Pune, India, June 06, 2023 (GLOBE NEWSWIRE) — The global pressure cooker market size was valued at USD 5.08 billion in 2022 and is expected to be worth USD 5.48 billion in 2023. The market is projected to be valued at USD 8 billion by 2030, recording a CAGR of 5.53% during the forecast period.
Pressure cookers are being widely used by commercial as well as residential consumers across the world to cater to their daily cooking needs. Features, such as design material, pot capacity, and cooking time can heavily impact the demand for such products. Hotel chefs and home maids are using multifunctional cooking devices to prepare a wide range of foods in a short time span. These factors are expected to boost the pressure cooker market growth.
Fortune Business Insights™ displays this information in a report titled, “Global Pressure Cooker Market, 2023-2030.”
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List of Key Players Profiled in the Pressure Cooker Market Report:
- Groupe SEB (France)
- Corelle Brands LLC (U.S.)
- Fissler GmbH (Germany)
- Midea Group (China)
- National Presto Industries, Inc. (U.S.)
- TTK Prestige Limited (India)
- Hawkins Cookers Limited (India)
- Myer Pty Ltd. (Australia)
- Wisconsin Aluminum Foundry Co. (U.S.)
- Conair Corporation (U.S.)
- Kuhn Rikon (Switzerland)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.53% |
| 2030 Value Projection | USD 8 Billion |
| Market Size in 2022 | USD 5.08 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Pressure Cooker Market Growth Drivers | Government Support for Sustainable Cooking Appliances to Augment Market Growth |
| Cooking-related Educational Content Offered by Companies to Sustain Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/pressure-cooker-market-103871
Report Coverage:
The research report offers an in-depth analysis of the market and highlights crucial aspects such as leading product types, key companies, capacities, and top application areas. Besides this, the report provides valuable regional insights into the market trends and focuses on significant industry developments.
Drivers and Restraints:
Government Support for Sustainable Cooking Appliances to Support Market Expansion
Regulatory authorities and government agencies are introducing a wide range of supportive schemes and programs to provide clean and sustainable cooking solutions to companies and customers. This factor is expected to boost the demand for eco-friendly cooking products, thereby augmenting the pressure cooker market growth.
However, growing instances of pressure cooker explosion will limit the market expansion.
COVID-19 Impact:
Crockery Stores Forced to Shut Business During COVID-19 Pandemic, Slumping Product Sales
The restrictions imposed during the COVID-19 pandemic forced many crockery stores and supermarkets to close down their operations. This had a negative impact on the product’s sales from these stores. The shutdown of restaurants, hotels, cafes, and other commercial settings due to these restrictions also decreased the product’s consumption rate, further decelerating the global market growth.
Segments:
Single-purpose Cookers Widely Demanded for Their Affordability and Easy Availability
Based on type, the market is segmented into single purpose and multi-purpose. The single purpose segment held a dominant position in the global market due to its affordability and easier availability as compared to other types of cookers.
Rising Number of 3 to 5-member Households will Augment Demand for 2-5 Liter Cookers
In terms of capacity, the market is segregated into 1-2 liters, 2-5 liters, 5-8 liters, and above 8 liters. The 2-5-liter segment captured a prominent position in the market due to the rising number of 3 to 5-member size households across the world.
Pressure Cookers to Find Robust Demand across Households to Cater to their Daily Cooking Needs
Based on application, the market is segmented into household and commercial. The household segment held a sizable market share as the consumption of pressure & rice cookers is rising across households to meet their daily cooking requirements.
The global market is divided into Asia Pacific, South America, North America, the Middle East & African, and Europe by region.
Regional Insights:
Robust Consumption of Kitchen Appliances to Boost Asia Pacific Market Growth
Asia Pacific held a leading position in the pressure cooker market share due to the high consumption of kitchen appliances in countries, such as India and China, to meet their daily cooking needs. According to data by the China Household Electrical Appliances Association (CHEAA), between January and August 2020, the retail sales of the country’s home appliances reached USD 12,732.6 million.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Recent Industry Developments
- Supply Chain & Regulatory Analysis
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges
- Potential Opportunities due to COVID-19 Pandemic
- Global Pressure Cooker Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Single Purpose
- Multi-Purpose
- Market Analysis, Insights and Forecast – By Capacity
- 1-2 Liters
- 2-5 Liters
- 5-8 Liters
- Above 8 Liters
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued…!
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Competitive Landscape:
Product Discounts and Innovations Are Top Strategies Bolstering Market Growth
Some of the top market players are providing advanced electronic kitchen devices to attract new consumers and expand their revenue margins. This factor is expected to support the market growth.
The market in North America is also expected to grow at a strong pace as the demand for various electric cooking appliances is rising among customers in the U.S. and Canada.
Key Industry Development:
- September 2022: TTK Prestige Ltd., an Indian kitchenware manufacturer, introduced ‘Svacch Flip-on,’ a modular pressure cooker equipped with a signature spoilage control-lid in the India market.
Read Related Insights:
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Home Appliances Market to Hit USD 987.35 Billion by 2029 | with a CAGR of 5.57%
Small Domestic Appliances Market to Hit USD 271.23 Billion by 2030 | With a 4.92% CAGR
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