Pressure Cooker Market Share, and Expected Growth (2022-2029) | Fortune Business Insights
Companies covered in pressure cooker market are National Presto Industries Inc., Instant Brands Inc., TTK Prestige Ltd, Hawkins Cookers Limited, Tefal SAS, Corelle & others
Pune, India, Feb. 10, 2022 (GLOBE NEWSWIRE) — The global pressure cooker market size is set to gain momentum owing to its ability to cook faster and save fuel while cooking, observes Fortune Business Insights™ in an upcoming report, titled, “Pressure Cooker Market, 2022-2029.”
According to the Indian Ministry of Petroleum and Natural Gas report, using a pressure cooker saves up to 30% of gas or kerosene. The saving of cooking time is also equally high, which is one of the main benefits of using the product in today’s busy life. Since 2010, the employment rate of both men and women has increased. In the last few years, women’s payroll has grown more quickly than that of men. This led to an increase in the number of working women along with men in countries such as India and China.
Managing time for cooking purposes has led to the extensive use of pressure cookers by the majority of the working population. Additionally, these countries mainly rely on boiled food, and thus, the product is showcasing a great demand. Reputed brands such as Hawkins came up with pressure cookers that can cook food at 121 degrees Celsius at a pressure of 15lb within 5-10 minutes which is less time-consuming than ordinary pots. Such innovations and modifications are fueling market growth.
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COVID-19 Impact
The world is facing an unprecedented challenge of the COVID-19 pandemic. Various companies have shut down their production and distribution units due to lockdown. These manufacturing facilities instead moved towards the manufacturing of hand sanitizers, PPE kits, and masks to fulfill the high demand from front-line workers and common people. The world’s largest pressure cooker producing company Hawkins situated in India was adversely affected by the virus, which affected the market growth negatively.
Segmentation
Based on the product type, the market is divided into 1-2 liters, 2-5 liters and 5-8 liters. By type, it is segmented into single purpose and multipurpose. By its application, it is divided into commercial and household. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Salient Features of Report
The report provides an accurate assessment of the market, regions, and segments. It delivers several key players strategies, drivers & restraints of the market. Additionally, it would help our clients to accurately determine the market size to guide them in selecting the right strategy for their business growth.
Drivers & Restraints
Rising Number of Restaurants & Cafes Backed by High Demand for Steamed Food to Boost Growth
The rising number of restaurants and cafes is expected to contribute to the pressure cooker market growth in the upcoming years. Besides, the high demand for steamed food since it is healthy and easily can be cooked with nutrition would propel growth. Simultaneously, the low cost of pressure cookers in various countries will positively impact the market.
Also product innovations such as the high quality of gas burners have positively influenced the market. Manufacturers are investing in R&D and are coming up with new advanced technologies in terms of material used, its shape, and its ability to work on LPG and electric stoves. It is raising the demand for pressure cookers coated with hard-anodized aluminum and ceramics.
On the contrary, counterfeit products in the market such as crock-pot and microwaves are major restraints of the market.
List of Key Players Profiled in the Pressure Cooker Market Report:
- National Presto Industries Inc.
- Instant Brands Inc.
- TTK Prestige Ltd
- Hawkins Cookers Limited
- Tefal SAS
- Corelle
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Regional Analysis
Rising Number of Working Population to Help Asia Pacific Dominate
The Asia Pacific region is expected to dominate the market since there is a rise in the number of people working in corporate offices. Due to busy work schedules, the major population is shifting toward hassle-free cooking, which takes less time. Additionally, in India, aluminum’s price is low, as it is the second-largest producer of aluminum metal required to make these products, along with cheap labor resources required to manufacture pressure cookers.
On the other hand, North America is also anticipated to rise due to an increase in immigration from the Asia Pacific region. The Migration Policy report states that in the year 2019, around 2.7 million Indian immigrants live in the United States. As per the reports, the data claim they make up around 6 percent of the U.S. foreign population, and thus, Indians are the second-largest immigrants in the country, thereby making the pressure cooker market flourish.
Competitive Landscape-
Key Players Focus on New Product Launches and Division Developments to Intensify Competition
The global market houses several companies currently focusing on introducing state-of-the-art technology, mergers, and acquisitions to satiate the high consumer demand and make cooking an easier experience. Below are the two latest industry developments:
·March 2019: Corelle, an Indian Cutlery brand, acquired Instant Pot, a manufacturer of electric cooker, pressure cooker and rice cooker. The Wall Street Journal informed that the worth of these two companies is around $2 billion.
December 2020: Best-selling pot maker Instant Brand Creators collaborated with Drop. The partnership is expected to come with innovative technology to make cooking an easier experience.
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