Multi Cooker Market

Global Multi Cooker Market:

The global multi cooker market size reached US$ 831.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,929.4 Million by 2032, exhibiting a growth rate (CAGR) of 9.5% during 2024-2032. The rising demand for convenient cooking solutions is increasing the popularity of the product among busy households, which is stimulating the market.

Multi Cooker Market Analysis:

• Major Market Drivers: The growing interest in healthier meal preparation is driving more consumers to choose multi-cookers for versatile cooking, thereby propelling the market.
• Key Market Trends: The increasing adoption of smart kitchen appliances is boosting the demand for multi-cookers with advanced features, which is acting as a significant growth-inducing factor.
• Competitive Landscape: Some of the major market companies include Philips, Morphy Richards, KitchenAid, Fagor, Breville, and Tefal, among many others.
• Geographical Trends: The high consumer demand for time-saving appliances, growing adoption of smart kitchen devices, and strong retail presence are augmenting the market in North America.
• Challenges and Opportunities: The lack of consumer awareness about the full range of features is hindering the multi cooker market business opportunities. However, increased marketing efforts and educating users on the appliance's versatile cooking benefits will continue to accelerate the market over the forecasted period.
   

Multi Cooker Market Trends:

Increasing Demand for Multi-Functional Kitchen Appliances

Consumers are seeking appliances that offer versatility, reducing the need for multiple devices in the kitchen. Moreover, multicookers are gaining popularity as they combine several cooking methods into one appliance, thereby making them practical for various cooking needs and saving valuable counter space. For instance, in March 2024, Gourmia introduced the Versia, an all-in-one air fryer, grill, panini maker, and multicooker with 14 one-touch cooking functions with a 7-quart air fry basket and 6-quart multicooker pot. It simplifies meal preparation and optimizes kitchen counter space.

Growing Preference for Time-Saving Cooking Solutions

Busy lifestyles are fuelling demand for appliances that help streamline meal preparation. Furthermore, multicookers allow users to cook meals quickly and efficiently, offering features like preset cooking modes and simultaneous cooking options that cater to the need for convenience in preparing daily meals. For instance, in August 2024, Crock-Pot launched the MultiMeal Multicooker, featuring dual 3.7-quart pots with separate temperature controls. This versatile appliance offers five cooking functions, simplifies meal prep by cooking two dishes simultaneously, and is dishwasher safe, thereby making it ideal for busy households and meal preppers.

Rising Adoption of Smart Cooking Technologies

The increasing integration of smart technology in cooking appliances is attracting tech-savvy consumers. In contrast, multi cooker manufacturers introducing new features like app control, voice command, and automated cooking functions enable users to monitor and manage cooking processes with ease, thereby enhancing user convenience and improving the overall cooking experience. For instance, in September 2024, Xiaomi launched the Mijia Rice Cooker N1, a 4-liter, six-layer black-gold inner liner, 24-hour reservation, and 12-hour heat preservation multi cooker, featuring nine cooking modes, quick 28-minute cooking, and advanced temperature control.

Global Multi Cooker Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the multi cooker market forecast at the global and regional levels for 2024-2032. Our report has categorized the market based on product type, application, and distribution channel.

Breakup by Product Type:

• Round 
• Cube
• Others
   

Round currently holds the largest multi cooker market share

The report has provided a detailed breakup and analysis of the market based on the product type. This includes round, cube, and others. According to the report, round represented the largest market segmentation.

Round multi-cooker offers a versatile design, ideal for even heat distribution, making it perfect for slow cooking, steaming, sautéing, and more in compact spaces. For example, in March 2024, Instant Brands introduced the instant pot duo round multi-cooker, featuring enhanced cooking modes and a compact round design for easier storage. This is elevating the multi cooker market statistics.

Breakup by Application:

• Restaurants
• Home Use
• Others
   

Home use currently holds the largest multi cooker market demand

The report has provided a detailed breakup and analysis of the market based on the application. This includes restaurants, home use, and others. According to the report, home use represented the largest market segmentation.

As per the multi cooker industry overview, home use streamlines meal preparation with its ability to slow cook, pressure cook, and more, all in one device, thereby saving both time and kitchen space while enhancing convenience.

Breakup by Distribution Channel:

• Electrical Goods Retailers
• Supermarkets/Hypermarkets
• Departmental Stores
• Homeware Stores
• Online
• Others
   

Electrical goods retailers hold the largest multi cooker market statistics

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes electrical goods retailers, supermarkets/hypermarkets, departmental stores, homeware stores, online, and others. According to the report, electrical goods retailers represented the largest market segmentation.

Electrical goods retailers play a significant role in distributing multi cookers by offering a wide range of brands and models. Apart from this, they provide customers with access to the latest kitchen appliances through both physical stores and online platforms, thereby elevating the multi cooker market revenue.

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America
   

North America currently dominates the multi cooker market outlook

The multi cooker market research report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the report, North America accounted for the largest market share. 

As per the multi cooker market dynamics, North America exhibits a clear dominance in the market driven by rising demand for convenient cooking solutions and the region's strong consumer base. Brands like Instant Pot have launched advanced models with smart technology, catering to busy lifestyles. Along with this, increasing product innovations continue to strengthen North America's market leadership globally.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all market multi cooker top companies have also been provided. Some of the key players in the market include:

• Philips
• Morphy Richards
• KitchenAid
• Fagor
• Breville
• Tefal
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

 Multi Cooker Market Recent Developments:

• August 2024: Xiaomi launched the Mijia Rice Cooker N1, a 4-liter, six-layer black-gold inner liner, 24-hour reservation, and 12-hour heat preservation multi cooker, featuring nine cooking modes, quick 28-minute cooking, and advanced temperature control.
• August 2024: Crock-Pot introduced the dual 3.7-quart pots with separate temperature controls multicooker, featuring five cooking functions and dishwasher-safe technology.
• March 2024: Gourmia unveiled the Versia, an all-in-one air fryer, grill, panini maker, and multicooker with 14 one-touch cooking functions with a 7-quart air fry basket and 6-quart multicooker pot.

Multi Cooker Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the multi cooker market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global multi cooker market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the multi cooker industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.