Pune,India, April 19, 2022 (GLOBE NEWSWIRE) -- The pressure cooker market size was USD 4.47 billion in 2020. The market is projected to grow from USD 4.57 billion 2021 to USD 7.44 billion in 2028 at a CAGR of 7.2% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, "Pressure Cooker Market, 2021-2028." Factors such as dominant players offering various multi-purpose devices will help drive the market toward a positive impact. Also, rising focus of various organizations to meet varying consumer needs will drive the market.
COVID-19 Impact
Pandemic to Limit Market due to Shutting Down of Crookery Stores and Constant Lockdowns
The COVID-19 pandemic has imposed various lockdowns and movement restrictions on the general population, which is expected to hinder the market growth. Additionally, the shutdown of hotels, restaurants, cafes, and other commercial settings will decrease the consumer base for the market during the forecast period. However, an ongoing trend of remote working style coupled with increasing baking demand is expected to drive the market toward a positive impact.
Fortune Business Insights™ lists out all the pressure cooker market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Groupe SEB (Selongey, France)
- Corelle Brands LLC (Illinois, U.S.)
- Fissler GmbH (Idar-Oberstein, Germany)
- Midea Group (Foshan, China)
- National Presto Industries, Inc. (Wisconsin, U.S.)
- TTK Prestige Limited (Chennai, India)
- Hawkins Cookers Limited (Mumbai, India)
- Myer Pty Ltd. (Carlingford, Australia)
- Wisconsin Aluminum Foundry Co. (Wisconsin, U.S.)
- Conair Corporation (Connecticut, U.S.)
- Kuhn Rikon (Rikon, Switzerland)
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Report Coverage
The report offers an in-depth analysis and highlights of the market to provide a comprehensive view of the market in terms of segments and subsegments. Crucial aspects such as prominent companies, types, capacities, and application areas of the market are discussed in the report. Ongoing market trends, opportunities, and threats are noted in the study along with the dominant players are noted. Additionally, the report also presents several factors that are expected to be associated with the market during the forecast period.
Drivers & Restraints
Rising Promotional Activates & Availability of Educational Content to Drive Market
Favorable government and regulatory bodies aiding rising sales of clean cooking solutions and rising innovations in terms of technological marvels will boost the growth of the market during the forecast period. Also, a plethora of educational content available online and with every purchase will aid in assisting the growth of the market. Factors such as rising consumer interests towards learning new recipes and availability of instruments at their steady disposal will increase the footprint of the pressure cooker market growth.
However, rising instances of cooker explosion incidences will hinder the growth of the market during the forecast period to some extent.
Segments
On the basis of type, the market can be divided into single purpose and multi-purpose.
By capacity, the market can be segmented across 1-2 liters, 2-5 liters, 5-8 liters, and above 8 liters.
In terms of application, the market can be branched across household and commercial.
Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights
Asia Pacific to Dominate Market due to Rising Demand from China and India
Asia Pacific is expected to hold the largest pressure cooker market share due to rising presence of dominant players in the region along with increasing consumption rate of appliances. Emerging economies such as India and China are expected to contribute a larger market revenue due to increasing population and growing demands for better kitchen solutions.
North America will contribute a significant share to owing to rising demand from the U.S. and Canada for electric pressure cooking devices. Also, factors such as ongoing cooking and baking trends will push the boundaries of the current market growth to a larger extent.
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Competitive Landscape
Innovations in Technology & Collaborations to Fuel Market Growth
The key market players in the pressure cooker industry are focusing on offering the latest generation of products to attract a large consumer base. Other strategies employed are collaborations, mergers & acquisitions, and launching innovative products to occupy maximum market share. For example, in September 2020, CRUX partnered with Ghetto Gastro, a New York-based chef's collective to launch a kitchenware collection with William Sonoma Inc.'s portfolio of products. The MUSA cooker and air fryer, DRIP programmable coffee maker, KING blender, and other kitchen appliances were introduced in this portfolio. Another strategy integrated by the dominant players in the pressure cooker industry is to offer discounted cooking products through e-commerce platforms such as Amazon.com, Walmart, and other prominent e-commerce sites to accelerate sales.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- 5.1 Impact of COVID-19
- 5.2 Supply Chain Challenges
- 5.3 Potential Opportunities due to COVID-19
- Global Pressure Cooker Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Single Purpose
- Multi-purpose
- By Capacity (Value)
- 1-2 Litres
- 2-5 Litres
- 5-8 Litres
- Above 8 Litres
- By Application (Value)
- Household
- Commercial
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
Industry Development
- January 2020: Group SEB, a leading cooking manufacturer introduced "Multi-Chef", a new pressure cooker under its existing brand "Imulsa" in Colombia. This product gives its users the ability to pilot a wide range of dishes by selecting 14 different programs and eight cooking modes.
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