Instant Pot Market: Introduction
Instant pot is a kitchen appliance that functions as a multi-cooker. It is often referred to as an intelligent multi-cooker, capable of completely replacing a pressure cooker, slow cooker, rice cooker/porridge maker, sauté/browning pan, steamer, yogurt maker, and stockpot warmer. The added benefit is that it saves time & space in the kitchen. Instant pots take the place of multiple other kitchen appliances, removing the need to separate egg cookers and rice cookers, and some can even work as a yogurt maker or sterilize baby bottles. Instant pot has tons of functions, including pressure cooking, slow cooking, rice cooking, steaming, warming, and sautéing — all in one appliance that helps expedite the cooking process. Instant pots come in numerous different models with sizes ranging from 3-quart to 8-quart.
Key Drivers of the Instant Pot Market
Changing lifestyles & busy schedules of people make it difficult to spend time in the kitchen. The introduction of instant pots help young professionals, busy parents, or college students to save time & energy in the process of cooking meals. With the growing number of women joining the workforce, the instant pot market is growing as it helps them prepare a quick dish. Also, the requirement for kitchen appliances such as instant pots will grow by a large extent from people looking for eco-friendly lifestyles, while keeping an eye on the budget. These factors act as drivers & augment the demand for instant pots at the global level.
Advanced features such as floating valves creating opportunities in the instant pot market
Manufacturers keep improving the products to offer more benefits to end-users. The latest added feature in instant pots is a floating valve. Floating valve is an indicator that pops up when it is unsafe to open the lid while cooking foods. When the floating valve is raised, the lid automatically locks when it is at a pressure level that could be dangerous. These advanced features create new opportunities for the product in the market.
High cost & innumerable features a restraint for the instant pot market
Instant pots are expensive unless an offer is available. They consume lot of space and not all dishes can be cooked in it. Instant pots are complicated to use, with a multitude of features, as it claims to be a multi-cooker. This entails a lot of buttons and the need to sit down and read the manual, which is a restraint in today’s busy lifestyle. It may also cause trouble setting the digital clock when the time changes in the instant pot. These factors acts as restraints for the market.
North America the dominant market
The North America market accounts for highest share in the instant pot market in terms of revenue contribution as compared to markets in other regions due to increased adoption of instant pots by various end-users such as households, canteens, and hospitals in the region. In addition, the increasing workforce in countries is expected to trigger demand for instant pot, which is another factor expected to propel growth of the market in the region.
Key Players Operating in the Global Market
Companies are working on product innovation and development to increase their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the instant pot market are:
- Blue Diamond Cookware
- COOKER KING
Instant Pot Market: Research Scope
Instant Pot Market, by Size
Instant Pot Market, by Cooking Mode
Instant Pot Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the instant pot market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.