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Smart Instant Pot Market – By Cooking Mode (Low Pressure, High Pressure), By Capacity (3-Quarts, 6-Quarts, 8-Quarts, 10-Quarts), By Price(Entry-Level Models (Under $100), Mid-Range Models ($100 to $200), High-End Models ($200 and up)), By End User(Residential, Commercial), By Distribution Channel (Online (Company-owned websites, E-Commerce Websites), Offline(Hypermarket/Supermarket, Speciality Stores, Brand Stores, Other Retail Stores)), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030
Smart Instant Pot Market Overview:
Smart Instant Pot Market size is estimated to reach $3.2 billion by 2030, growing at a CAGR of 8.5% over the forecast period 2024-2030. Growth in disposable wealth and rapid urbanization are driving the rapid growth of the pot business. Instant pot pressure cookers, which use less energy, are becoming more and more popular among hotels and restaurants as a means of increasing productivity and efficiency. It is anticipated that this will accelerate market growth in the upcoming years. People find it challenging to spend more time in the kitchen due to changing lifestyles and busy schedules. Instant pots are essential to this change since they offer a space- and time-efficient option. This trend is expected to boost the growth of the Smart Instant Pot Market over the forecast period.
Instant Pots are known for their versatility and convenience, as they combine several kitchen appliances into one, including a pressure cooker, slow cooker, rice cooker, steamer, sauté pan, and more. Additionally, technological advances, growing awareness of healthy cooking, and the growing demand for electric pressure cookers are some of the factors contributing to the market's growth. These factors positively influence the Smart Instant Pot industry outlook over the forecast period.
Smart Instant Pot has internet access, which makes it easier to operate the pot using a mobile device. An important trend in the instant pot industry is the ability to operate the pot remotely from a phone. This feature allows the user to start or stop cooking, change cooking settings, and receive meal progress updates. Additionally, several cooking programs are available on smart instant pots, enabling customers to prepare a wide selection of meals with just a button push. These programs are made to automatically modify the temperature and cooking time according to the kind of food being prepared.
Market Snapshot:
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Smart Instant Pot Market - Report Coverage:
The “Smart Instant Pot Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Smart Instant Pot Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The market for smart instant pots was significantly impacted by the COVID-19 outbreak. With the global implementation of lockdowns and social distancing measures, an increasing number of individuals began cooking at home. The lack of places to eat and possibilities for eating in has increased demand for home cooking appliances, such as intelligent Instant Pots. The appeal of kitchen gadgets that may expedite and streamline meal preparation was highlighted by the pandemic. Sales of intelligent Instant Pots and other kitchen appliances with programmable functions and remote controls consequently experienced a significant rise. In addition, as more people went to e-commerce platforms to buy these appliances, the pandemic pushed the acceptance of online shopping, which further fueled the growth of the smart Instant Pot market.
● One major outcome of the Russia-Ukraine war is the smart Instant Pot market. The conflict produced difficulties for the production and delivery of consumer products, especially kitchen appliances, by disrupting international supply networks and creating economic uncertainty. Since parts for instant pots are frequently imported, supply chain disruptions might lead to price increases and delays. These elements have raised the cost of shipping and some electronic component prices, along with fluctuations in the global economy. Due to changing cooking habits and lifestyles throughout the pandemic, there was still a high demand for these useful kitchen appliances, but the supply chain disruptions brought on by the war complicated the dynamics of the market.
Key Takeaways:
● North America is the Largest Region
Geographically, in the global Smart Instant Pot market share, North America held the largest market share, more than 40% market share in 2023 attributed to the increase in demand from several end-users in the area, including homes, canteens, and hospitals. Moreover, the hectic lifestyles of North Americans are probably going to contribute to the rapid expansion of the cannabis industry there. Over the next eight years, North America is expected to experience significant growth due to consumers' growing understanding of the functioning of Instant Pots, particularly Generation Y (those born between the 1980s and 1990s).
● Residential Sector is the Fastest Growing Segment in the Market
The residential sector dominates the growth of the smart instant pot market over the forecast period. Instant Pots are multipurpose kitchen equipment that works well in both domestic and commercial settings, but household kitchens have been the primary location for their popularity and widespread adoption. Home cooks' requirements and preferences are met by the intelligent features of Instant Pots, like programmable settings, remote control, and recipe access via mobile apps. With these characteristics, busy families and people balancing work, home life, and cooking may prepare meals more easily and enjoyably. These factors drive the growth of the Smart Instant Pot Market.
● Increasing Urbanization and Disposable Income Expansion Drive the Market Growth
People have moved into smaller homes as a result of urbanization, which frequently means they don't have access to a traditional kitchen or cooking area. Because of its portability and versatility, an instant pot provides a convenient cooking solution in these types of situations. Instant pots can be used for a variety of tasks, including baking, pressure cooking, simmering, and boiling. Additionally, an instant pot offers an environmentally beneficial solution by consuming less energy overall.
Instant pot's market value is driven by consumers' rising disposable income and spending, which makes it a cost-effective cooking alternative. Customers are always looking for convenient, time-saving ways to shorten cooking times. In addition, instant pot makes cooking faster for the increasing number of women who are entering the workforce in cities. The growth of the instant pot industry is anticipated to be positively impacted by these features.
