Induction Cookware Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024

  • Published: Aug 2020
  • Pages: 120
  • SKU: IRTNTR44706

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The induction cookware market size has the potential to grow by USD 1.08 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (pan, skillet pan, pressure cooker, dutch oven, and stockpot), end-user (residential and commercial), and geography (Europe, North America, APAC, South America, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Conair Corp., Groupe SEB, Meyer Corp., Newell Brands Inc., NuWave LLC, Stove Kraft Ltd., The Middleby Corp., Whirlpool Corp., Wilh. Werhahn KG, and Williams-Sonoma Inc.

What will the Induction Cookware Market Size be in 2020?

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Who are the Major Induction Cookware Vendors?

The market is fragmented. The key vendors in the market are focusing on product innovation to increase thier market share and expand their regional base. Conair Corp., Groupe SEB, and Meyer Corp. are some of the major market participants. Although the expansion of distribution networks will offer immense growth opportunities, the volatility in raw material prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this induction cookware market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this induction cookware market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Conair Corp.
  • Groupe SEB
  • Meyer Corp.
  • Newell Brands Inc.
  • NuWave LLC
  • Stove Kraft Ltd.
  • The Middleby Corp.
  • Whirlpool Corp.
  • Wilh. Werhahn KG
  • Williams-Sonoma Inc.

What are the Major Product Segments in the Induction Cookware Market?

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Induction pans include saucepans and sauté pans. Sauté pans have straight sides and a large surface area, which makes them suitable for searing meat or reducing pan sauces. These pans require very little oil or fat and quicken the cooking process. In 2019, the induction pan segment accounted for the major shares of the induction cookware market.

Market growth in this segment will be faster than the growth of the market in the skillet pan, pressure cooker, Dutch oven, and stockpot segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the induction cookware market size.

Which are the Key Markets for Induction Cookware?

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Europe was the largest induction cookware market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing number of smaller houses and the growing preference for modular kitchens will significantly drive induction cookware market growth in this region over the forecast period.

40% of the market’s growth will originate from Europe during the forecast period. Germany and the UK are the key markets for induction cookware in Europe. Market growth in this region will be slower than the growth of the market in APAC.

How will Multi-cooktop Compatible Cookware Influence Induction Cookware Market Growth?

The demand for multi-cooktop compatible cookware is increasing as it can be used on both gas and induction cooktops. Copper cookware lined with magnetic stainless steel instead of traditional tin linings are both inductions compatible and oven-safe. Vendors are offering a wide variety of induction and gas-compatible cookware products, including pressure cookers, frying pans, and copper pots to cater to this growing demand for multi-cooktop compatible cookware. The overall cost efficiency and faster cooking times of induction cooktops will further boost the popularity of multi-cooktop compatible cookware. The rising demand for multi-cooktop compatible cookware will be one of the critical induction cookware market trends, which will have a positive influence on the growth of the market.

Induction cooking is environment-friendly and requires lesser energy than other traditional cooking methods. It is more energy-efficient as it utilizes magnetic properties of steel to directly heat the cooking vessel without using flames or red-hot elements. Induction cooking also minimizes the possibility of burn injuries by only heating the vessel that is in contact with the magnetic base. These factors have encouraged governments of various countries to launch initiatives promoting the use of induction cooking. The growing promotion of induction cooking will be a significant factor fueling induction cookware market growth at a CAGR of almost 4% during the forecast period.

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What are the Key Factors Covered in this Induction Cookware Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive induction cookware market growth during the next five years
  • Precise estimation of the induction cookware market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the induction cookware industry across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of induction cookware market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The induction cookware market growth will increase by $1089.62 million during 2019-2024.
The induction cookware market is expected to grow at a CAGR of 3.53% during 2019-2024.
Technavio has segmented the induction cookware market by product (Pan, Skillet pan, Pressure cooker, Dutch oven, and Stockpot) ,end user (Residential and Commercial) , and geographic (Europe, North America, APAC, South America, and MEA).
Conair Corp., Groupe SEB, Meyer Corp., Newell Brands Inc., NuWave LLC, Stove Kraft Ltd., The Middleby Corp., Whirlpool Corp., Wilh. Werhahn KG, Williams-Sonoma Inc. are a few of the key vendors in the induction cookware market.
Europe will register the highest growth rate of 39.56% among the other regions. Therefore, the induction cookware market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the induction cookware market growth are:
  • Expansion of distribution networks
The induction cookware market vendors should focus on grabbing business opportunities from the pan segment as it accounted for the largest market share in the base year.
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