The global electric lunch box market size is expected to reach USD 840.2 million by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 6.1% from 2021 to 2028. The market growth is attributed to the increasing awareness amongst consumers about hot homemade food for healthy living. The ability of an electric tiffin box to offer hot food in a portable manner is expected to attract consumers, particularly travelers and employees.
The offline distribution channel segment held the largest share of more than 60.0% in 2020 and is projected to expand at a significant CAGR during the forecast period. The online distribution channel is expected to register the fastest growth rate in the coming years. The increase in the use of smartphones and the internet, especially amongst millennials, is expected to drive online retail sales. The flexible retail option is the key to the growth of the online sales channel.
Electric lunch boxes have a comparatively higher penetration in western countries of Europe and North America as compared to the Asia Pacific region as the product is new to the Asian region and consumers are getting aware of the benefits of the electric lunch box. Owing to these factors, Asia Pacific is anticipated to register the highest CAGR during the forecast period. Additionally, increasing demand for healthy lifestyle products, coupled with the increasing disposable income of consumers, is expected to propel the market growth in this region.
Leading manufacturers of electric lunch boxes are investing in R&D activities in order to enhance the design and economic aspects of electric lunch boxes. Recent developments and innovations carried out by companies are significantly contributing to market growth. Companies are focusing on enhancing their production capability through technology integration with respect to production processes and sustainable raw materials. The market presents moderate entry barriers owing to the presence of a large number of regional players.
The report “Electric Lunch Box Market Size, Share & Trends Analysis Report By Material (Metal, Plastic), By Product (Multi-layer, Double-layer, Single-layer), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028 ” is available now to Million Insights.
Million Insights has segmented the global electric lunch box market on the basis of material, product, distribution channel, and region: