"Overview of Gas & Electric Pressure Cooker market"
The Gas & Electric Pressure Cooker market is forecasted to reach at US$ 12.8 Bn by 2027, growing at a CAGR of 8.6 % between 2019-2027.
The global gas & electric pressure cooker market has shown tremendous growth since last few years and is expected to grow rapidly over the forecast period. Some of the factors fuelling the growth of the global market include growing urban population, advantages associated with gas and electric cookers, busy lifestyle, and advancements in cookware sector.
Advantages Associated with Cookers is Fuelling the Market Growth
The gas & electric cookers are is gaining momentum due to the superior features associated with it. The pressure cooker consumers lesser time and fuel than other cooking methods. Rising awareness regarding fuel and energy conservation across the globe is anticipated to widen the scope for the growth of global market. Moreover, the continuous advancements in the cookware industry such as the introduction of highly emissive flame burners and electric cookers drive the growth of global gas & electric cooker market. Additionally, some of the prominent chefs suggest using pressure cookers as it saves the essential nutrients due to the boiling and steaming methodology.
Furthermore, electric cookers are more convenient than gas cookers. The electric cookers are facilitated with advanced features such as automatic switching off the pressure button. Also, rising demand for non-toxic cookware is expected to surge the demand for electric cookers in future.
The Stainless Steel Segment Held Larger Share in Global Gas & Electric Pressure Cooker Market
By material, the stainless steel segment is estimated to dominate the global market throughout the forecast period. The stainless steel is the most commonly used material as it is a heavy-duty material which minimizes the risk of rust, stains, and scratches even in case of over harsh cleaning and overheating. Also, these materials save the food from burning as it does not absorb excess heat while cooking. These factors are estimated to fuel the growth of the segment.
Furthermore, the aluminium material is projected to gain momentum among manufacturers in future. Aluminium is lighter in weight, cost-effective, and convenient to carry while travelling. Also, these materials are heat resistance, offers faster and even cooking which is anticipated to boost the growth of the aluminium segment. The aluminium segment is gaining popularity among industrial and residential sector across the globe.
Residential Segment Occupied Significant Share in 2018
Based on end-user, the residential segment occupied significant market share in terms of value. The electric and gas connection does not require any additional setting for residential applications and it is easily available. Rising awareness regarding less smoke emission and space associated with cookers is expected to surge the demand for the cookware in an urban residential building where there is a lack of ventilation and space.
The commercial sector is anticipated to show impressive growth in the coming years. The rising number of hotels and restaurants is increasing the need for faster and efficient cooking process which is expected to fuel the growth of the commercial sector. Large-sized cookers are able to cook a huge amount of food in very less time which promote the growth of gas and electric pressure cookers in multi-cuisine restaurants.
Asia Pacific is anticipated to be the Largest Share Holder Whereas Europe is Estimated to Show Lucrative Growth in Future
By geography, the global gas & electric cookers market is led by North America. The growth of the region is propelled by a large number of households and a growing population. More than 90 % of rice is produced and consumed in the Asia Pacific which promote the usage of quick-cooking methods which is expected to widen the scope of cookers market in Asia Pacific. Moreover, the increasing development in power infrastructure in developing countries including China and Japan and rising awareness regarding energy conservation promotes the adoption of electric cookers in the region.
On the other hand, Europe is projected to impressive growth during the forecast period. The public and private figures are taking initiatives to promote the usage of low or green emissive products which is expected to boost the sale scale of gas and electric pressure cookers in the region. Moreover, the high purchasing power and presence of prominent players in the region is expected to widen the scope of regional growth at a large scale.
Some of the major players operating in global gas & electric cooker market include Qingdao Haier Co., Ltd., GROUPE SEB, Joyoung Co., Ltd., Zwilling, Fissler, Midea Group Co., Ltd., Fissler, Zhejiang Supor Co., Ltd., Koninklijke Philips N.V., WMF Group, and Panasonic Corporation.
Global Gas & Electric Pressure Cooker Market by Material
- Stainless Steel
Global Gas & Electric Pressure Cooker Market by End-User
Global Gas & Electric Pressure Cooker Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America