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The global pressure cooker market size was USD 4.47 billion in 2020. The market is expected to grow from USD 4.57 billion in 2021 to USD 7.44 billion in 2028 at a CAGR of 7.2% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with pressure cooker witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of -22.62% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
People commonly use pressure cookers 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 cook food dishes. Hence, prominent manufacturers are focusing on offering multi-purpose devices to meet such varying consumer needs. For instance, in June 2020, Panasonic Corporation introduced 'NN-CD87KS Home Chef 4 in 1 Countertop Microwave Oven', a multiple cook functional cooking appliance that includes a multi-crockery pot and a toaster oven.
Shutting down of Crookery Stores Due to COVID-19 Related Restrictions to Hamper Market
COVID-19 related lockdown restrictions have forced crookery stores and supermarkets to shut down their businesses which have strongly impacted product sales. Additionally, the shutdown of hotels, restaurants, cafes and other commercial settings due to such restrictions has negatively impacted the product's consumption rate. According to the statistical data published by National Restaurant Association, as of January 2021, more than 17% of the restaurants in the U.S. have been shuttled down since the onset of coronavirus crises in the country.
However, increasing working women's preference for the remote working style and ongoing cooking & baking trends will support the product's demand among households.
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Shifting Consumers' Preference Toward Smart Kitchen Appliances to Aid Market
Shifting consumers' preference toward smart kitchen appliances is accelerating product revenue worldwide. For instance, in 2020, Cuckoo Electronics Co., a South Korean smart kitchen appliances maker, reported 56% jump in its revenues over 2019. Also, growing popularity of application controlled-crockeries among household consumers is offering newer market growth opportunities. Besides, shifting consumer preference toward energy-efficient kitchen electrics will provide further avenues to market growth.
Governmental Promotion for Sustainable Cooking Appliances to Augment Market
Nowadays, government authorities are coming up with various initiatives to offer clean cooking solutions to people and companies. These governmental authorities’ efforts will increase demand for sustainably-made cooking appliances worldwide. For instance, in December 2020, Modern Energy Cooking Services (MECS), a U.K.-based, clean cooking solution provider, collaborated with the World Bank Group to develop an ecosystem of clean cooking appliances manufacturers in India, Africa, and Southeast Asia countries.
Additionally, regular companies' provision of innovative kitchen electrics is likely to attract consumers toward buying such products, thereby accelerating the pressure cooker market growth. As of April 2021, Groupe SEB, a leading pressure cooker maker, manufactured and launched more than 250 million small appliances worldwide.
Continued Companies' Offering of Cooking-related Educational Content to Sustain Market
Nowadays, companies offer cooking recipe-related educational content through digital platforms to keep their consumers engaged in learning newer cooking recipes and increase ability to cook faster. These companies' efforts are likely to influence people toward buying crockery products, thereby driving the market growth. For instance, in May 2021, SharkNinja Operating LLC, an innovator in small kitchen electrics, introduced a digital platform that houses hundreds of food cooking recipes and is available for the U.K., U.S., France, and German consumers. Besides, companies' regular provision of discounted items maintains worldwide products sales.
Crockery Products Explosion Incidences to Limit pressure cooker Demand
Regular incidences of crockery products explosion due to companies' faulty product offerings mainly limit consumers in buying pressure cookers, 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 U.S. leading multi-purpose crockery items maker, due to the 'Instant Pot' cookers' explosion incidences among them. Besides, the higher cost of the multi-purpose crockery items is limiting its demand among the middle & lower-income groups. Also, intense competition from local industry players with their competitive pricing is hampering the market growth.
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Large Consumer Demand for Innovative Kitchen Electrics Make Multi-purpose to Dominate Market
By type, this market is divided into single purpose and multi-purpose.
Significant worldwide population’s demand for smart kitchen electrics such as refrigerators, dishwashers, rice cooking items, and others result in a multi-purpose segment dominating the global market. For instance, in 2020, Midea Group, a Chinese smart home appliances maker, reported a 2% jump in its revenues and reached USD 43,471.3 million. Additionally, shifting consumer trends toward multifunctional and time-saving kitchen electrics will further aid segment growth.
The single-purpose segment is mainly driven by traditional rice cooking products' easy availability and cost-effectiveness over counterparts. Furthermore, the increasing aged population's preference for slow cooking crookeries further supports segmental growth.
Many Family Households Make 2-5 Liters Segment to Hold a Leading Market Position
By capacity, the global market is segregated into 1-2 liters, 2-5 liters, 5-8 liters, and above 8 liters.
The 2-5 lters segment holds a leading market position owing to the large number of 3 to 5 size households worldwide. 3 to 5 members of households mainly use 2-5 liters of capacity crockery pots. According to statistical data presented by the Public Reference Bureau (PRB), as of August 2021, in terms of the number of household members, the global average household size reached 4.0. Besides, the 2-5 liters capacity of crockery pots mainly offers moderate functionality and cost-effectiveness benefits. Such factors make the 2-5 liters segment dominate the market.
