Multicooker: Key market research findings
- Rise in product innovations
- Considerable shift towards electric appliances
Technavio has released a new market research report on the global multicooker market, to its home appliances portfolio. The global multicooker market is expected to grow at a CAGR of around 6% between 2015 and 2019, owing to the growing need for technologically advanced and automated kitchen appliances. North America is leading the global market for multicookers, with a market share of over 35%. The high obesity rates in both North America and Canada is making consumers aware about their health and dietary habits, which has triggered an increase in the procurement of electric kitchen appliances.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Rise in smart homes concept has boosted the demand for automated homes appliances such as multicookers for the convenience of the users. Of late, the vendors are adding newer innovative features to multicookers like preprogammed recipes, automatic cooking adjustments for number of servings, and smart heating technologies. For instance, Philips’ Connected multicooker uses Wi-Fi, and connected to the ChefConnect app to monitor the nutritional content of the food. It uses double-coil heating technology for uniform heating of food and ensure cooking at a faster pace,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
People are increasingly opting for time-saving electric appliances for their kitchen, owing to rise in the working people in families. With the growing internet penetration, people prefer to spend their time online before purchasing products, in order to research about the product features and conduct a price comparison. Following the increase in technologically advanced products, people in the high income segments are increasingly switching from manual appliances to electric appliances.
The leading vendors in the global multicooker market include Breville, Fagor America, KitchenAid, Morphy Richards, Philips, and Tefal. The robust competition among the key vendors in the market has led to the introduction of many innovative and advanced products. This competition is expected to deepen following the increase in product line extensions, technological innovations, and M&A.
A more detailed analysis is available in the Technavio report, Global Multicooker Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
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