"Assisting You in Establishing Data Driven Brands"

Pressure Cooker Market Size, Share & Industry Analysis, By Type (Single Purpose and Multi-Purpose), By Capacity (1-2 Liters, 2-5 Liters, 5-8 Liters, and Above 8 Liters), By Application (Household and Commercial), and Regional Forecast, 2024-2032

Last Updated: May 13, 2024 | Format: PDF | Report ID: FBI103871

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global pressure cooker market size was valued at USD 5.48 billion in 2023 and is projected to grow from USD 5.94 billion in 2024 to reach USD 12.65 billion by 2032, exhibiting a CAGR of 9.90% during the forecast period.


People use pressure cookers and other appliances to fulfill their everyday cooking needs. Pot capacity, design material, and cooking time mainly impact the demand for such products. Nowadays, hotel chefs and household maids are shifting toward multifunctional cooking appliances to instantly prepare a variety of food dishes. Hence, prominent manufacturers are focusing on offering multi-purpose devices to meet such varied consumer needs. For instance, in March 2023, Vesync Co., a premier kitchenware maker launched COSORI 6-Quart Pressure Cooker, a multifunctional appliance in the U.S. market. The appliance consists of 8 cooking and non-cooking modes and is useful for preparing rice, meat/poultry, oatmeal, and soup dishes.


The widespread use of pressure cookers, notably across Asian markets such as India, Nepal, and China, drives the global market growth due to their various advantages. These include safety, durability, energy efficiency, and preserved nutrients. In addition, the product reduces the overall cooking time and can be used to make various recipes such as rice dishes and soups. As a result, it is highly popular across urban areas where numerous individuals experience time constraints due to busy lifestyles and demand products that save time and can be used daily.


Furthermore, key market players emphasize the development of pressure cookers with innovative features such as locking lid mechanisms, multiple valves, and dual pressure regulators, enhancing their safety. The increasing availability of products with technologically advanced features, including digital temperature control and Wi-Fi connectivity, will fuel product adoption in the coming years.


COVID-19-related lockdown restrictions forced crockery stores and supermarkets to shut down their businesses. This had strongly impacted the product's sales from such stores. Additionally, the shutdown of hotels, restaurants, cafes, and other commercial settings due to such restrictions negatively impacted the pressure cooker’s consumption rate. According to the statistical data published by the National Restaurant Association, as of January 2021, more than 17% of the restaurants in the U.S. had been shut down since the onset of the coronavirus crisis in the country.  However, the increasing preference for a remote working environment among working women and rising cooking & baking trends have fueled the product demand among households during the post COVID-19 phase.


Pressure Cooker Market Trends


Shifting Consumers' Preference toward Smart Kitchen Appliances to Aid Market Growth


Shifting consumers' preference toward smart kitchen appliances is accelerating the product’s revenues across the world. For instance, Electrolux AB, a global smart kitchen appliances maker, generated 8% of the net revenues in 2023 from its ‘Wellbeing’ segment, including vacuum cleaners, water heaters, heat pumps, air-conditioning equipment, and small domestic appliances. In addition, the growing popularity of application-controlled pressure cooker among homeowners is offering market players newer growth opportunities. Besides, shifting consumer preference toward energy-efficient electronic kitchen appliances will provide further avenues for market growth.


Request a Free sample to learn more about this report.


Pressure Cooker Industry Growth Factors


Government Support for Sustainable Cooking Appliances to Augment Market Growth


Governments and regulatory authorities are unveiling favorable programs and schemes to offer clean cooking solutions to people as well as companies. This will boost consumers’ demand for sustainably made cooking appliances, thereby driving the pressure cooker market growth. For instance, in September 2022, Energy Efficiency Services Ltd. (EESL), a Ministry of Power, Government of India-owned public sector enterprise, partnered with Modern Energy Cooking Services (MECS), a U.K. government program to establish production facilities of 20,000 electric pressure cookers and induction cooktops in India.


Additionally, companies are coming up with innovative product offerings to attract new consumers and expand their existing customer base, thereby accelerating the growth. For instance, in April 2021, Groupe SEB, a leading pressure & rice cooker maker, manufactured and launched more than 250 million small appliances in the global market.


Cooking-related Educational Content Offered by Companies to Sustain Market Growth


Nowadays, companies are consistently offering cooking-related educational content through their digital platforms to keep their consumers engaged in learning newer recipes and maintain the sales revenues of their kitchen appliances. This is expected to support the global demand for these cookers. For instance, in May 2021, SharkNinja Operating LLC, an innovator in small kitchen electronics, introduced a digital platform that housed hundreds of cooking recipes and was made available to consumers in the U.K., the U.S., France, and Germany. Besides, since companies are offering heavy discounts on their products regularly, the pressure cooker market share is predicted to expand in the future.


