Instant Pot Market to Expand at a CAGR of 7.8% During Forecast Period: Transparency Market Research Analysis

WILMINGTON, DE / ACCESSWIRE / May 4, 2023 / Transparency Market Research Inc. - The global instant pot market was valued at US$ 4.7 Bn in 2022 and is expected to reach US$ 9.2 Bn by 2031, expanding at a CAGR of 7.8% between 2023 and 2031. Growing popularity of instant pots is largely fueled by rapid urbanization and rise in disposable income.

Hotels and restaurants increasingly utilize energy-efficient instant pot pressure cookers in order to increase production and efficiency, which is expected to drive market development. People find it challenging to dedicate longer time in the kitchen due to evolving lifestyles and hectic schedules. Instant pots are essential to this transformation due to their ability to save time and space.

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Demand for big-size instant pots has increased, as key manufacturers are concentrating on delivering their products with customizations depending on the cooking mode for various workplaces. Additionally, manufacturers are working with other businesses to broaden their product offerings and global footprint to maintain businesses growth.

Utilization of other kitchen equipment, such as yogurt maker, rice cooker, and egg cooker, can be reduced, as instant pot can do exactly the same tasks as other kitchen appliances. As an all-in-one appliance that can do steaming, warming, slow cooking, pressure cooking, and sautéing, instant pots have become popular in commercial settings such as hotels and restaurants. This speeds up the cooking process in these places.

Market Snapshot:

Key Findings of Market Report

• Smart instant pots are becoming more popular on the market as a result of their ability to connect to the internet and be controlled via a mobile device. An important instant pot market trend is the capability to remotely manage the pot from a smartphone, allowing users to initiate or halt cooking, change the cooking parameters, and get updates on progress of the meal.

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Global Instant Pot Market: Growth Drivers

• The instant pot market is driven by rising disposable income and spending, making it a cost-effective cooking solution. Consumers are continuously looking for easy, time-saving ways to shorten cooking times. Additionally, the instant pot makes cooking quicker for increasing number of working women in metropolitan areas. These factors are anticipated to have propel the global instant pot industry.
• Usage of instant pots became necessary as the commercial sector experienced significant growth in the past few years. Commercial kitchens have recently seen a significant increase in the use of versatile and practical kitchen appliances. Usage of several instant pot models, including the crisp and duo models, supports multiple cooking. This factor is expected to drive business growth.

Global Instant Pot Market: Regional Landscape

• North America accounted for major share of the instant pot industry in 2022. This is ascribed to increase in demand among end-users, including hospitals, canteens, and households. Additionally, people in North America have hectic lifestyle, which is likely to augment the instant pot industry in the region.

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Global Instant Pot Market: Key Players

• Instant Brands Inc.
• Wonderchef Home Appliances Pvt. Ltd
• Arovast Corporation
• National Presto Industries
• Breville Group Limited
• Tayama Appliance Inc.

Global Instant Pot Market: Segmentation

By Type

• Smart
• Conventional

By Cooking Mode

• Low Pressure
• High Pressure

By Capacity

• 3 Quarts
• 6 Quarts
• 8 Quarts
• 10 Quarts

By Price

• Under US$ 75
• US$ 76 - US$ 150
• US$ 151 & Above

By End-user

• Residential
• Commercial

By Distribution Channel

• Online
• Offline

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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