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According to Technavio's analyst, the multicooker market size is expected to be valued at USD 1.35 billion by 2026 with a CAGR of 16.45%. This multicooker market research report has covered details of key players and demographic segmentations that highlight potential growth areas and competition. Furthermore, the post COVID-19 impact analysis on the market captured in this report will help players evaluate their business approaches. The multicooker market report offers information on several market vendors, including Aroma Housewares Co., Breville Group Ltd., CHEFMAN, Corelle Brands LLC, De Longhi S.p.A, Domu Brands Ltd., Glen Dimplex Group, Gourmia Inc., Groupe SEB, Hamilton Beach Brands Holding Co., Hisense International Co. Ltd., John Mills Ltd., Koninklijke Philips NV, Mueller Direct, National Presto Industries Inc., Newell Brands Inc., Panasonic Corp., REDMOND Industrial group, Robert Bosch GmbH, SharkNinja Operating LLC, Spectrum Brands Holdings Inc., Sunpentown International Inc., Tiger Corp., TTK Prestige Ltd., and Whirlpool Corp. among others. Furthermore, the multicooker market has been broadly categorized into the following demographic segmentations:
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The product innovation and portfolio extension leading to premiumization is notably driving the multicooker market growth, although factors such as the high existing penetration of traditional cookers in developing countries may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the multicooker industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Multicooker Market Driver
The product innovation and portfolio extension leading to premiumization is one of the key drivers fueling the multicooker market growth. For instance, REDMOND Industrial Group offers the REDMOND RMC-280E, a multicooker designed to perform the functions of a range of home appliances, such as bread makers, steamers, deep fryers, yogurt makers, stoves, and ovens. It was introduced to lower customers' efforts and improve cooking routines. In addition to its multifunctionality, this cooker has a sleek and minimalist design, which can be stored easily. Products with such features are highly-priced due to their additional features, new designs, and the use of superior quality material. Thus, the availability of such innovative features in multicookers will propel the growth of the global multicooker market during the forecast period.
Key Multicooker Market Trend
Integration of smart connectivity in multicookers is one of the key multicooker market trends supporting the market growth. Smart cookers can basically be controlled and monitored by just using installed mobile apps in smart gadgets. Moreover, some manufacturers are focusing on introducing the smart connectivity feature in their upcoming modern cooking appliances such as multicookers to gain the attention of customers and increase their market share. Typically, they help in saving much space in the kitchen by reducing the number of other kitchen appliances to be bought. Thus, the numerous convenience offered by smart cookers to the consumers will propel the multicooker market growth during the forecast period.
Key Multicooker Market Challenge
The high existing penetration of traditional cookers in developing countries is one of the challenges limiting the multicooker market growth. Traditional cookers used for cooking rice are very popular in rice-eating Asian countries. Many households still believe in the traditional way of cooking, which encourages the use of regular cookers which are cost-effective and are easy to use on liquefied petroleum gas (LPG). For instance, India, Indonesia, and Thailand are some APAC countries where the penetration of multicookers is low as homeowners are not aware of these products and their benefits. Moreover, customers in such countries are also more price-sensitive. Such an increasing number of price-sensitive customers will limit the multicooker market growth during the forecast period.
This multicooker market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global multicooker market as a part of the global household appliances market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the multicooker market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the multicooker market encompasses successful business strategies deployed by the key vendors. The multicooker market is fragmented and the vendors are deploying growth strategies such as brand, quality, and reliability to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The multicooker market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the multicooker market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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41% of the market's growth will originate from North America during the forecast period. The US is the key market for the multicooker market in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
The rising number of working women will facilitate the multicooker market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
During the outbreak of COVID-19, the regional market had a negative impact. However, the introduction of COVID-19 vaccines in the region led to reduced COVID-19 cases and gradual normalizing of the situation, thereby resulting in the resumption of manufacturing operations of multicookers. This, in turn, will propel the multicooker market growth during the forecast period.
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The multicooker market share growth by the offline segment will be significant during the forecast period. Multicookers are mostly sold through the offline distribution channel, and the segment comprises retail formats such as specialty stores, department stores, and others. Vendors use various promotional and marketing strategies, such as branding through signages and discounts on product packages at their stores. Such new strategies used by vendors in the offline segment will drive the multicooker market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the multicooker market size and actionable market insights on post COVID-19 impact on each segment.
Residential Cooker Hoods market - The market size is expected to grow by USD 598.20 mn and record a CAGR of 3% during 2020-2024.
Cookware market - The market share is expected to increase by USD 8.99 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.8%.
Nonstick Cookware market - The market share is expected to increase by USD 1.29 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.28%.
Multicooker Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 16.45% |
Market growth 2022-2026 |
$ 1.35 billion |
Market structure |
Fragmented |
YoY growth (%) |
22.83 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key consumer countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Aroma Housewares Co., Breville Group Ltd., CHEFMAN, Corelle Brands LLC, De Longhi S.p.A, Domu Brands Ltd., Glen Dimplex Group, Gourmia Inc., Groupe SEB, Hamilton Beach Brands Holding Co., Hisense International Co. Ltd., John Mills Ltd., Koninklijke Philips NV, Mueller Direct, National Presto Industries Inc., Newell Brands Inc., Panasonic Corp., REDMOND Industrial group, Robert Bosch GmbH, SharkNinja Operating LLC, Spectrum Brands Holdings Inc., Sunpentown International Inc., Tiger Corp., TTK Prestige Ltd., and Whirlpool Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Market Segmentation by Capacity
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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