Multicooker Market Size, Share, Growth, And Industry Analysis, By Type (Small volume, Medium volume, Large volume), By Application (Home Uses, Restaurants, Food outlets), Regional Insights, and Forecast To 2031

Updated On: 20 November 2023

Multicooker Market Report Overview:

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global multicooker market size expanded rapidly in 2021 and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast period.

Multicookers are becoming increasingly popular due to their ability to quickly and conveniently prepare various dishes. Manufacturers are continuously introducing models offering better size, capacity, and feature options such as pressure-cooking, slow-cooking, sautéing, baking, boiling, and steaming. These advanced features let users create excellent meals in a fraction of the time and provide adjustable temperature settings, pre-programmed recipes, and a wide variety of accessories for total versatility. As a result, multicookers are the perfect appliance for busy individuals, from making simple meals to complex culinary experiences. It is evident that these products offer convenience, quality, and versatility and should therefore be an essential part of any home chef's kitchen.

The market for multicookers is rising at an accelerated pace as home chefs seek out practical, speedy, and convenient kitchen appliances. As more people remain home due to the pandemic and seek ways to save time and reduce waste, the requirement for multicookers has sharply increased. Multicookers are ideal for busy households and are capable of performing a diversity of functions such as baking, slow-cooking, pressure-cooking, yogurt-making, and steaming.

Consumers cherish the fact that multicookers make use of fuel-efficient technology, which allows them to prepare meals quickly with minimal effort. Additionally, many models are now equipped with sophisticated features that make them more appealing to home cooks. Although the market is still in its beginning stage and is likely to witness growth in the upcoming years, it is evident that the demand for multicookers will remain strong.

COVID-19 Impact: Pandemic Pushes Market to New Heights, Quicker Cooking Times and Safer Appliances in Hot Demand

The impact of the COVID-19 pandemic on the multicooker market has been considerable, with a major surge in demand driven by the convenience that it provides - quicker cooking times, fewer clean-up requirements, and an added layer of protection against hazardous aerosols and toxic fumes. With individuals continuing to work from home and prepare their own meals, they are increasingly relying on multicookers to help them efficiently make their meals. The resulting spike in sales has contributed to the significant expansion of the global market for multicookers.

Furthermore, with heightened anxiety about health and safety, more customers are expected to make a purchase of a multicooker - integrating it into their kitchen appliances - as a prudent investment. This upward trend of the multicooker market should continue in the near future, given its great convenience.

Latest Trends:

"Advanced Products, Services, and Safety Features Power Growth of the Market"

The multicooker market growth is skyrocketing in recent times, with the launch of fresh and advanced products and services directed to the different requirements of buyers. Products ranging from pressure cookers, slow cookers, and rice and grain cookers ensure customers have a host of selections to choose from. Features such as ease of use, safety, and time-saving are stimulating the market's growth.

Prominent players in the multicooker segment are introducing technology-enabled items with user-programmable digital settings to simplify the process of cooking. As the demand for multicookers increases, the requirement for reliable, up-to-date items are also on the rise, and producers are providing quality solutions suiting every budget.

Multicooker Market Segmentation:

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• By Type

According to type, the market can be segmented into small volume, medium volume, large volume.

• By Application

Based on application, the market can be divided into home uses, restaurants, food outlets.

Driving Factors:

The multicooker market is experiencing a revolutionary shift in recent years, as its popularity has soared. These adaptable kitchen companions have become a staple tool for cooking enthusiasts and busy families alike. The market for multicookers is booming, as the need for convenience and efficiency in the kitchen continues to grow.

"The Rise of Multicookers for Effortless and Versatile Meal Preparations"

Multicookers are garnering popularity due to their exceptional convenience and efficiency. These appliances can perform multiple cooking tasks such as pressure cooking, slow cooking, sautéing, steaming, and baking, all in one compact device. This advanced feature saves time by eliminating the need for tasks such as chopping, stirring, and monitoring your meals. With the click of a button or the touch of a screen, you can create scrumptious meals in no time. Multicookers are multipurpose and user-friendly, and make it a breeze for even amateur cooks to prepare a variety of meals effortlessly.

"The Multicooker Craze Gaining Steam for Health-Conscious Consumers"

Another factor driving the market for multicookers is people's increasing health awareness. With the need to consume healthy home-cooked meals, multicookers are an ideal tool. Their lower amounts of oil and salt and their ability to cook with lean meats help prepare nutritious meals that are both healthy and tasty. Additionally, multicookers are convenient and efficient, as you can prepare meals in advance, reducing the reliance on fast food or take-out after a long day.

In conclusion, multicookers are gaining popularity because of the necessity for convenience, efficiency, and healthy meals. As they are versatile, easy to use, and save time, they are poised to become an essential kitchen appliance for every household. As a professional, it's imperative to recognize the growing importance of these revolutionary devices in the world of cooking.

Restraining Factors:

"High Costs Hinder Growth of Global Multicooker Market"

The global Multicooker market is experiencing stagnation due to various restraining factors, principally their high cost. Although the convenience offered by multicookers is undeniable, customers have been repelled from purchasing them because of their price tag. Furthermore, many people are not knowledgeable about the available technology and its capabilities, which further inhibits the market's progress. Moreover, the increasing competition from other kitchen appliance manufacturers, such as blenders, slow cookers, and ovens, is a major factor hindering the growth of the multicooker market. To advance the market, decisive steps such as launching cost-effective marketing campaigns and augmenting public awareness are essential.

Multicooker Market Regional Insights:

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"Asia Pacific Set to Lead the Way, Growing Preference for Modern Kitchen Appliances Spurs Growth in The Market"

The Asia Pacific region is a prominent leader and holds the majority of the Multicooker market share, owing to the significant presence of a myriad of vendors and the ever-increasing demand for sophisticated and technologically advanced equipment from consumers in the region. Backed by the growing preference for convenient kitchen appliances, along with rising health concerns and revitalizing regional economies, in addition to the population growth, the multicooker market is expected to experience a massive surge in demand. Furthermore, modern, tech-savvy consumers and the growing per capita income of households is likely to drive the demand for multi-cookers. In order to gain market share, vendors are exploring opportunities to develop their product portfolio, along with partnering and product positioning strategies. All these factors together are contributing to the buoyancy of the Asia Pacific multicooker market.

Key Industry Players:

"“Adoption of Innovative Strategies by Key Players Influencing Market Development”"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled:

• Breville (HQ: Australia)
• Fagor (HQ: San Andrés district of Arrasate-Mondragón)
• Cuisinart (HQ: United States)
• KitchenAid (HQ: United States)
• Philips (HQ: Netherlands)
• Sage (HQ: United Kingdom)
• Morphy (HQ: United Kingdom)
• Lakeland (HQ: England)

Report Coverage:

This report examines an understanding of the multi-cooker market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.