Gas & Electric Pressure Cooker Market Size, Share & Trends Analysis Report By Material (Stainless Steel, Aluminum, Others), By Application, By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global gas & electric pressure cooker market size was valued at USD 8.21 billion in 2023 and is projected to grow at a CAGR of 6.5% from 2024 to 2030. The market is expected to witness substantial expansion due to the growing popularity among urban people due to their busy lifestyles and increasing buying capacity. These appliances provide timesaving advantages and help save energy, attracting a wide range of consumers. The capacity of pressure cookers to reduce the cooking time while maintaining nutrients and improving flavors has increased their popularity, driving market growth.

The growth of this market is primarily influenced by continuous product innovations and enhanced R&D activities by the key market participants. The emergence of novel technologies and materials, such as ceramic coatings and hard anodized aluminum, to meet consumer demand for safer cookware has improved market penetration and growing demand. Advanced features offered by the product, such as high convenience, automatic pressure buttons that prevent food from burning, and energy conservation, have attracted a large pool of consumers. Increasing use in commercial kitchens of restaurants, takeaway kitchens, cloud kitchens, hotels, resorts, canteens, and others has also increased demand for gas & electric pressure cookers.

Innovative products such as high-performance and electric flame burners have positively impacted this industry. Manufacturers are continuously modifying the existing products to cater to the evolving choices of consumers. For instance, the Philips All-in-One Cooker, a product developed by one of the prominent companies in the consumer electronic industry, with rapid pressure release technology, a taste control system, and pre-set cooking programs, has gained greater consumer attention after launch. Traditional pressure cookers frequently cause cooking residue buildup and water spills on kitchen surfaces. However, using an electric pressure cooker eliminates the need for cleaning by preventing spills and splashes. Ease of use, enhanced technology features, changed lifestyle, and consumer preferences are expected to drive growth for this industry in the approaching years.

Material Insights

Based on material, stainless steel segment dominated the market and accounted for a revenue share of 62.9% in 2023. Stainless steel is most commonly used material for manufacturing gas and electric cookers as its capacity to withstand continuous exposure to heat, energy, and unusual strain for longer time. It also reduces the possibility of damages derived from scratches or rust. The ability to absorb necessary heat and avoid excessive intake of heat prevents food from burning. Ease of availability, flexibility in terms of cutting, welding, forming, machining and fabrication, durability and cost-effectiveness are some of the other key factors that are expected to drive growth for this segment during forecast period.

The aluminum segment is expected to experience the fastest CAGR during the forecast period. The features of aluminum, such as lighter weight and availability at lower costs, drive the market growth. Aluminum is highly preferred by manufacturers of gas & electric pressure cookers owing to its multiple characteristics, such as a higher degree of flexibility, cost-effectiveness, thermal and electric conductivity, and higher melting point. Other factors that influence the growing demand for aluminum as a material are ease of availability, ease of use when in the form of finished goods, lightweight nature, and others.

Application Channel Insights

Based on application, the residential segment held the largest revenue share in 2023. Ease of accessibility and availability related to gas and electricity, ease of use, and enhanced technology solutions related to residential kitchens and home appliances are key growth drivers for this segment. In addition, the presence of single-phase connections suitable for such cookers also contributes to the greater use. Effective distribution accomplished by critical companies and the availability of products in different shapes, sizes, and power capacities through online shopping platforms is expected to drive growth for this segment in the approaching years.

The commercial segment is expected to experience significant CAGR growth during the forecast period. The increasing demand for faster cooking in different commercial settings, such as hotels and multi-cuisine restaurants, is expected to drive market growth. Moreover, the requirement for low energy and heat while cooking vast amounts of food in large-sized cookers excessively generates the need to adopt products. The increasing need for electric pressure cookers to regulate the temperature in commercial spaces is anticipated to drive the demand. Furthermore, specific rules and governmental requirements related to using gas connections in cooking are expected to drive the market for the product.

Distribution Channel Insights

The offline distribution segment dominated the global industry in 2023. The availability of various gas & electric pressure cookers, including different designs and capacities distribute through offline channels such as hypermarkets, supermarkets, departmental stores, specialty stores has been a significant driver of market growth. These stores and offline shopping experience provides an opportunity for consumers to physically examine the product, its quality, material that has been used and then reach an informed decision about the purchase. In addition, preference for customer support and personalized assistance encourages consumers to purchase offline gas & electric pressure cookers.

The online distribution channel is expected to witness the fastest CAGR growth during the forecast period. The increase in e-commerce has become a notable trend due to reasons such as convenience, a wide range of choices, and the ability to easily compare products and prices. Electric pressure cooker producers can increase their sales, enhance their brand recognition, and boost consumer engagement through investing and enhancing online sales platforms. Manufacturers collaborate with well-known e-commerce platforms such as Amazon to showcase their products through these websites that have attained unprecedented market penetration. These platforms provide extensive convenience, allowing consumers from different regions to easily browse and purchase products.

