The global gas and electric pressure cooker market size is expected to reach USD 10.01 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 7.11% during the forecast period. Rise in the number of working population along with the rising demand for quick and easy cooking methods is projected to drive the growth. The market is driven by the use of advanced materials with enhanced safety features of the gas and electric pressure cookers. In addition, the use of special ceramic and nontoxic coating has been driving the product sales.
Newly introduced electric pressure cooker category is anticipated to witness significant growth in near future owing to the discount offers made available by kitchenware stores, hypermarkets and supermarkets, specialty stores, and mass merchandisers. Moreover, availability of dedicated space for shopping electric and gas pressure cookers in offline and online segments contributes to the market growth. In addition, the pressure cookers offer rich flavors to the cooked food while maintaining its essential nutrients. This factor is anticipated to further fuel the market growth.
Asia Pacific held the largest share of the market and is anticipated to ascend at a significant CAGR during the forecast period. Rise in the sales of pressure cookers to speed up the cooking process coupled with a rising number of nuclear household is anticipated to fuel the regional growth. Rise in purchasing power of consumers in the countries such as India and China has resulted in increased sales of new and innovative electric products. Moreover, rising product innovations such as automated and special coated pressure cookers is anticipated to create growth opportunities for the regional market in the forthcoming years.
Developed countries such as U.S., Canada, and Germany among others are anticipated to register significant rise in demand for the product. Rising interest for the pressure cookers due to their energy efficiency and low smoke emission is expected to fuel the demand as well as product innovation.
Companies operating in the gas and electric pressure cooker market engage in business activities such as innovation, product launches, and expanding their geographical reach to drive the product sales. The market is characterized by several initiatives, such as, acquisitions and mergers, online sales, and developments endeavored by the key players.
Further key findings from the report suggest:
- In terms of revenue, aluminum product segment is projected to ascend at a CAGR of 8.07% over the forecast period
- Residential segment led the global gas and electric pressure cooker market with an overall share of over 72.09% in 2018
- Asia Pacific held the leading market share of 37.86%, owing to rising disposable income of the consumers in India, South Korea, China, and Japan
- The market is highly competitive in nature with the presence of main players such as GROUPE SEB, Zwilling J. A. Henckels, Fissler GmbH, Koninklijke Philips N.V., Panasonic Corporation, and WMF Group