RESTRAINING FACTORS


Incidents of Cooker Explosion May Limit Product Sales


Growing instances of cooker explosion due to company's faulty product design is predicted to limit the demand for these products among consumers, thereby restraining the market growth. For instance, from March 2018 to April 2021, six U.S. consumers filed a lawsuit against Instant Brands Inc., a leading U.S.-based multi-cooker manufacturer, as they reported instances of explosion of their 'Instant Pot' cookers. Besides, the high cost of these multi-cookers is decreasing their demand among customers belonging to the middle & lower-income groups. Also, intense competition from the local industry players with their competitive pricing is anticipated to hamper the market growth.


Segmentation Analysis


By Type Analysis


Cost-effectiveness of Single Purpose Pressure Cooker to Dominate the Market


Based on type, the market is segregated into single purpose and multi-purpose. The single purpose segment dominated the global market due to its cost-effectiveness and easier availability over other types of cookers.  Besides, since these products do not have complicated functionality modes, older people can efficiently cook a variety of dishes in these stainless steel cookers. These features will help the segment hold a significant pressure cooker industry share.


However, rising consumer demand for smart home appliances and increasing income of the global population will boost the multi-purpose segment’s growth. For instance, Midea Group, a Chinese smart home appliances maker, reported a 22.7% jump in its revenue and reached USD 53,608.76 million in 2021. Additionally, shifting consumer trends toward multifunctional, time-saving kitchen appliances will aid the segment’s growth.


To know how our report can help streamline your business, Speak to Analyst


By Capacity Analysis


2-5 Liters Segment to Hold a Leading Market Position due to Large Number of 3-5 Members Families


By capacity, the market is segregated into 1-2 liters, 2-5 liters, 5-8 liters, and above 8 liters. The 2-5-liter segment holds a leading position in the market due to the growing number of 3 to 5-member size households across the world. 3 to 5 members of a household mainly use cookers having a capacity of 2-5 liters. According to statistical data presented by the Public Reference Bureau (PRB), in August 2021, in terms of the number of household members, the global average home size reached 4. Besides, cookers that have 2-5 liters capacity offer benefits, such as moderate functionality and cost-effectiveness. These factors have helped the 2-5 liters segment dominate the market.


The 1-2 liters segment is expanding considerably due to the rising number of single-person households across the world. These cookers are enough for single or two-person families. According to surveyed data presented by the European Union, from 2010 to 2020, single-person families in Europe increased by 20%.


By Application Analysis


Significant Households Demand for Crockeries Make Household Segment to Dominate the Market


Based on application, the market is segmented into household and commercial. The household segment captured a major market share in 2023 due to the heavy consumption of pressure & rice cookers among household consumers for their everyday cooking needs. For instance, in 2020, e-commerce sales volume from Joyoung Co. Ltd.'s household kitchen appliances segment reached USD 590 million. However, growing hotel and hospitality infrastructural facilities are expected to augment the product's consumption rate, thereby fueling the commercial segment’s growth. For instance, from 2017 to 2020, Tim Hortons opened 23 quick-service restaurant outlets in the U.K.


REGIONAL INSIGHTS


The global market is divided into Asia Pacific, South America, North America, the Middle East & African, and Europe by regions.


Asia Pacific Pressure Cooker Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The Asia Pacific market size reached USD 3.65 billion in 2023. This region has exhibited a leading position in the global market owing to the growing consumption of kitchen appliances among the Chinese and Indian households for their daily cooking needs. According to data presented by the China Household Electrical Appliances Association (CHEAA), from January to August 2020, retail sales of home appliances in China reached USD 12,732.6 million.


Additionally, the rapid expansion of prominent companies, such as TTK Prestige Limited, Hawkins Cookers Limited, and others in India, Bangladesh, and other Asian countries will support the consumption rate of such products in the region. For instance, in 2020, TTK Prestige Limited launched a new cooker manufacturing project at its Gujarat and Coimbatore locations in India.


The North America market will grow faster due to the rising demand for electric pressure cooking devices among the U.S. and Canadian consumers. In July 2019, Instant Brands Inc. sold more than 300,000 electric instant cookers from the U.S. Amazon portal. Additionally, growing popularity of cooking & baking trends among American and Canadian consumers will further support the products' consumption rate across the region.


To know how our report can help streamline your business, Speak to Analyst


The western European market is mainly driven by the presence of prominent manufacturing companies, such as Fissler GmbH, Groupe SEB, Amica Wronki SA, and others. The evolving trend of replacement of home appliances is boosting the product’s revenues from Eastern Europe.


