LONDON--(BUSINESS WIRE)--The global induction cookware market size is poised to reach USD 1.9 billion by 2023, according to a new report by Technavio, progressing at a CAGR of 6% during the forecast period. Growing promotion of induction cooking is expected to augment the growth of the market during the forecast period.
Key suggestions from the report:
- Induction pan segment represented over 41% of the overall market share in 2018 on account of increased demand for multi-cooktop-compatible pans, which can be used on both stoves as well as induction cooktops.
- The residential segment accounted for over 87% of the induction cookware market share in 2018, owing to growth in the adoption of innovative cooking technologies, smart kitchen appliances, and energy-efficient solutions.
- The European induction cookware market accounted for 39% of the overall revenue in 2018, on account of the growing focus on sustainability and green living in countries such as Germany, Italy, Spain, and the UK.
- Presence of many players, the introduction of advanced products with advanced technology coupled with the rising demand for multi-cooktop compatible are bolstering the competitive rivalry in the market.
Read a 127-page research report with TOC on "Induction Cookware Market Analysis Report by Product (pan, skillet pan, pressure cooker, Dutch oven, stockpot), By End-User (residential and commercial), and segment forecasts for 2019 to 2023" at
https://www.technavio.com/report/induction-cookware-market-industry-analysis
The market is driven by the growing promotion of induction cooking by government agencies and other organizations. Induction cooking is considered to be more energy-efficient and environmental-friendly compared to traditional cooking methods. Therefore, due to such factors, the market for induction cookware is expected to rise largely during the forecast period.
The rising demand for induction cooktops has led to increasing demand for multi-cooktop compatible cookware, which can be used on both gas and induction cooktops. Moreover, with these products lined with magnetic stainless steel instead of traditional tin linings, the compatibility, as well as the efficiency of the cookware increases largely. Furthermore, the growing popularity of induction cooktops due to their overall cost efficiency and faster cooking times is expected to continue during the forecast period. Subsequently, multi-cooktop-compatible cookware is expected to remain a key trend in the market in focus during the forecast period.
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At present, in many developing countries, the government provides LPG to consumers at a subsidized price, making LPG a cheaper fuel for cooking than electricity. The long practiced traditional methods of cooking and cookware and the wide array of traditional recipes challenge the adoption of electric multi-cooker on a regular basis. Also, many households still believe in the traditional way of cooking, which encourages the use of regular cookers, which are cost-effective and easy to use on LPG. However, to overcome these challenges, vendors are focusing on promotional and marketing strategies to create awareness of the benefits of using induction cookware.
Technavio has segmented the global pressure sensitive tapes market based on the product (pan, skillet pan, pressure cooker, Dutch oven, and stockpot), end-user (residential and commercial), and region (APAC, Europe, MEA, North America, and South America).
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