The global gas & electric pressure cooker market is estimated to reach USD 10.01 billion, by 2025, and is projected to grow at a CAGR of 7.11% from 2019 to 2025. The hectic & busy lifestyle along with the rising demand for easy cooking appliances is expected to enhance market growth. Electric and gas pressure cooker saves energy needed for the cooking and provides safety features. Additionally, the nontoxic coating and use of ceramic is expected to increase the demand for the product.
In Addition, the increasing demand for ceramic and anodized aluminum coated cooker is expected to proliferate growth of the product. Moreover, newly launched cookers are anticipated to gain traction among consumer due to the rising discount offers by the supermarkets, kitchenware stores, hypermarkets. These cooker offer enhanced flavors without interfering essential nutrients. All these key factors are projected to propel the product demand in the next few years.
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Asia Pacific held the largest market share of over 37.0% in the overall market. The growing population and increasing adoption of fast foods and restaurants in the region is boosting the demand for the pressure cooker. In addition, the increasing income levels and growing purchasing power of the consumer is anticipated to positively impact the gas and electric pressure cooker market growth. Product innovations such as coated pressure cooker, automatic functioned cooker are expected to increase the demand for the product.
The product has high demand from countries such as Germany, the U.S., Canada owing to growing awareness among consumer regarding smoke emission, and energy efficiency are some of the key benefits of using this product. These factors are expected to foster the market growth.
Top players in the market are focusing on new product innovations and mergers & acquisitions to expand their reach across the globe. These strategic initiatives are expected to boost the market growth.
Further key findings from the report suggest:
• Depending on material, aluminum type is anticipated to grow at a CAGR of over 8.0% from 2019 to 2025.
• Based on the application, residential segment attributed to market share over 72.0% in 2018.
• Asia Pacific region dominated the gas & electric pressure cooker market with share of 37.8% in 2018 and is expected to remain at its position in the next few years.
Impact of COVID-19 Insights
The outbreak of COVID-19 has negatively impacted the global gas & electric pressure cooker market. During the first Quarter, all the product manufacturing facilities of top players had been closed. The stoppage in the production of pressure cooker owing to supply chain disruption of raw materials such as steel, and other metals is limiting the market growth.
In addition, several factor such as reduced production capacities, and minimized labor force has resulted in decline in the net sales. For example, Groupe SEB, pressure cooker manufacturers has foreseen a decline in its sales by 30.0% during April 2020.
Global Gas & Electric Pressure Cooker Market: Key Players
Koninklijke Philips N.V., GROUPE SEB, Fissler, Zwilling, Panasonic Corporation, Zhejiang Supor Co., Ltd., WMF Group, Midea Group Co., Ltd.
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