The global market size as of 2021 was valued at $6.19 billion. There is a projection of the value to increase by 7.11% throughout the report review. The change in urban population signals a busy lifestyle that will support the market growth.
The major factor that has a positive impact on the pressure cooker is short cooking time. It reduces the time for cooking by 70% when placed side by side with other cooking methods. The factor that influences the future demand of the product in the market is time.
A pressure cooker is highly recommended for chefs that want to preserve the basic nutrients of the food. It signals the capability to grow as a result of the positive influence in the market.
The use of pressure cookers is widely attributed to residential areas. More than $4.46 billion was generated in 2018. Some areas have power connections that are suitable for an electric pressure cooker.
The pressure cooker can produce a little smoke emission and needs a little amount of heat. The awareness of this merit is likely to positively increase the revenue of the segment.
On the other hand, commercial use of the product is increasing. It is expected that commercial establishments like hotels, multi-cuisine, and restaurants will facilitate growth in this segment.
The rise in consumer buying ability in India, China, and Japan is causing great innovation in the industry. Several initiatives promote the rise in demand for the product. Some of the initiatives are material innovation, mergers and acquisitions, and product launches.
Generally, the Asia Pacific is known to dominate the market share. They formed 37% of the market share in 2018. What drives regional growth are the rapid developmental drives and population growth. Innovation in the sector is another drive that signals growth in the industry.
Also, Europe is expanding at a very fast rate of over 9% of the CAGR during this holiday. There are laudable initiatives by the European Commission to ensure the use of the low emissive product.
As the demand is increasing, many dealers deal with the production and supply of pressure cookers. The high energy efficiency of the product creates a growth prospect in the sector. Some of the players in the sector are:
· Panasonic corporation
· Zwilling
· Midea Group Co. Ltd.
· WMF Group
· Joyoung Co. Ltd
· Zhejiang Supor Co. Ltd
· Qingdao Haire Co. Ltd
The market is estimated to increase in the following region:
· North America: United State of America and Canada
· Europe: Germany and U.K.
· The Asia Pacific: China, India, and Japan
· South and Central America: Brazil and Mexico
· The Middle East and Africa: South Africa
There is an unceasing innovation in the design of pressure cookers to meet the rising needs of customers. We produce quality cookers that meet your needs.
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