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.
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.
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.
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.
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.
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:
Instant Pot Market, by Size
Instant Pot Market, by Cooking Mode
Instant Pot Market, by Region
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.
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