● Demand for Convenience and Efficiency in Cooking
Many of the functions that meet the need which make Smart Instant Pots unique. Users may start, stop, or check on the cooking process from anywhere using their mobile apps, which allows for remote control and monitoring. This feature saves time and reduces the need for constant supervision in the kitchen. Families and busy individuals have taken to this time-saving feature, which makes it a valuable tool for anyone looking for a balanced and effective approach to cooking. Smart Instant Pots lead the industry in terms of features and technology that meet the ever-increasing demands of consumers for cooking efficiency and convenience. Their capacity to provide a quick, adaptable, and user-friendly cooking solution place them in a position to be a major development engine in the modern kitchen appliance market. These factors drive the growth of the Smart Instant Pot Market over the forecast period.
● Price Sensitivity challenges the Growth of the Smart Instant Pot Market
A major barrier to the smart Instant Pot market's growth is price sensitivity. These appliances are more expensive than their conventional equivalents, even if they have many more sophisticated features and are more convenient. Customers who are sensitive to pricing may be discouraged from switching to smart kitchen appliances by this disparity in cost. Some customers may be price-conscious and cautious about spending money on an expensive smart Instant Pot, choosing instead to purchase more reasonably priced conventional kitchen appliances. Conventional kitchen appliances that meet basic culinary needs, such as rice cookers, slow cookers, and stovetops, are frequently more affordable. Because of this, people on a tight budget or families may be reluctant to purchase a more expensive smart Instant Pot if they think their current equipment will be enough for their cooking needs.
Smart Instant Pot Market Share (%) By Region, 2023
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Smart Instant Pot Market. The top 10 companies in this industry are listed below:
Instant Brands Inc
Breville Group Limited
Gourmia, Inc
National Presto Industries
Tayama Appliance, Inc.
Wonderchef Home Appliances Pvt. Ltd
Ninja Foodi
Crock-Pot
Zojirushi
Tristar Products Inc.
Scope of Report:
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1. Smart Instant Pot Market - Overview
1.1. Definitions and Scope
2. Smart Instant Pot Market - Executive Summary
3. Smart Instant Pot Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Smart Instant Pot Market - Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Smart Instant Pot Market – Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Smart Instant Pot Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Smart Instant Pot Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Smart Instant Pot Market – by Cooking Mode (Market Size – $Million/$Billion)
8.1. Low Pressure
8.2. High Pressure
9. Smart Instant Pot Market – by Capacity (Market Size – $Million/$Billion)
9.1. 3-Quarts
9.2. 6-Quarts
9.3. 8-Quarts
9.4. 10-Quarts
10. Smart Instant Pot Market – by Price(Market Size – $Million/$Billion)
10.1. Entry-Level Models (Under $100)
10.2. Mid-Range Models ($100 to $200)
10.3. High-End Models ($200 and up)
11. Smart Instant Pot Market – by End-User (Market Size – $Million/$Billion)
11.1. Residential
11.2. Commercial
12. Smart Instant Pot Market – by Distribution Channel (Market Size – $Million/$Billion)
12.1. Online
12.1.1. Company-owned websites
12.1.2. E-Commerce Websites
12.2. Offline
12.2.1. Hypermarket/Supermarket
12.2.2. Speciality Store
12.2.3. Brand Stores
12.2.4. Other Retail stores
13. Smart Instant Pot Market – by Geography (Market Size – $Million/$Billion)
13.1. North America
13.1.1. The U.S.
13.1.2. Canada
13.1.3. Mexico
13.2. Europe
13.2.1. UK
13.2.2. Germany
13.2.3. France
13.2.4. Italy
13.2.5. Spain
13.2.6. Russia
13.2.7. Rest of Europe
13.3. Asia-Pacific
13.3.1. China
13.3.2. India
13.3.3. Japan
13.3.4. South Korea
13.3.5. Australia & New Zealand
13.3.6. Rest of Asia-Pacific
13.4. South America
13.4.1. Brazil
13.4.2. Argentina
13.4.3. Chile
13.4.4. Colombia
13.4.5. Rest of South America
13.5. Rest of the World
13.5.1. Middle East
13.5.2. Africa
14. Smart Instant Pot Market – Entropy
15. Smart Instant Pot Market – Industry/Segment Competition Landscape
15.1. Market Share Analysis
15.1.1. Market Share by Region – Key Companies
15.1.2. Market Share by Country – Key Companies
15.2. Competition Matrix
15.3.Bes t Practices for Companies
16. Smart Instant Pot Market – Key Company List by Country Premium
17. Smart Instant Pot Market - Company Analysis
17.1. Instant Brands Inc
17.2. Breville Group Limited
17.3. Gourmia, Inc
17.4. National Presto Industries
17.5. Tayama Appliance, Inc.
17.6. Wonderchef Home Appliances Pvt. Ltd
17.7. Ninja Foodi
17.8. Crock-Pot
17.9. Zojirushi
17.10. Tristar Products Inc.
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The Smart Instant Pot Market is projected to grow at 8.5% CAGR over the forecast period 2024-2030.
Global Smart Instant Pot Market size is estimated to reach $3.5 billion by 2030.
The leading players in the Smart Instant Pot Market are Instant Brands Inc., Breville Group Limited, Gourmia, Inc., National Presto Industries, Tayama Appliance, Inc., Tristar Products Inc. and others.
Are some of the major Smart Instant Pot Market trends in the industry which will create growth opportunities for the market over the forecast period.
Increasing Urbanization and Disposable Income Expansion and Consumer Demand for Convenience and Efficiency in Cooking are the driving factors of the market.