Pressure Cooker Market

Pressure Cooker Market

New York, May 2024: According to a new research study by Global Insight Services (GIS), the global Pressure Cooker Market is expected to grow rapidly over the next 10 years to reach a value of more than USD 10.3 billion by 2033.

A pressure cooker is a kitchen appliance that cooks food quickly under high pressure. Pressure cookers have been around for centuries, but they became popular in the United States after World War II. Pressure cookers work by trapping steam inside the pot. The steam increases the pressure inside the pot, which raises the boiling point of the water. This allows the food to cook faster than it would at a lower pressure.

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Pressure Cooker Market: Key Drivers and Trends

One of the key trends in Pressure Cooker technology is the development of multi-functional cookers. These cookers can be used to prepare a variety of foods, including stews, soups, and rice dishes. They often have multiple cooking settings, so that they can be used to prepare food at different temperatures.

Another key trend is the development of pressure cookers with automatic shut-off features. This feature is designed to prevent food from overcooking and to make the cooking process easier and safer.

The key drivers of the Pressure Cooker market are the growing demand for healthy and nutritious food, the need for faster cooking times, and the desire for more energy-efficient cooking methods.

Pressure cookers have seen a resurgence in popularity in recent years as consumers become more interested in healthy cooking methods that preserve nutrients and cook food quickly. Pressure cookers are also more energy-efficient than other cooking methods, which is another key driver of market growth.

Pressure Cooker Market: Restraints and Challenges

The key restraints and challenges in the global Pressure Cooker Market are as follows:

  1. Fluctuations in the prices of raw materials
  2. Stringent regulations regarding the use of wood-based panels
  3. High initial investment required for setting up manufacturing facilities

Pressure Cooker Market Report Findings

https://www.globalinsightservices.com/reports/pressure-cooker-market

The hard anodized aluminum segment is anticipated to dominate the market during the forecast period

By material type, the market is classified into aluminum, brass, stainless steel, hard anodized aluminum. The hard anodized aluminum segment dominated the market in 2023 and it is anticipated to be the fastest during the forecast period. The increasing popularity due to its enhanced durability and superior cooking performance. This material is highly resistant to corrosion and scratches, making it ideal for long-term use. Consumers are increasingly seeking pressure cookers that offer longevity and robustness, driving the demand for hard anodized aluminum models. Additionally, the material’s excellent heat distribution properties ensure even cooking, which is a significant factor for home chefs aiming for precision. As health consciousness rises, the non-reactive nature of hard anodized aluminum, which prevents food contamination, further boosts its appeal among consumers.

The up to 3 litres segment is anticipated to dominate the market during the forecast period

By capacity, the market is divided into up to 3 litres, 1 -5 litres, and above 5 litres. The up to 3 litres segment dominated the market in 2023 and it is anticipated to be the fastest during the forecast period. The segment’s growth is driven by its suitability for small to medium-sized families and individuals. This size offers a perfect balance between convenience and efficiency, catering to the growing trend of compact and versatile kitchen appliances. Urbanization and the rise of nuclear families have increased the demand for moderately sized cookware that can handle daily cooking needs without occupying too much storage space. Additionally, the 3-litre pressure cooker is ideal for preparing quick meals, aligning with the busy lifestyles of modern consumers who seek time-saving solutions in the kitchen.

The North America region is anticipated to dominate the market during the forecast period

By region, the market is segmented into North America, Europe, Asia-Pacific, and rest of the world. North America has dominated the regional segment in 2023 and Asia Pacific is anticipated to be the fastest growing region in the coming years. Increasing awareness of healthy eating and the need for convenient cooking solutions are primary factors boosting the demand for pressure cookers. Consumers are increasingly inclined towards appliances that can prepare meals quickly while preserving nutrients, making pressure cookers an attractive option. Technological advancements and innovative product features, such as digital interfaces, multi-functionality, and safety enhancements, are also driving market growth. Additionally, the rising popularity of home cooking, spurred by the COVID-19 pandemic, has led to a surge in pressure cooker sales as more people seek efficient ways to prepare diverse cuisines at home. Environmental and economic factors are further influencing the market. The emphasis on energy efficiency and the desire to reduce cooking time and energy consumption align with the benefits of pressure cookers. Moreover, the presence of prominent brands and a well-established retail network, both online and offline, facilitates easier access to a variety of pressure cooker models, contributing to market expansion in North America.

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Competitive Landscape

The key players in the Pressure Cooker Market are Sinbo, Silit, Hawkins, TTK Prestige, Kuhn Rikon, Zwilling, Fissler, Philips, Panasonic, and Instant Pot.

Recent Developments
  • In March 2023, Fresco has unveiled its KitchenOS platform, a comprehensive update of its smart kitchen software suite. In conjunction with this launch, the company announced that Instant Brands, the manufacturer of the renowned Instant Pot smart pressure cooker, will be the first to introduce the new KitchenOS with the Instant Pot Pro Plus. The revamped KitchenOS, which features updated firmware, apps, and smart recipes, is the culmination of a two-year project by the Dublin-based company. This new platform is designed to facilitate multi-appliance control and offer a personalized user experience.
  • In September 2022, Energy Efficiency Services Ltd. (EESL), a joint venture of public sector enterprises under the Ministry of Power, along with the International Solar Alliance (ISA), supported the first Modern Energy Cooking Forum 2022 in New Delhi. The forum, emphasizing electricity, batteries, and solar energy, was organized by the Modern Energy Cooking Services (MECS)—a UK Aid-funded global research program led by Loughborough University and the World Bank’s Energy Sector Management Assistance Programme (ESMAP)—in collaboration with their in-country partner, Finovista India. To reduce costs and raise awareness, EESL and the MECS Programme have agreed to collaborate on the large-scale initial deployment of over 20,000 electric pressure cookers and induction cooktops in India. This initiative aims to accelerate the acceptance and widespread adoption of modern electric cooking devices in Indian households. The forum also showcased the latest innovative electric and solar-powered cooking devices from entrepreneurs across India.
Pressure Cooker Market Report Coverage
  • The report offers a comprehensive quantitative as well as qualitative analysis of the current Pressure Cooker Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
  • The report also covers qualitative as well as quantitative analysis of Pressure Cooker Market in terms of revenue ($Million).
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Pressure Cooker industry.
  • A thorough analysis of market trends and restraints is provided.
  • By region as well as country market analysis is also presented in this report.
  • Analytical depiction of the Pressure Cooker Market along with the current trends and future estimations to depict imminent investment pockets. The overall Pressure Cooker industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
  • Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Pressure Cooker Market are also analyzed.
Market Segmentation

By Material Types

  • Aluminum
  • Brass
  • Stainless Steel
  • Hard Anodized Aluminum

By Capacity

  • Up to 3 Litres
  • 1 -5 Litres
  • Above 5 Litres

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
    • Sweden
    • Switzerland
    • Denmark
    • Finland
    • Russia
    • Rest of Europe
  • The Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Taiwan
    • Malaysia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa
Key Players