The global gas & electric pressure cooker market is projected to expand at a CAGR of 7% during the forecast period, 2021 – 2028. The growth of the market is attributed to growing preference of the product from working population.
A pressure cooker is a sealed pot with a valve that controls the steam pressure inside. Once the pot is heated, the liquid inside forms steam, which raises the pressure in the pot. The gas pressure cooker is designed to be cost-effective and reliable. On the other hand, electric pressure cookers are connected directly to the electric system, they are safer than the gas models and also have timers and other cooking options for several food recipes.
Pressure cookers play a prominent role in kitchens across the globe. They are more favored in Indian households. These cookers reduce the cooking time by around 70% than that of traditional cooking methods, while the use of electric power helps to save energy required during cooking. Additionally, they help in preserving the nutrients in the food and create rich flavors
The report on the global gas & electric pressure cooker market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|Report Title||Gas & Electric Pressure Cooker Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast|
|Segmentation||Materials (Stainless Steel and Aluminum) Applications (Residential and Commercial)|
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered||GROUPE SEB, Zwilling, Fissler, Koninklijke Philips N.V., Panasonic Corporation, WMF Group, Zhejiang Supor Co., Ltd., Midea Group Co., Ltd., Joyoung Co., Ltd., and Qingdao Haier Co., Ltd.|
Stainless steel segment anticipated to grow at a healthy rate.
On the basis of materials, the market is segmented into stainless steel and aluminum. The stainless steel segment is anticipated to grow at a healthy rate during the forecast period. Stainless steel is a heavy duty material and is generally used in the manufacturing of gas & electric pressure cookers. It eliminates excessive heat absorption during the cooking process, which avoids uncontrolled burning of food. These factors are anticipated to drive the segment growth.
The aluminum segment is expected to register a CAGR of 7.9% owing to the cost efficiency of the product. Aluminum is a light weight material that makes it favorable for industrial quacking. Moreover, its good conductor characteristics aids in fast cooking.
Residential segment anticipated to account for a large market share.
Based on applications, the market is divided into residential and commercial. The residential segment accounted for a large market share in 2020, in terms of revenue. Electric pressure cookers require single phase power connections, which makes them more favorable in residential areas. Lack of proper ventilation in urban residential areas leads to the adoption of advanced cooking equipments. Pressure cookers require a small amount of heat and in turn causes low smoke emission, which increases adoption of them in residential buildings.
The commercial segment is expected to witness a substantial CAGR owing to rising need for fast cooking in various commercial spaces such as restaurants and hotels. Large sized cookers enable huge amount of food to be cooked in a limited time. Increasing demand for electric pressure cookers to maintain temperature inside commercial areas is anticipated to spur the segment growth during the forecast period.
Asia Pacific expected to account for a large market share.
In terms of regions, the market is classified into Asia Pacific, North America, Latin America, Europe and Middle East & Africa. Asia Pacific is anticipated to account for a large market share owing to the increasing population and rising disposable income in countries such as India and China. Additionally, increasing number of households and rising adoption of innovative products is expected to spur the market growth in this region.
The market in Europe is expected to expand at a CAGR of 8.9% during the forecast period. Recent government initiatives to promote the use of ecofriendly and low emissive product in countries such as Italy, France, and Germany is expected to spur the market growth in this region.
Segments covered in the report
The global gas & electric pressure cooker market has been segmented on the basis of
Major players competing in the global gas & electric pressure cooker market include GROUPE SEB, Zwilling, Fissler, Koninklijke Philips N.V., Panasonic Corporation, WMF Group, Zhejiang Supor Co., Ltd., Midea Group Co., Ltd., Joyoung Co., Ltd., and Qingdao Haier Co., Ltd.
Manufacturers are focusing on product innovations and introduction of advanced technologies such as electric and highly emissive flame burners to cater the demand for nontoxic pressure cookers.
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