Multi Cooker Market is Expected to Reach US$ 1,050 Million by 2024 – IMARC Group

The global multi cooker market is currently being driven by rising health consciousness among consumers across the globe.

The latest report by IMARC Group, titled “Multi Cooker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global multi cooker market reached a value of US$ 578 Million in 2018. Multi cookers are modern electric appliances that are utilized for automated cooking. They consist of various parts such as the inner bowl, lid, control panel, temperature and pressure sensors, and condensate collector, which assist in performing multiple tasks. They are widely used for boiling, simmering, baking, frying, grilling, roasting and steaming across households as well as commercial spaces. These cookers are equipped with pre-programmed user modes which offer convenient cooking options for the users. They require minimum monitoring and can cook an entire meal in minimal time.

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Market Trends:

Rising health consciousness among consumers across the globe is one of the major factors driving the growth of the market. This has led them to make a shift from consuming calorie-rich packaged and convenience foods to homecooked meals, thereby increasing the demand for multi cookers. Moreover, these cookers assist in preparing a vast array of food items simultaneously in a limited amount of time with minimal effort, owing to which their sales are witnessing exponential increase across the globe. Furthermore, escalating charges of electricity coupled with the rising awareness about energy saving are also providing a thrust to the market growth. These cookers save energy by significantly reducing cooking time, thus further aiding to minimize power consumption. Owing to this benefit, they have emerged as a convenient alternative to appliances such as a microwave oven, which usually consumes a significant amount of energy. Other factors such as increasing working population, rising disposable income, improving lifestyle, and innovative product offerings by the manufacturers are also positively influencing the market growth. On account of the aforementioned factors, the global multi cooker market size is expected to reach US$ 1,050 Million by 2024, growing at a CAGR of 10.2% during 2019-2024.

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Market Summary:

  • On the basis of the product type, the market is categorized into round, cube and others. Amongst these, round multi cookers are the most preferred product type.
  • Based on the applications, home use exhibits a clear dominance in the market, followed by restaurants and others.
  • On the basis of the distribution channels, the market is divided into electrical goods retailers, supermarkets/hypermarkets, departmental stores, homeware stores, online and others. At present, electrical goods retailers account for the majority of the total market share.
  • On the geographical front, North America holds the leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been studied in the report with some of the key players operating in the market being Philips, Morphy Richards, KitchenAid, Fagor, Breville and Tefal.

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