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The multicooker market size is estimated to grow by USD 3.90 billion at a CAGR of 33.15% between 2023 and 2028. The market is experiencing significant growth, driven by key factors such as product innovation and portfolio extension leading to premiumization. Manufacturers are expanding their offerings to include advanced features and designs, catering to consumers' evolving culinary needs and preferences. Another trend is the integration of smart connectivity in multicookers, enabling remote operation and real-time monitoring via mobile applications. However, the high penetration of traditional cookers, particularly in developing countries, poses a challenge for market expansion. Despite this, the market is expected to continue its growth trajectory, fueled by increasing consumer awareness of convenience, health, and energy efficiency.
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The market is a growing segment in the electrical goods industry, featuring innovative kitchen appliances that combine various cooking functions such as boiling, roasting, baking, stewing, frying, sautéing, pressure-cooking, and slow-cooking in a single device. These appliances come in different sizes, including small volume round multi cookers, medium volume, and large volume. The inner tank, often made of stainless steel, is a key component, along with the cap, sensors, control panel, and condensate collector. Home chefs value the fuel-efficient technology and digital settings of multicookers for their convenience and health and safety benefits. Multicookers are available at electrical goods retailers and homeware stores, making them accessible to a wide audience. Pressure cookers, a popular type of multicooker, offer quick cooking times and are increasingly preferred for their ability to preserve nutrients and flavor in meals. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Product innovation and portfolio extension leading to premiumization is notably driving market growth. The market is witnessing significant growth due to the increasing health consciousness and changing lifestyle of the working population. These multifunctional electric cookers offer advanced features such as inner tank, cap with sealing technology, sensors, and a control panel, making them more convenient and efficient than traditional cookers. Moreover, the integration of technologies like condensate collectors enables functions such as boiling, roasting, baking, stewing, frying, grilling, steaming, and even yoghurt making.
Furthermore, Companies, including REDMOND Industrial Group, are differentiating themselves by manufacturing multicookers with additional features and designs. For instance, REDMOND's RMC-280E model offers a sleek and minimalist design, along with the ability to replaceable parts and the functionality of multiple appliances like bread makers, steamers, deep fryers, yogurt makers, stoves, and ovens. These multicookers are available in various materials such as stainless steel, aluminum, ceramic, glass, and hand-anodized aluminum. They cater to both household and commercial markets, including hotels, restaurants, cafeterias, and various retail channels like direct sales, indirect sales, hypermarkets, supermarkets, convenience stores, departmental stores, specialty stores, and online retailers. Thus, such factors are driving the growth of the market during the forecast period.
Integration of smart connectivity in multicookers is the key trend in the market. The market is witnessing significant growth due to the changing lifestyle and increasing health consciousness among the working population. Vendors are focusing on development and technological advancements in multicookers, with smart connectivity being a notable trend. Multicookers with Wi-Fi and Bluetooth capabilities allow users to control and monitor cooking processes through mobile apps on tablets and smartphones. Manufacturers such as Instant Pot (a brand of Corelle Brands LLC) are introducing Bluetooth-enabled multifunctional electric cookers to attract customers and expand their market share.
Furthermore, these advanced multicookers offer features like boiling, roasting, baking, stewing, frying, grilling, steaming, and even yoghurt making. Multicookers are available in various materials such as stainless steel, aluminum, ceramic, glass, and hand-anodized aluminum. They cater to both household and commercial sectors, including hotels, restaurants, cafeterias, and various retail outlets like supermarkets, hypermarkets, convenience stores, departmental stores, specialty stores, and multi-brand stores, as well as online retailers. Manufacturing units are producing multicookers in quarts ranging from 3 to 12, ensuring flexibility for consumers with different household sizes. Thus, such trends will shape the growth of the market during the forecast period.
High existing penetration of traditional cookers in developing countries is the major challenge that affects the growth of the market. The market caters to both household and commercial sectors, including hotels, restaurants, cafeterias, and various foodservice establishments. These appliances offer diverse functionalities such as boiling, roasting, baking, stewing, frying, grilling, steaming, and even yoghurt making. Multicookers are available in various materials like stainless steel, aluminum, ceramic, glass, and hand-anodized aluminum. Manufacturing units produce multicookers in quarts and larger capacities to cater to diverse consumer needs. The market penetration of multicookers is comparatively lower in some developing markets, particularly in APAC, Latin America, and Eastern Europe, due to the high existing usage of traditional cookers.
