Global Induction Cookware Market Analysis Highlights the Impact of COVID-19 2020-2024 | Expansion of Distribution Networks to Boost Market Growth | Technavio

LONDON--(BUSINESS WIRE)--The global induction cookware market size is expected to grow by USD 1.08 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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The expansion of distribution networks is one of the key factors driving the induction cookware market growth. Vendors are adopting different strategies to promote their brands and broaden their customer base. One of the popular strategies that market players have adopted is the expansion of distribution channels. The omnichannel mode of distribution is also becoming popular among induction cookware manufacturers as they enter the online retail space to gain more customers and improve brand recognition. However, vendors are gradually focusing on distributing and promoting their modern cooking appliances not only through physical retailers but also through online shopping portals. For instance, some popular e-commerce retailers that sell induction cookware include Amazon.com Inc., Rakuten Inc., Walmart Inc., and Alibaba Group Holding Ltd. Increasing internet penetration worldwide is leading to the growth of e-commerce businesses across the world.

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As per Technavio, the growing promotion of induction cooking will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Induction Cookware Market: Growing Promotion of Induction Cooking

The rising promotions by government agencies and other organizations about induction cooking will increase the demand for induction cookware, which in turn, is expected to drive the market during the forecast period. Induction cooking is more energy-efficient and requires less energy than other traditional cooking methods, besides being environment-friendly. Induction cooking utilizes the magnetic properties of steel to heat the cooking vessel directly. Thus, government organizations are proposing initiatives to promote induction cooking. For instance, in November 2019, the Government of Nepal announced that it would introduce a 50% subsidy on induction stoves to boost their adoption. In August 2018, the Government of India announced a plan to provide induction stoves to poor households in rural and urban India. Such promotions will drive the demand for induction cookware.

“Other factors such as new product launches, and the growing shift toward energy-efficient products will have a significant impact on the growth of the induction cookware market value during the forecast period,” says a senior analyst at Technavio.

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Induction Cookware Market: Segmentation Analysis

This market research report segments the induction cookware market by product (pan, skillet pan, pressure cooker, Dutch oven, and stockpot) and geography (Europe, North America, APAC, South America, and MEA).

The European region led the induction cookware market share in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to register the highest incremental growth due to factors such as the increasing number of smaller houses and the growing preference for modular kitchens.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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