Gas & Electric Pressure Cooker Market Analysis Report By Material, By Application, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global gas & electric pressure cooker market size was accounted for USD 6.19 billion, in 2018 and is projected to grow at the CAGR of 7.11% during the forecasted period, 2019 to 2025. The hectic & busy lifestyle along with the rising urban population is expected to boost the market growth. Electric and gas pressure cooker saves energy needed for the cooking. This is a key factor that is expected to increase the demand for the product.

A pressure cooker reduces the time required for cooking by 70% when compared with traditional cooking methods. Electric cookers are known to conserve energy. The growing awareness among consumers about these benefits is expected to propel the demand for the product.

Product innovation and advanced technology are encouraging manufacturers to develop new products to meet consumer needs. Top players are investing heavily in their R & D to develop new products to cater to cooking requirements. The increasing demand for ceramic and anodized aluminum-coated cookers is expected to proliferate the market growth.

Electric cookers are easier & more convenient to use than stovetop types. Electric cookers are equipped with an automatic switch-off button. This type of cooker saves energy and gets turned off before the food gets burnt. These factors are anticipated to positively impact the market growth in the next few years.

Material Insights

The gas and electric pressure cooker market is fragmented into stainless steel, aluminum, and others depending upon the material. In 2018, the stainless steel type held the highest share of over 63.0% in the overall market. This material protects the cooker from external scratches, rust, and stains. It also controls the cooking process without allowing excessive to burn the food. These cooking benefits are expected to bolster the demand for the product.

The aluminum segment is projected to grow at the fastest CAGR of 8.0% over the forecasted period. Aluminum pressure cookers are light in weight and are convenient to use while cooking. This material is a good conductor of heat, which makes the cooking quicker & faster. All these factors are anticipated to propel market growth.

Application Insights

The applications segment in the gas & electric cooker market is bifurcated into residential and commercial. In 2018, the residential segment dominated the market contributing to the revenue of USD 4.46 billion in the overall market. In the residential sector, single-phase power is appropriate for the electric cooker. The pressure cooker needs little heat and emits less smoke. The growing awareness among consumers about these advantages is expected to boost the demand for the product.

The commercial segment is projected to grow at a CAGR of over 8.0% during the forecasted period. This segment is driven by the increasing need for cooking food in a shorter span of time in commercial applications such as hotels and restaurants. This cooker is manufactured with customized requirements so that they can save time by cooking food faster. Increasing commercial applications of gas & electric pressure cooker are anticipated to have a positive impact on the market growth.

Regional Insights

In 2018, 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 gas & electric pressure cooker. In addition, the increasing income levels and growing purchasing power of the consumer are anticipated to positively impact the market growth.

Europe is anticipated to grow at a CAGR of more than 9.0% during the forecasted period. The European Commission follows strict government policies to reduce the gas emission levels. Thus, there is a high demand for the electric pressure cooker which is expected to spur market growth over the next few years. Consumers are preferring energy-efficient appliances which are contributing to market growth.

Impact of COVID-19 Insights

The outbreak of COVID-19 has negatively impacted the global gas & electric pressure cooker market. During the First Quarter, all the product manufacturing facilities of top players had been closed. The stoppage in the production of pressure cookers owing to supply chain disruption of raw materials such as steel, and other metals is limiting the market growth.

In addition, several factors such as reduced production capacities, and minimized labor force have resulted in a decline in net sales. For example, Groupe SEB, pressure cooker manufacturers has foreseen a decline in its sales by 30.0% during April 2020.

Gas & Electric Pressure Cooker Market Share Insights

Leading players include Koninklijke Philips N.V., GROUPE SEB, Fissler, Zwilling, Panasonic Corporation, Zhejiang Supor Co., Ltd., WMF Group, Midea Group Co., Ltd., Qingdao Haier Co., Ltd., and Joyoung Co., Ltd.Top players in the market are focusing on product innovations and mergers & acquisitions to expand their reach across the emerging countries such as India, and China.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global gas and electric pressure cooker market report on the basis of material, application, and region:

• Material Outlook (Revenue, USD Billion,2015 - 2025)
    • Stainless Steel
    • Aluminum
    • Others

• Application Outlook (Revenue, USD Billion,2015 - 2025)
    • Residential
    • Commercial

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • the Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East &Africa (MEA)
        • South Africa