NEW YORK, Dec. 23, 2015 /PRNewswire/ -- Technavio's market research analyst predicts the global multicooker market to reach a market value of over $743 million by the end of 2019. The key regions where multicooker adoption is the highest are North America and Europe. Consumers who preferred to eat in restaurants and food outlets, have developed a passion for cooking at home. This trend towards creating restaurant like food at home is propelling the market for electric kitchen appliances.
The market is further strengthened by social media and digital advertising, which gives consumers exposure to new cooking and healthy living trends. With innovations in product offerings and extensive promotional campaigns, leading vendors such as Philips and De'Longhi are extensively investing in brand building activities which will further accelerate the demand for multi cookers during the forecast period.
What is a multicooker and why is it important?
A multicooker, which is an appliance that offers the consumers various advantages and features compared to conventional pressure cookers and slow cookers. . It can replace various appliances like stoves, ovens, steamers and yoghurt makers due to its multi-functionality. Another benefit of owning a multicooker is its energy saving capability. Unlike ovens which use around 10kW power, multicookers come with energy saving capabilities and use 0.8 to 0.9 kW electricity. Features like user-friendly LCDs, time-delay and yoghurt-maker function, and pre-programmed recipes are further attractive enhancements in multicookers. They formed nearly 3.5% of the small kitchen appliances market in 2014.
Leading vendors would launch multicookers which will have wi-fi connectivity and will have the ability to be controlled though mobile apps. For instance, in September 2015, Philips showcased its connected multicooker that can be controlled with the use of WiFi. The device can also be connected to the ChefConnect app which helps to monitor the nutritional content of the food. The device comes with a MyRecipe feature to ensure that the user can save the recipes for later use. It uses Double-Coil for heating purpose which ensures that the food is cooked at a faster pace and heat is uniformly distributed. With 21 pre-set functions, like slow cooking and frying, this product has various distinguishing features to set it apart from other multicookers currently available in the market. As the leading vendors in the market incorporate newer innovations in their offerings, the market will be propelled further.
Further market analysis on geographical segmentation of global multicookers
- North America
North America is the leading region in the global multicooker market growing at a CAGR of 12%. The increase in health consciousness due to rising obesity levels is driving people to cook at home. As multicookers are multi-functional and will soon have enhanced technological features like Wi-Fi connectivity, the market is attracting demand from residential consumers.
Factors driving the growth of the global multicooker market
- Change in food habits and lifestyle
- Sustained production in key leading countries
- Strong distribution channels
- Improvement in income levels
This market research report provides a number of factors contributing to the adoption and opportunities in the global multicooker market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Competitive landscape and leading companies in the global multicooker market
Competition among leading companies as well as other prominent ones is intense; however, due to the increasing consumer expenditure on electric kitchen appliances, the market is expected to increase YoY during the forecast year. Therefore, the potential to thrive in this market is high provided the companies stay competitive on their offerings and price and launch more engaging marketing campaigns to increase awareness among customers.
Leading vendors of global multicooker market Other prominent vendors of global mutlicooker market
KitchenAid JML Group
Morphy Richards National Presto Industries Inc.
Key questions answered in this report
- What factors will influence the market size and market forecast of the global multicooker market over the next four years?
- What are the key market trends of the global multicooker market?
- What is driving the growth rate of the global multicooker market?
- What are the various opportunities and threats faced by the global multicooker market?
- What are the strengths and weaknesses of the key vendors?
- What are the market opportunities and threats faced by the key vendors?
- Trending factors influencing the market share in North America, Europe, APAC, and ROW.
- What are the key outcome of the five forces analysis on the global multicooker market?
Technavio also offers customization on reports based on specific client requirement.
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