The 1-2 liters capacity of crookery pots are enough to use for single or two-person families. The 1-2 liters segment is expected to grow faster due to the rising number of single-person households worldwide. According to the Surveyed data presented by the European Union, from 2010 to 2020, single-person families in Europe increased by 20%.
Significant Households Demand for Crockeries Make Household Segment to Dominate Market
By application, the market is segregated into household and commercial.
The household segment exhibits a leading market position due to the household consumers' large consumption of pressure cooker for their everyday cooking needs. For instance, in 2020, household e-commerce sales volume from Joyoung Co. Ltd.'s kitchen appliances reached 590 million. However, growing hotel and hospitality infrastructural facilities will amplify the product's consumption rate among such settings, fueling the commercial segmental growth. For instance, from 2017 to 2020, Tim Hortons opened 23 quick-service restaurant outlets in the U.K.
Asia Pacific Pressure Cooker Market Size, 2020 (USD Billion)
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Asia Pacific to Lead Market due to Large Consumption of Kitchen Appliance and Larger Consumer Base
The market is segregated into the Asia Pacific, South American, North American, Middle East & African, and European regions.
The Asia Pacific market size reached USD 2.78 billion in 2020. The region exhibits a leading position in the global market owing to the large consumption of kitchen appliances among the Chinese and Indian populations for their everyday cooking needs. According to the surveyed data presented by the China Household Electrical Appliances Association (CHEAA), from January 2020 to August 2020, retail sales of home appliances in China reached USD 12,732.6 million.
Nowadays, prominent companies, such as TTK Prestige Limited, Hawkins Cookers Limited, and others, are expanding their presence in India, Bangladesh, and other Asian countries. These companies’ efforts will support the products’ consumption rate in Asia. For instance, in 2020, TTK Prestige Limited, an Indian stainless steel material-based crockery manufacturer initiated a newer manufacturing project at Gujarat and Coimbatore locations in India.
The North American market will grow faster due to the rising U.S. and Canadian consumers' demand for electric pressure crockery products. In July 2019, Instant Brands Inc. sold more than 300,000 electric instant crockery pots from the U.S. amazon portal. Additionally, ongoing cooking & baking trends among the U.S. and Canadian consumers will further support the products consumption rate in the region.
The western Europe market is mainly driven by prominent manufacturing companies such as Fissler GmbH, Groupe SEB, Amica Wronki SA, and others. Additionally, increasing consumer preference toward buying upgraded technology-based home appliances is driving the product revenues from the Eastern European part.
The South America market is mainly driven by the regular introduction of innovative kitchen electrics by prominent companies such as Groupe SEB, Midea Group, and others in Brazil and Chile. For instance, in September 2020, Arno, Groupe SEB owned cooking appliances brand introduced an advanced electric pressure cooker device in Brazil. Such a product is equipped with a digital touchscreen in 2.5 liters and 4.8 liters of sizes with 11 different safety features.
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Besides, in June 2020, Clasp.ngo, a U.K.-based sustainable energy solution provider, initiated a small-scale electric pressure crockery pilot to promote & uptick sustainably made appliances' demand among Tanzania's rural population. Such initiatives will accelerate the market growth in the Middle East & African regions.
Product Innovation and Discounted Product Offerings are Key Strategies Fueling Market
Key players mainly focus on offering innovative kitchen electrics to attract consumers to buy such items, thereby driving the market growth. Additionally, they offer discounted cooking appliances through Amazon.com, Walmart, and other prominent e-commerce sites to accelerate their overall revenues. For instance, in August 2021, Instant Brands Inc. sold Instant Pot Duo 7 in 1 electric pressure crookery device on the U.S. Amazon site at a discounted price of less than or equal to USD 69.95. The product can also be used as a yogurt maker.
An Infographic Representation of Pressure Cooker Market
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The global pressure cooker market report provides an in-depth analysis of the market and highlights crucial aspects such as prominent companies, types, capacities, and application areas. Besides this, the research report provides detailed insights into the pressure cooker market trends and highlights significant industry developments. In addition to the aforementioned aspects, the report encompasses several factors that have contributed to the market's growth in recent years.
Value (USD billion)
Fortune Business Insights says that the global market size was USD 4.47 billion in 2020 and is anticipated to reach USD 7.44 billion by the end of 2028.
In 2020, the worldwide market value stood at USD 4.47 billion.
The global market is expected to grow at a CAGR of 7.2% during 2021-2028.
The multi-purpose segment is expected to be the leading product type in this global market during the forecast period (2021-2028).
Governmental promotion of sustainable cooking appliances solutions is accelerating the market growth.
Groupe SEB, Corelle Brands LLC, and Midea Group are some of the leading companies worldwide.
In 2020, Asia Pacific will dominate the global market.
Shifting consumer trends toward smart kitchen appliances will drive the adoption of cooking devices.
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