Pressure cookers play a major role in the kitchen all across geographies and particularly in Indian households. These are great fuel efficient pieces in contrast to other cooking utensils, and their multiple-use has made them staple in most of the kitchen. Pressure cookers have made their journey from aluminum ones to stainless steel and the modern hard anodized pressure cookers which are making gushes these days.
Stainless steel and the hard-anodized are gaining traction as they are highly durable, lightweight, non-stick cookware, and efficient.Increasing preference from urban population leading hectic lifestyle is anticipated to boost pressure cooker sales. It saves cooking time and the use of electric power and gas helps conserve energy requisite for cooking. These aspects will positively influence product demand during the forecast period.
Rising consumer’s awareness concerning preserving gas and electricity has escalated the adoption of other cooking methods such as pressure cookers which can reduce cooking time by around 70%. Product innovations such as highly emissive flame and electric burners have positively influenced the need for pressure cookers.
Market players are investing in research and development activities and the introduction of advanced technologies based on cooking methods and materials to satiate to the growing demand for nontoxic pressure cookers. Market players are witnessing higher demand for pressure cookers coated with hard anodized ceramic and aluminum among other materials.
Electric pressure cookers are more appropriate for utilized as compared to their stovetop counterparts. The innovative technology integrated into the electric product switches off the pressure button automatically.
It also keeps the food from getting burnt while saving energy.Several top chefs suggest pressure cookers since they preserve essential nutrients in contrast to regular cooking methods of boiling and steaming. These factors are projected to positively impact the market growth of pressure cookers.
Users' inability to check on the progress during cooking is one of the major disadvantages of pressure cooking. Many users frequently complain about the meal being soaked and overcooked. Additionally, the sealing ring is required to be in acceptable condition to ensure that the holder could seal correctly and develop pressure. These factors can impact the sales of the pressure cooker market
On the outset of COVID-19, the pressure cookers market revenue growth this financial year was dampened majorly due to supply chain disruptions instead of dented consumer demand. However, going ahead the market is likely to be recovered. The companies are adopting market-specific strategies to deliver growth such as product innovations to stay ahead of their competitors.
Asian market accounts for the largest market share during the forecast period due to increasing production and consumption, which will drive the regional acceptance of fast cooking methods such as pressure cookers. The rise in the adoption of innovative products is further boosting sales in the market. India is the biggest producer and consumer of pressure cookers in the region.
Europe is likely to rapidly expand during the forecast period due to initiatives taken by the European Commission to promote the usage of low and green emissive products. Moreover, the high spending power of consumers is additionally anticipated to results in the increased sales of electric pressure cookers.
Major market players operating in the global pressure cooker market include -
Market players are focusing on material innovations, acquisitions and mergers, product launches, and others to fulfill the consumer's demand. For instance, TTK Prestige launches Svachh pressure cooker aimed at boosting market share across nations and winning back to double-digit growth in mature segments such as pressure cookers.
Fissler launched vitaquick pressure cookers in metallic finish and available in wide range of capacities. The innovative Fissler technology saves energy and quick roasting. MVP Holdings Inc. took over Mealthy Inc. a small kitchen appliance company. The acquisition will offer MVP a larger consumer base and improved product portfolio.
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