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The global pressure cooker market size was valued at USD 5.08 billion in 2022. The market is projected to grow from USD 5.48 billion in 2023 to USD 8 billion by 2030, exhibiting a CAGR of 5.53% 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.
Shutting Down of Crockery Stores Due to COVID-19-related Restrictions Hampered Market Growth
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 will support the product's demand among households.
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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 7.65% of the net revenues from its air conditioning, cleaning appliances, and small domestic appliances segment, reaching USD 989.07 million in 2022. 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.
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 market 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.
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.
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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 market 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.
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 held 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 expected to grow faster 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%.
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 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.
Asia Pacific Pressure Cooker Market Size, 2022 (USD Billion)
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The global market is divided into Asia Pacific, South America, North America, the Middle East & African, and Europe by regions.
The Asia Pacific market size reached USD 3.36 billion in 2022. 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.
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.
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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.
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.
An Infographic Representation of Pressure Cooker Market
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The research report provides an in-depth market 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.
CAGR of 5.53% during 2023-2030
Value (USD Billion)
Fortune Business Insights says that the global market size was valued at USD 5.08 billion in 2022 and is anticipated to reach USD 8 billion by 2030.
In 2022, the global market value stood at USD 5.08 billion.
At a CAGR of 5.53%, the global market is forecast to grow during the forecast period of 2023-2030.
The multi-purpose cooker segment is expected to be the leading product type in this market during the forecast period of 2023-2030.
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 2022.
Shifting consumer trends toward smart kitchen appliances will drive the adoption of pressure cooking devices.
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