However, the changing lifestyle and increasing health consciousness among the working population are driving the demand for multicookers. Multicookers are available through various sales channels, including direct sales, indirect sales, and retail outlets like hypermarkets, supermarkets, convenience stores, departmental stores, specialty stores, and multi-brand stores. Online retailers are also emerging as significant sales channels due to the convenience they offer. The inner tank, cap, sensors, control panel, and condensate collector are essential components of multicookers that influence their functionality and performance. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Corelle Brands LLC - The company offers multicooker products such as instant pot pro plus 6-quart smart, duo 6-quart, and duo 3-quart mini.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Offline segment is estimated to witness significant growth during the forecast period. The market caters to both household and commercial sectors, with the inner tank capacity ranging from quarts to large sizes. These multifunctional kitchen appliances are available in various materials such as stainless steel, aluminum, ceramic, glass, and hand-anodized aluminum. The control panel features sensors that enable automatic boiling, roasting, baking, stewing, frying, grilling, steaming, and even yoghurt making.
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The Offline segment was the largest segment and was valued at USD 525.80 million in 2018. Manufacturing units produce multicookers for direct and indirect sales through various channels. Traditional cookers have been replaced by these modern appliances due to changing lifestyle and increasing health consciousness. Multicookers are available at various retail formats including specialty stores, department stores, hypermarkets, supermarkets, convenience stores, and online retailers. Leading retail chains like Tesco Plc (Tesco), Walmart Inc. (Walmart), and Target Corp. (Target) have dedicated sections for household appliances. Vendors employ promotional strategies like branding through signages and discounts on product packages to boost sales. Retail stores like Walmart and Walgreens have been stocking multicookers for a considerable period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market encompasses a range of electrical appliances designed for pressure-cooking, slow-cooking, and sautéing. These innovative kitchen tools cater to both home chefs and food outlets, offering fuel-efficient technology for energy saving. The inner bowls of multicookers come in small, medium, and large volumes, accommodating various home uses and catering to diverse cooking needs. Tech-savvy consumers are increasingly drawn to digital settings and automation features, enhancing the convenience and safety of these appliances. Homeware stores and electrical goods retailers stock a wide array of multicookers, with round designs being a popular choice. Health and safety are paramount, with manufacturers ensuring robust construction and adherence to industry standards. As obesity continues to be a global health concern, energy-saving multicookers offer an attractive solution for preparing nutritious meals at home.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Nonstick Cookware Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, China, Germany, Japan, UK - Size and Forecast
Small Kitchen Appliances Market Analysis Europe - Germany, France, UK, Italy, Rest of Europe - Size and Forecast
Europe Household Appliances Market by Distribution Channel and Product - Forecast and Analysis
The market is witnessing significant growth due to the increasing health consciousness among consumers and the changing lifestyle. This market caters to both household and commercial sectors, including hotels, restaurants, cafeterias, and institutions. Multicookers come with various features such as an Inner tank, Cap, Sensors, Control panel, Condensate collector, and offer functions like Boiling, Roasting, Baking, Stewing, Frying, Grilling, and Steaming. They are available in Quarts, Stainless steel, Aluminium, Ceramic, Glass, and Hand-anodized aluminium. Manufacturing units are located in various regions like Asia Pacific, Europe, North America, and the Middle East & Africa. Traditional cookers are being replaced by multicookers due to their convenience and efficiency. The market is segmented based on the type of sales channels, including Direct sales, Indirect sales, and Online retailers.
Furthermore, the market reaches consumers through various distribution channels such as Hypermarkets, Supermarkets, Convenience stores, Departmental stores, Specialty stores, and Multi-brand stores. Multicookers offer various cooking functions, making them a versatile kitchen appliance. They are widely used for preparing Yoghurt and other dishes. The growing working population and the increasing demand for convenience food are driving the market's growth.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 33.15% |
Market growth 2024-2028 |
USD 3.90 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
23.85 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, Germany, China, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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., SEB Developpement SA, Hamilton Beach Brands Holding Co., Hisense International Co. Ltd., John Mills Ltd., Koninklijke Philips N.V., Mueller Direct, National Presto Industries Inc., Newell Brands Inc., Panasonic Holdings 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 Forecasting, 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 market 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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Capacity
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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