LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global slow cooker market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Poonam Saini, a lead analyst from Technavio, specializing in research on retail goods and services sector, says, “The parent market for the global slow cooker market is the global household cooking appliances market, which is showing a healthy growth rate owing to the rise in the middle-class segment, coupled with improving disposable income levels in developed as well as developing economies.”
In mature and developed markets like the US, the demand for household cooking appliances has attained a stable stage. The market for cooking utensils, devices, and appliances is growing in the developing markets, owing to increasing product awareness among consumers and greater value proposition being offered by prominent vendors.
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The top three emerging trends driving the global retail goods and services market according to Technavio research analysts are:
Smart slow cookers with Wi-Fi
The introduction of wireless connectivity in slow cookers has enabled them to be operated by tablets or smartphones. Through these devices, users can monitor and control the cooking temperature and time. This is an advancement in kitchen technology. Belkin, a prominent vendor, has introduced slow cookers integrated with automation technology.
“The high penetration of internet and smartphones in developed countries have given most of the working women access to internet and smartphones. The smart cookers market will witness significant growth during the forecast period,” according to Poonam.
Portability of slow cookers
Portability of slow cookers is a recent innovation introduced by the prominent vendors in the market. In the current market, the slow cookers being launched consist of a removable crock. Due to this detachable feature, the weight of slow cookers reduces, allowing the users to move the cookers from one place to another.
Vendors are also introducing models with rubber seals and locking mechanisms, which hold the lid sealed tightly onto the crock for spill-free transportation of slow cookers. These features have enhanced the convenience quotient of the appliance, which is very favorable for women.
Low power consumption by slow cookers
Low power consumption by slow cookers is another reason for their popularity among households. In the 1970s, slow cookers did not intend to save power. Hence, users incurred huge power consumption charges, becoming one of the main reasons for the downfall of the market.
Slow cookers available in the market draw around 0.4 A current per hour. So, if a cooker is used for eight hours, the current drawn amounts to 3.2 A or 0.768 KW only. Thus, the total energy consumed by a slow cooker is about 2000-watt per hour.
The key vendors are as follows:
- Breville Group Limited
- Newell Brands
- Spectrum Brands
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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