Regional Insights

North America gas & electric pressure cooker market is anticipated to witness significant growth over the forecast period. The market is primarily driven by rising demand for products from residential and commercial users across the region. The growing demand is attributed to factors such as product portfolio expansions by major market participants, increasing number of customers adopting advanced kitchen appliances, growth in disposable income levels, and ease of availability through multiple points of sales such as hypermarkets, specialty stores, and online shopping platforms. Additionally, the increasing interest of consumers in home cooking and baking trends in the region is anticipated to enhance demand for this market during the forecast period. Moreover, the rising preference of the urban population for the adoption of electric appliances is contributing to an upsurge in demand for this industry.

U.S. Gas & Electric Pressure Cooker Market Trends

The U.S. gas & electric pressure cooker market dominated the regional industry in 2023. This market is mainly influenced by continuously introducing innovative products to cater to a wide range of regional customers. According to the International Food Policy Research Institute, U.S. rice production has increased by 1.9 million metric tons, a 32% rise attributed to more excellent planting and yield in 2024 compared to the previous year. These factors contribute to the rising adoption of gas & electric pressure cookers, contributing to the market expansion.

Asia Pacific Gas & Electric Pressure Cooker Market Trends

Asia Pacific gas & electric pressure cooker market dominated the global industry with 35.6% in 2023. This market is primarily driven by the presence of a large population in the region, especially in countries such as China and India, where food has great significance in people's lives. In addition, ease of availability, ease of use, enhanced technology assistance, and growing culinary tourism leading to unceasing growth in demand for commercial food businesses, and growth in disposable income levels are expected to develop an upsurge in demand for this regional industry. Moreover, the rising focus of several governments to encourage consumers to achieve energy transition and contribute to the share of renewable energy by adopting electric appliances drives the market demand. In addition, the presence of the largest rice-producing countries such as India and China in the region is contributing to the rising consumption of rice in the region, driving the demand for gas & electric pressure cookers. According to the Asia-Rice Organization, more than half of the world's population relies on rice as their main food source, with Asia being responsible for 90% of the global rice production and consumption.

China gas & electric pressure cooker market held significant revenue share of regional industry in 2023. Factors such as rising urbanization with changing lifestyles, the convenience offered by the product, and advanced features have driven the market growth. China is considered the largest producer of rice and exports its produce to other nations in larger quantities. According to the USDA Foreign Agricultural Service, China accounted for 28% of global rice production, with a total of 144.6 Million Metric Tons of rice production in 2023.

Europe Gas & Electric Pressure Cooker Market Trends

Europe gas & electric pressure cooker market was identified as a lucrative region in 2023. The focus of the governing authorities on encouraging the adoption of eco-friendly and low-emission products has been encouraging users to prefer pressure cookers and manufacturers to invest more in innovation related to the technology. For instance, a joint initiative led by government in the UK and the International Energy Agency (IEA), the COP26 Product Efficiency Call to Action, aims to enhance the efficiency of major products that are traded internationally by the year 2030 to provide assistance in an effort to reduce global greenhouse gas emissions and consumers’ energy bills.

The UK gas & electric pressure cooker market is expected to grow rapidly during forecast period. Increasing investment by the major market participants to expand their brands in global regions and the continuous market penetration of emerging brands in the region are driving the market. Moreover, the convenience of the e-commerce platforms makes it easy to purchase products according to the specific needs of customers. In addition, advanced product features offered by industry leaders, technological improvements, ease of use and ease of availability are expected to drive growth for this market in approaching years.

Key Gas & Electric Pressure Cooker Company Insights

Some of the key companies in the gas & electric pressure cooker market include Koninklijke Philips N.V., Panasonic Holdings Corporation, SharkNinja Operating LLC, Midea Group., Groupe SEB, TTK Prestige Limited, and others. The increasing need for kitchenware in different regions due to growing disposable income levels and innovation in the industry has been encouraging key market participants to adopt strategies such as enhanced R & D, new product launches, and collaborations with other major companies and distributors around the globe.

1. TTK Prestige Limited, a prominent company in the kitchenware industry, specializes in cookware and associated products and offers an extensive portfolio of electric pressure cookers with various capacities such as Prestige Delight PRWO Electric Rice Cooker (White), 1.4 Litre, Prestige Flip-on Tri-ply Stainless Steel Pressure cooker, and others.

2. Koninklijke Philips N.V., commonly known as Philips, is a Dutch multinational company that offers innovative products associated with numerous industries, such as consumer electronics, healthcare, and others. The company offers a range of electric pressure cookers to aid cooking and make it more efficient and easier. Some of the popular electric pressure cooker models include the Avance Collection and Viva Collection.

Recent Developments

• In August 2024, Xiaomi unveiled the Mijia Rice Cooker N1, a smart kitchenware product equipped with advanced, innovation-based technology to enhance consumers' traditional rice cooking experience. The product offers adjustable heat at nine different levels, NTC temperature sensors, six-hole double-row multi-circuit bubble extrusion technology, and other advanced features.

Gas & Electric Pressure Cooker Market Report Scope

Global Gas & Electric Pressure Cooker Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the gas & electric pressure cooker market report based on material, application, distribution channel, and region:

• Material Outlook (Revenue, USD Million, 2018 - 2030)

  • Stainless Steel

  • Aluminum

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Residential

  • Commercial

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia & New Zealand

    • South Korea

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • South Africa