the market is divided into supermarket/hypermarket, retail stores, and online stores. Supermarket/ hypermarket is anticipated to be the dominating based on sales channel on an account of offering consumers with wider varieties of electric lunch box as compared to other segments. Similarly, as this sales channel did direct business with the manufacturers in various products including electric lunch box which thus resulting in a lower cost than other segments.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is anticipated to be the prominent market shareholder and is evaluated to continue throughout the forecast period of 2020-2027. The popularity of friends and family gathering or picnics also intensify the consumption of the product in this region. Furthermore, the rising trend of the use of lunch boxes in camping plays a vital role in fueling the demand for the product. For instance, according to the Kampgrounds of America ‘2019 North America Camping Report’, there is an estimation of 78.8 million households to be participating in camping in 2018 which is a growth of 1.4 million from the previous year.
The Asia Pacific is estimated is exhibit a crucial presence in the electric lunch box market owing to the rising number of manufacturers such as Hamilton Housewares Private Limited, Cello World, and others offering the product at an affordable price range upsurge the usage. The limited presence of the cafeteria in many educational institutions especially in schools is likely to act as an important contributor for the increase in consumption. Furthermore, large number of minimum wage workers prefer carrying lunch boxes on a daily basis for the reduction of their expenditure escalate the usage of the product as it helps them to consume warm and nutritious food. For instance, according to the data issued by the Trading Economics, the minimum wage of India still remains the same from the minimum wage of 2019 which is $2.38.
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