Instant Pot Market is predicted to reach USD 9.7 billion at a CAGR of 8.0% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Instant Pot Market”.

The Instant Pot Market is estimated to register a CAGR of 8.0% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Instant Pot Market— Arovast Corporation, Breville Group Limited, Fagor Professional, Gourmia, Inc., Instant Brands Inc., Midea Group, National Presto Industries, Tayama Appliance Inc., Tristar Products, Inc., and Wonderchef Home Appliances Pvt. Ltd.

Market Highlights

The global Instant Pot Market is accounted to register a CAGR of 8.0% during the forecast period and is estimated to reach USD 9.7 billion by 2032.

As health and wellness become more prominent concerns, consumers seek cooking appliances that facilitate the preparation of nutritious meals at home. Instant Pots are favored for their capability to cook with minimal oil and preserve more nutrients than conventional cooking methods, appealing to individuals who prioritize their health.

Access full report @ https://www.marketresearchfuture.com/reports/instant-pot-market-21804

Segment Analysis

The global Instant Pot Market has been segmented based on type, cooking mode, capacity, price, end-user, and distribution channel.

Based on the type, the market is segmented into Smart and Conventional. The smart segment was attributed to holding the largest market share in 2023. In the fast-paced lifestyle of today, there's a growing demand among consumers for kitchen appliances that offer both convenience and efficiency. Smart Instant Pots address this demand by offering features like remote control via smartphone apps, customizable settings, and real-time notifications, enabling users to monitor and adjust cooking settings from anywhere.

Based on the Cooking Mode, the Instant Pot Market has been segmented into Low Pressure and High Pressure. The High-Pressure segment was expected to hold the largest market share in 2023. The high-pressure cooking mode offered by Instant Pots facilitates faster meal preparation, appealing to consumers seeking efficient solutions amidst the demands of contemporary lifestyles. This feature has contributed to the growing preference for high-pressure Instant Pots among busy individuals and families, who prioritize both speed and culinary quality.

Based on the Capacity, the Instant Pot Market has been segmented into 3 Quarts, 6 Quarts, 8 Quarts, and 10 Quarts. The 6 Quarts segment was expected to hold the largest market share in 2023. Instant Pots with a 6-quarts capacity provide ample cooking space, accommodating various dishes such as soups, stews, roasts, and grains. This versatility eliminates the need for multiple cookware items, appealing to time-strapped individuals and families seeking streamlined meal preparation without compromising on culinary diversity or flavor.

Based on the Price, the Instant Pot Market has been segmented into Under US$ 75, US$ 76 - US$ 150, and US$ 151 & Above. The Under US$ 75 segment was expected to hold the largest market share in 2023. As the popularity of Instant Pots continues to rise, manufacturers are facing intensified competition, leading to a dynamic pricing environment and the introduction of more cost-effective models to capture market share. This heightened competitive landscape has resulted in greater accessibility for consumers, who now have access to a wider array of lower-priced options within the Instant Pot market.

Based on the end user, the Instant Pot Market has been segmented into Residential and Commercial. The Residential segment was expected to hold the largest market share in 2023. The residential segment has gained significant market dominance, primarily driven by the widespread utilization of pressure and rice cookers among household consumers for their daily cooking requirements. For instance, in 2020, the household kitchen appliances segment of Joyoung Co. Ltd. recorded a substantial e-commerce sales volume of USD 590 million.

Based on the Distribution Channel, the Instant Pot Market has been segmented into Online and Offline. The Offline segment was expected to hold the largest market share in 2023. Instant Pot manufacturers are strategically broadening their retail footprint through collaborations with brick-and-mortar establishments such as supermarkets, departmental stores, and specialty kitchen retailers. This strategic expansion enables consumers to engage directly with the product, facilitating hands-on exploration, model comparisons, and informed purchase decisions.

Regional Analysis

The global Instant Pot Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European Instant Pot Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Instant Pot Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Instant Pot Market comprises the Middle East, Africa, and Latin America.

The largest market share for the Instant Pot Market was maintained by the North American regional sector. Instant Pots have become immensely popular among North American consumers thanks to their versatility, convenience, and time-saving capabilities. As awareness of the benefits of using Instant Pots for meal preparation grows, so does the demand for these kitchen appliances. Hamilton Beach leads the market share in the USA's small kitchen appliance sector, both in brick-and-mortar and e-commerce channels, accounting for a significant 9.5% share as of June 30, 2022. Import figures for household and kitchen appliances to the United States in 2021 totaled approximately $40.6 billion, marking a substantial increase from the previous year. Furthermore, exports of household and kitchen appliances in 2022 reached a record-high value of around $41.7 billion, indicating robust international demand for these products.

In Europe, there's a noticeable shift in cooking preferences towards healthier and more efficient meal preparation methods. According to the Statista Global Consumer Survey conducted between April 2022 and March 2023 in the United Kingdom, approximately 15 percent of Generation Z respondents reported adhering to a low- or no-carb diet. Instant Pots are well-suited to accommodate these dietary preferences by providing a convenient means to cook a diverse range of dishes through methods such as pressure cooking, slow cooking, steaming, and sautéing. This adaptability resonates with consumers aiming for nutritious meals prepared with fresh ingredients, thereby driving market expansion.

The dominance of the Instant Pot market in the Asia-Pacific region can be attributed to rapid population growth and increasing disposable income levels. With over 60% of the world's population, or approximately 4.3 billion people, residing in this region, there's a substantial market potential. Additionally, the Asia-Pacific region accounts for about 90% of global rice production and consumption, as per the Food and Agriculture Organization (FAO), driving the demand for electric pressure cookers. Instant Pots are tailored to these dynamics, providing a convenient solution for preparing a diverse array of dishes quickly and efficiently. This appeal resonates particularly well with busy urban residents and families dealing with hectic schedules.

Furthermore, the rest of the world's Instant Pot Market is divided into the Middle East, Africa, and Latin America. The rapid urbanization observed in these regions is driving shifts in lifestyle dynamics, characterized by an increasing number of individuals residing in urban hubs and embracing fast-paced routines. In 2022, urban areas and cities accommodated 81.62 percent of the total population of Latin America & the Caribbean. Consequently, there is a rising need for kitchen appliances that deliver convenience and efficiency, such as Instant Pots, to address the challenges presented by bustling urban lifestyles.

Key Findings of the Study

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  The global Instant Pot Market is expected to reach USD 9.7 billion by 2032, at a CAGR of 8.0% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market because of the rapidly increasing population and rise in disposable income.

  
  


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  Based on Type, the Smart segment was attributed to holding the largest market in 2023, with an approximate market share of 55–60%.

  
  


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  Arovast Corporation, Breville Group Limited, Fagor Professional, Gourmia, Inc., Instant Brands Inc., Midea Group, National Presto Industries, Tayama Appliance Inc., Tristar Products, Inc., and Wonderchef Home Appliances Pvt. Ltd are the key market players.