According to the latest report by IMARC Group, titled “Multi Cooker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global multi cooker market reached a value of US$ 501 Million in 2017. Multi cookers refer to electric appliances used for automated cooking. They are used for several applications like boiling, simmering, baking, frying, deep frying, grilling, roasting and steaming. Besides this, they can also be utilized for warming, reheating or cooking food at different time intervals. Due to the convenience provided by multi cookers, they are gradually replacing kitchen appliances like pans, ovens, stoves, microwaves, deep fryers and bread-makers. Moreover, the elevating purchasing power of the consumers has led to an increase in the demand for these cookers globally.
Owing to a rise in health-consciousness, consumers are now incorporating healthy eating practices and shifting from junk food to home cooked food. As multi cookers help in preparing a range of dishes easily, the growing trend of cooking at home has led to a rise in their demand. Apart from this, with advancements in technology and automation in numerous industries, the consumers are now switching from manual cooking appliances to electric variants such as induction stoves and multi cookers. Moreover, vendors are investing in R&D activities to widen their consumer-base by introducing innovative products like smart Bluetooth-enabled multifunctional pressure cookers. The multi cooker market is also being strengthened by social media and digital advertising campaigns by the manufacturers offering consumers information about their new appliances. Owing to the abovementioned factors, the market is projected to expand at a CAGR of more than 10% during 2018-2023, exceeding a value of US$ 897 Million by 2023.
- Based on product type, the market is divided into round, cube and others. Currently, round multi cookers represent the most popular type, holding the largest share of the total market.
- On the basis of applications, home use represents the largest segment, accounting for the dominant share of the market. Home use is followed by restaurants and others.
- Based on distribution channels, the market is segregated as electrical goods retailers, supermarkets/hypermarkets, departmental stores, homeware stores and online.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America is the leading market, accounting for the majority of the global share.
- The competitive landscape of the multi cooker market has also been examined with some of the key players being Philips, Morphy Richards, KitchenAid, Fagor, Breville and Tefal.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal