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, according to a new report by Million Insights. 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.
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 marketgrowth. 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.
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Further key findings from the reportsuggest:
• Depending on material, aluminumtype 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 marketwith share of 37.8% in 2018and is expected to remain at its position in the next few years.
• Major players in the market are Koninklijke Philips N.V., GROUPE SEB, Fissler, Zwilling, Panasonic Corporation, Zhejiang Supor Co., Ltd., WMF Group, Midea Group Co., Ltd.
Million Insights has segmented the gas & electric pressure cooker market based onmaterial, application, and region:
Gas & Electric Pressure Cooker Material Outlook (Revenue, USD Billion, 2015 - 2025)
• Stainless Steel
Gas & Electric Pressure Cooker Application Outlook (Revenue, USD Billion, 2015 - 2025)
Gas & Electric Pressure Cooker Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa