Multicooker Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025
Technavio has been monitoring the multicooker market and it is expected to grow by $ 1.32 bn, accelerating at a CAGR of almost 17% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Multicooker Market: Key Trends to impact market growth
The Product convenience and multiple functions enabling better cooking experience is one of the key multicooker market market trends. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.
Multicooker Market: Top Drivers to Boost Demand
The product innovation and portfolio extension leading to premiumization is one of the primary factors driving the growth of the multicooker market. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business
Vendor Analysis: Corelle Brands LLC, Glen Dimplex Group and Groupe SEB are key growth contributors
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Corelle Brands LLC, Glen Dimplex Group, Groupe SEB, Hamilton Beach Brands Holding Co., Koninklijke Philips NV, Newell Brands Inc., Panasonic Corp., REDMOND Industrial group, Spectrum Brands Holdings Inc., and Whirlpool Corp. are some of the major market participants.
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Multicooker Market: Key Highlights of the Report for 2021-2025
Technavio has been monitoring the Global Multicooker Market and it is expected to grow by USD 1.32 billion accelerating at a CAGR of over 17% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Free Sample Report
Multicooker Market Key Driver: Product innovation and portfolio extension leading to premiumization
One of the primary factors that will trigger the growth of the Multicooker Market size Portfolio extension by vendors. Market vendors are engaging in the manufacture of products with add-on features and designs. Multifunctional electric cookers (also known as multicookers) with innovative features and functionality are highly priced compared with regular cookers. Such high-quality multicookers with integrated modern technologies witness high demand from customers. The availability of innovative features in multicookers will propel the growth of the global multicooker market during the forecast period.
Multicooker Market Emerging Trend: Increasing affordability of innovative cooking appliances
The rise in dual-income households and the rising disposable income have increased customers spending power which has made it more affordable for consumers to invest in modern and innovative cooking appliances that are time and energy-efficient. Market vendors are implementing features which ensure ease of use, portability, and convenience in their products to cater to consumer expectations from modern cooking appliances. Thus, affordability, convenience and multiple functions will influence the growth of the market during the forecast period.
Multicooker Market: Key Vendor Analysis
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Corelle Brands LLC, Glen Dimplex Group, Groupe SEB, Hamilton Beach Brands Holding Co., Koninklijke Philips NV, Newell Brands Inc., Panasonic Corp., REDMOND Industrial group, Spectrum Brands Holdings Inc., and Whirlpool Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
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