Posted On: 2021-10-07
Aluminum pressure cookers acquired the largest revenue share in the pressure cooker market in India – 6Wresearch
The India pressure cooker market witnessed a considerable growth in recent years on account of the growing consumer demand for pressure cookers in India underpinned by strong growth of urban population in the country and rising hospitality sector. The demand for pressure cookers witnessed an upward growth trajectory mainly attributed to rise in demand from urban consumers as they are more inclined towards modern day kitchenware. However, the spread of covid-19 in 2020 resulted in a complete turmoil for retail and hospitality sector due to the social distancing measures adopted to curb the spread of the virus, which in turn led to a sales downfall for the retail segment in between the lockdown period. However, once the e-commerce platform started operating in the lockdown period, the sales of pressures cooker started to get back on track as people being at home had ample amount of time for cooking and the increased number of cooking videos were being watched leading to a trend of cooking amongst the urban households of the country. Moreover, with the gradual upliftment of lockdown restrictions, the retail sector started to reopen which led the Indian pressure cooker market back to its growth trajectory.
According to 6Wresearch, the India Pressure Cooker Market revenue is projected to grow at a CAGR of 6.4% during 2021-27F. Increasing number of modular kitchens and rising disposable income in India are also the major factors contributing to the growth of the pressure cooker market. The projected growth in India pressure cooker market for the coming years can also be attributed to the government’s Pradhan Mantri Ujjwala Yojana which has an assigned budget of INR 12,800 crore for providing LPG connections across the rural India. With the different designs and innovations by the manufacturers in the pressure cooker industry, the adoption of modern pressure cookers is anticipated to rise in the coming period.
By distribution channel, the offline segment that are dealing in pressure cookers garnered the majority of the market share as the consumers have the option of comparing the different brands available at the store physically and choose the right product as per their requirement. However, the growing popularity of e-commerce websites among millennials is likely to drive the significant growth in the online distribution channel segment over the coming years.
According to Alpana Tyagi, Senior Research Analyst, 6Wresearch,” Aluminum held the majority market share in the India pressure cooker market owing to the low pricing of aluminum pressure cookers as compared to other material types including stainless steel, brass and hard anodized aluminum. Moreover, the large rural population of the country is still inclined towards aluminum pressure cookers owing to their higher availability in the rural areas from the unorganized sector and lower pricing.
Stainless Steel would gain traction in the coming years as the people face a problem of excessive heating and damage in aluminum cookers with time. So, in the recent years due to the increasing disposable income of the consumers, the demand for stainless steel pressure cookers is increasing year after year.” Alpana added further.
According to Rahul Dubey, Research Associate, 6Wresearch, “In the Indian pressure cooker market, upto 3 litres capacity pressure cookers garnered the majority share in 2020 owing to the large number of nuclear families and its higher usage amongst bachelors and in rural areas.”
“India pressure cooker market (2021-2027F)” report provides an in-depth analysis with 39 figures and 7 tables, covered in 101 pages. The report estimates and forecast the India pressure cooker market by material type, capacity, distribution channel, application and region. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.