The South America market is also growing at a notable pace due to the introduction of innovative cookers by prominent companies, such as Groupe SEB, Midea Group, and others in Brazil and Chile. For instance, in September 2020, Arno, a Groupe SEB-owned cooking appliances brand, introduced an advanced electric pressure cooking device in Brazil. This product is equipped with a digital touchscreen and comes in the capacity of 2.5 liters and 4.8 liters with 11 different safety features.


Besides, in June 2020, Clasp.ngo, a U.K.-based provider of sustainable energy solutions, initiated a small-scale electric pressure cooker pilot project to cater to the demand for sustainably made appliances among Tanzania's rural population. Such initiatives will accelerate the market’s growth in the Middle East & Africa region.


INDUSTRY KEY PLAYERS


Product Innovations and Discounted Product Offerings are Key Strategies Fueling Market Progress


Key players are focusing on offering innovative electronic kitchen appliances to attract consumers to buy such items and expand their revenues. This is expected to support the market growth. Additionally, they are providing cooking appliances at discounted prices through Amazon, Walmart, and other prominent e-commerce sites to accelerate their revenue margins. For instance, in August 2021, Instant Brands Inc. started selling its Instant Pot Duo 7 in 1 electric pressure cooking device on its U.S. Amazon website at a discounted price of less than or equal to USD 69.95.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • November 2020: CHEF iQ, a smart technology products maker, launched its new CHEF iQ version 2.0 application that comes with a dark theme and ingredient-first calculator features for its smart cookers. These features will enhance the users’ experience of cooking a wide range of meals with CHEF iQ cookers.

  • September 2020: CRUX, a ‘Made by Gather’-owned, small appliance brand, partnered with Ghetto Gastro, a New York-based chef’s collective, to launch a kitchenware collection with William Sonoma Inc.’s portfolio of brands. The collection included products, such as MUSA cooker and air fryer, DRIP programmable coffee maker, KING Blender, and other necessary kitchen appliances.

  • June 2020 – MVP Holding Inc. acquired Mealthy Inc., a San Antonio, U.S.-based small appliance maker, to expand its application-based electric cookers’ business.

  • March 2020 – CHEF iQ, a smart appliance, and technology company, introduced a WiFi technology-based pressure cooker and a recipe application in New Jersey, U.S. Users can connect the product with the recipe application and seamlessly learn new recipes.

  • January 2020: Groupe SEB, a leading cookware manufacturer, introduced 'multi-chief,' a new electric pressure cooking item under its brand 'imulsa' in Colombia. With this product, users can prepare a wide range of dishes by selecting 14 different programs and eight cooking modes.


An Infographic Representation of Pressure Cooker Market

To get information on various segments, share your queries with us



REPORT COVERAGE


The research report provides an in-depth pressure cooker industry analysis and highlights crucial aspects, such as prominent companies, types, capacities, and application areas. Besides this, the report offers regional insights into the market trends and highlights significant industry developments. In addition to the aspects mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 9.90% during 2024-2032



Unit



Value (USD Billion)



Segmentation



By Type



  • Single Purpose

  • Multi-Purpose


By Capacity



  • 1-2 Liters

  • 2-5 Liters

  • 5-8 Liters

  • Above 8 Liters


By Application



  • Household

  • Commercial


By Region



  • North America (By Type, Capacity, Application, and Country)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)



  • Europe (By Type, Capacity, Application, and Country)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • U.K. (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, Capacity, Application, and Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • Rest of Asia Pacific (By Type)



  • South America (By Type, Capacity, Application, and Country)

    • Brazil (By Type)

    • Argentina (By Type)

    • Rest of South America (By Type)



  • Middle East & Africa (By Type, Capacity, Application, and Country)

    • UAE (By Type)

    • South Africa (By Type)

    • Rest of Middle East & Africa (By Type)








Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 5.48 billion in 2023 and is anticipated to reach USD 12.65 billion by 2032.

In 2023, the global market value stood at USD 5.48 billion.

The global market is projected to grow at a CAGR of 9.90% during the forecast period of 2024-2032.

The multi-purpose cooker segment is expected to be the leading product type in this market during the forecast period of 2024-2032.

Promotion of sustainable cooking appliances solutions by governments is accelerating the market growth.

Groupe SEB, Corelle Brands LLC, and Midea Group are some of the key market players.

Asia Pacific dominated the global market in 2023.

Shifting consumer trends toward smart kitchen appliances will drive the adoption of pressure cooking devices.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 200

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X