“Global Induction Cookware Market to reach a market value of USD 4 Billion by 2030 growing at a CAGR of 7.1%”
The Global Induction Cookware Market size is expected to reach $4 billion by 2030, rising at a market growth of 7.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 32,434.9 thousand units, experiencing a growth of 7.0% (2019-2022).
As environmental consciousness grows, consumers in Europe are increasingly drawn to induction cookware for its energy-efficient characteristics. Thus, the Europe region acquired 35.8% revenue share in the market 2022. With higher disposable income, European consumers are more likely to upgrade their kitchen appliances. Consumers with higher disposable incomes value time and convenience, making induction cookware an attractive option.
Personalization in design is a significant factor driving the market. Consumers have varied tastes in kitchen aesthetics, and the ability to choose designs, patterns, and colors in this allows them to match their kitchen decor. This customization contributes to a cohesive and personalized kitchen environment.
Additionally, Higher disposable income enables consumers to consider appliance bundling or kitchen packages that include it alongside other modern kitchen appliances. Manufacturers can collaborate with retailers to create bundled offerings, making it convenient for consumers to acquire a complete set of appliances. Hence, higher level of disposable income has been a pivotal factor in driving the growth of the induction cookware market.
However, the primary concern for consumers is the affordability of it. Compared to traditional cooking appliances, the initial cost of purchasing induction-compatible cookware and cooktops is often higher. This can be a barrier for individuals and households with budget constraints. Thus, high initial cost can slow down the growth of the market.
On the basis of application, the market is divided into residential and commercial. The commercial segment garnered 28.8% revenue share in the market in 2022. Induction cookware generates less ambient heat in the kitchen than traditional cooking methods.
By product, the market is categorized into pans, pots, and others. In 2022, the pans segment held 51.8%revenue share in the market. In terms of volume the pan segment registered 17,915.5 thousand units in 2022. Induction pans are specifically designed with materials that are compatible with induction cooktops.
Based on material, the market is classified into stainless steel, cast iron, carbon steel, and others. The cast iron segment acquired 27.5% revenue share in the market in 2022. Cast iron is renowned for its exceptional heat retention and even heat distribution. When used in induction.
By distribution channel, the market is segmented into supermarkets/ hypermarkets, specialty stores, online, and others. In 2022, the supermarkets/ hypermarkets segment registered 40.2% revenue share in the market. Supermarkets/hypermarkets offer various its products, including pots, pans, sets, and specialized appliances.
Free Valuable Insights: Global Induction Cookware Market size to reach USD 4 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region acquired 29.2% revenue share in the market. The Asia Pacific region has experienced rapid urbanization, leading to smaller living spaces and an increased demand for space-efficient and modern kitchen solutions.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 2.3 Billion |
| Market size forecast in 2030 | USD 4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.1% from 2023 to 2030 |
| Number of Pages | 394 |
| Number of Table | 890 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Material, Distribution Channel, Application, Region |
| Country scope |
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| Companies Included | Groupe SEB, Meyer Corporation, U.S. (Meyer Manufacturing Co. Ltd.), Le Creuset France SAS, Newell Brands, Inc., Whirlpool Corporation, Robert Bosch GmbH, TTK Prestige Limited, Wilh. Werhahn KG, Fissler GmbH, Tramontina |
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Product (Volume, Thousand Units, USD Billion, 2019-2030)
By Material (Volume, Thousand Units, USD Billion, 2019-2030)
By Distribution Channel (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
The Market size is projected to reach USD $4 billion by 2030.
Higher level of disposable income are driving the Market in coming years, however, Lack of supply chain considerations restraints the growth of the Market.
Groupe SEB, Meyer Corporation, U.S. (Meyer Manufacturing Co. Ltd.), Le Creuset France SAS, Newell Brands, Inc., Whirlpool Corporation, Robert Bosch GmbH, TTK Prestige Limited, Wilh. Werhahn KG, Fissler GmbH, Tramontina
In the year 2022, the market attained a volume of 32,434.9 thousand units, experiencing a growth of 7.0% (2019-2022).
The Stainless-Steel segment dominated Induction Cookware Market by Material in 2022; thereby, achieving a market value of $1.8 billion by 2030.
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