Market research analysts at Technavio predict that the global slow cooker market will grow steadily during the next four years and post a CAGR of over 8% by 2021. This market research analysis identifies the growing demand for slow cooked food as one of the primary growth factors for this market. Due to the increasing interest of customers in preparing freshly made meals and the increase in the number of working women, there has been a raise in the sales of the slow cookers. Additionally, benefits such as time efficiency and energy efficiency will also drive the demand for slow cookers, which will subsequently fuel market growth.
One of the latest trends that will gain traction in the slow cooker market in the coming years is the portability of slow cookers. The removable crock feature reduces the weight of slow cookers, allowing the users to move the cookers from one place to another without much effort and enhances the convenience quotient. Furthermore, the addition of features such as rubber seals and locking mechanisms, which hold the lid sealed tightly onto the crock for the spill-free transportation of slow cookers will also drive the sales of slow cookers.
Competitive landscape and key vendors
Due to the presence of several large and small scale vendors, this market appears to be highly fragmented. The key market players compete in terms of portfolio, quality, pricing, and product differentiation. The growth of the vendors in the slow cooker market depends on market conditions, government support, and industry development. The competitive environment in this market is likely to intensify further due to increase in competition, rapid advances in technology, product or service extensions, technological innovations, and M&As.
The leading vendors in the market are -
Breville Group Limited
The other prominent vendors in the market include Hamilton Beach Brands, Focus Products Group International, Fagor America, Morphy Richards, Tefal, and SharkNinja.
Segmentation by product function and analysis of the slow cooker market
During 2016, the automatic segment accounted for the major shares and dominated this market. Automatic slow cookers need to be programmed once by adjusting cooking temperature and time and then they start cooking the ingredients. Additionally, slow cookers have higher growth opportunities because the product penetration is high since the product are sold through various distribution channels and optimum value proposition and brand equity. Factors such as the non-requirement of manual intervention will contribute to the growth of this segment in the slow cooker market during the next few years.
Geographical segmentation and analysis of the slow cooker market
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the slow cooker market by 2021. With the increasing obesity rates, people in these regions have become more conscious of their dietary habits and health. This increases the preference of customers towards cooking healthy food at home and will in turn, augment the purchase of kitchen devices and appliances such as slow cookers.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global slow cooker market?
What are the key market trends impacting the growth of the global slow cooker market?
What are the challenges to market growth?
Who are the key vendors in the global slow cooker market?
What are the market opportunities and threats faced by the vendors in the global slow cooker market?
Trending factors influencing the market shares of the Americas, APAC, Europe, and MEA.
What are the key outcomes of the five forces analysis of the global slow cooker market?
Technavio also offers customization on reports based on specific client requirement.
Globally, food habits have been changing rapidly over the years; most people prefer takeaway food as it saves their time. But takeaways are usually expensive and unhealthy with high-fat content. This is where slow cookers come to the rescue, as it can substitute oil with water. It takes a longer time to cook in a slow cooker, so you can put all the ingredients in a slow cooker before going to work, and come home to a ready-made meal. Due to the nature of slow cooking, all the flavors get infused in the meal, which enhances the taste of the food. To help clients get a broad overview of this emerging market, know its future potential, and learn the competitive landscape Technavio is working on its upcoming report on the global slow cooker market for the period of 2017-2021.
Technavio uses extensive primary and secondary research methods to get a broad overview of this market and takes into account factors like market size, growth rate, technological advancements, and demand across different geographical areas. The upcoming report on the global slow cooker market for the forecast period of 2017-2021 will help clients in effectively forecasting the emerging demand in this segment to devise effective market entry strategies.
The upcoming report on global slow cooker market also considers the growth of similar markets such as global commercial electric fryer market and global online grocery market, which is expected to grow at a CAGR of 4% and 20%, respectively, during the forecast period. In recent years, people are becoming more cautious about their health, and thus we see a lot of diet culture evolving. Slow cookers serve as a solution to easy homemade, low-fat healthy cooking, and thus their increasing popularity. Technavio also offers customized market research to their clients to help them gain specific market information relating to product category, geographic segmentation, and other niche substitutes.
The upcoming market report also identifies market drivers, emerging trends, as well as opportunities and challenges faced by this industry. The report also covers related industries such as consumer services and personal care and retail systems market.