Smart Slow Cooker Market – By Capacity Type,By Function, By Distribution Channels , By Application, By Geography Industry Forecast, 2024-2031

Report Code: ESR 0856 Report Format: PDF + Excel

Smart Slow Cooker Market Overview:

Smart Slow Cooker Market size is estimated to reach US$1.2 billion by 2031, growing at a CAGR of 6.6% during the forecast period 2024-2031. The increasing demand for connected and intelligent kitchen appliances and the ability to sync with mobile applications and recipe databases makes puts these appliances at the forefront of the smart home revolution, offering convenience, energy efficiency, and enhanced cooking experiences for consumers which is driving the demand for Smart Slow Cooker from the end users. This trend is expected to boost the growth of the Smart Slow Cooker Market during the forecast period.
The ongoing advancements in IoT technology and increasing consumer interest in smart home appliances creates opportunities for manufacturers to innovate. This trend contributes to a positive outlook for the Smart Slow Cooker industry during the forecast period.

Smart Slow Cooker Market - Report Coverage:
 
The “Smart Slow Cooker Market Report - Forecast (2024-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the Smart Slow Cooker Market.

COVID-19 / Ukraine Crisis - Impact Analysis:  

● The COVID-19 pandemic catalyzed a significant surge in the smart slow cooker market, echoing the global rise of home cooking during lockdowns. A survey by ChefKart suggests that the home cooked food market in India is booming, as 51% of consumers reported buying at least one smart appliance between March 2020 and January 2021. The emphasis on convenient, yet home-cooked meals during the pandemic has led to heightened interest and adoption of smart slow cookers. 
 
● The ongoing Ukraine-Russia conflict's impact on smart slow cookers is evident amid rising inflation, compelling people to shift towards home cooking and subsequently boosting kitchen appliance sales. With inflationary concerns prompting individuals to curtail dining out, there's a heightened preference for home-cooked meals which boosts the sales of smart slow cookers. A survey by Bank of America in 2023 reveals that Gen Z is responding to inflation woes by cutting back on eating out and increasing home dining. Nearly half of the young people polled claimed they are cutting back on eating out and instead prefer to cook at home. 

Key Takeaways:

● Dominance of North America
 
Geographically, in the Smart Slow Cooker market share, North America is analyzed to grow with the fastest CAGR of 7.3% during the forecast period 2024-2031. Consumers in this region embrace technology and the kitchen is no exception. For instance, a survey of 2,000 US consumers by Bosch Home Appliances reveals that 52% of consumers are interested in smart kitchen appliances that can be controlled remotely via a smartphone or tablet. The survey also shows that consumers are looking for smart kitchen appliances that can save time, energy, and money, as well as provide convenience and comfort.  The cultural shift towards healthy eating and busy lifestyles further propels the demand for Smart Slow Cookers, positioning North America as a leading market for these technologically advanced kitchen appliances.
 
● Automatic Segment to Register the Fastest Growth
 
In the Smart Slow Cooker Market analysis, the automatic Smart Slow Cooker segment is estimated to grow the fastest during the forecast period. This surge is primarily attributed to the increasing demand for hassle-free, autonomous kitchen appliances. Automated smart slow cookers offer users the convenience of preset cooking programs, intuitive controls, and smart functionalities, enabling them to adjust settings remotely through mobile applications. This segment's growth is further fueled by consumer preferences for time-saving solutions and the integration of artificial intelligence and IoT technology into kitchen devices. A survey by Electrolux shows that 65% of consumers are willing to pay more for smart kitchen appliances that can improve their health. The survey also reveals that consumers are looking for smart kitchen appliances that can offer health benefits such as food freshness and nutritious food.
 
● Household is the Fastest Growing Segment in the Market
 
According to the Smart Slow Cooker Market forecast, the household segment is estimated to register the fastest growth during the forecast period. This surge in the household segment can be attributed to the increasing adoption of smart slow cookers in domestic settings and the rising popularity of home cooked meals. A report by the Institute of Food Technologists states that the top food trend of 2023 is home cooking. Eight in ten meals are sourced from home, and 26% of consumers plan to cook more at home in 2023. Consumers seek the convenience, time efficiency, and diverse cooking functionalities offered by these smart appliances. Additionally, the shift towards smart kitchen solutions in residential spaces, driven by the desire for enhanced cooking experiences, healthier meal preparation, and the overall smart home trend, is expected to drive the substantial growth in the household application segment.
 
● Increasing Demand for Connected and Intelligent Kitchen Appliances
 
Consumers seek seamless integration between cooking devices and technology, fostering convenience and versatility in meal preparation. As per the 2020 Smart Home Survey report by LG Electronics Inc., 56% of consumers are willing to pay more for smart kitchen appliances that can communicate with each other and 49% are interested in appliances that can be controlled by voice or gesture. Smart slow cookers, equipped with connectivity features and intuitive controls, cater to this demand by offering the ability to sync with mobile applications, access recipe databases, and provide remote control functionalities. Thus, the increasing demand for connected and intelligent kitchen appliances acts as a driver for the growth of the Smart Slow Cooker Market during the forecast period.
 
● Ability to Sync with Mobile Applications and Recipe Databases
 
The smart integration of slow cookers with mobile apps and recipe databases is a key driver in the smart home revolution. This sync allows users on-the-go control, enabling remote cooking adjustments via mobile devices. Access to vast recipe databases simplifies meal planning and enhances culinary experiences, promoting diverse cooking opportunities. This fusion of features cultivates energy efficiency and streamlined cooking, elevating user experience. According to the 2020 State of the Home report by GE Appliances, 72% of consumers would like their kitchen appliances to be connected to each other and 68% would like their kitchen appliances to be connected to other smart devices in their home. The survey also suggests that consumers are looking for smart kitchen appliances that can offer personalized features, such as voice control and recipe suggestions. Consequently, this integration significantly propels the escalating demand for Smart Slow Cookers, meeting the needs of consumers in search of sophisticated, user-friendly kitchen solutions within the smart home landscape.
 
● Connectivity Issues to Impede to Market growth
 
While the integration of Wi-Fi connectivity and mobile applications offers numerous advantages, there are potential hurdles related to the reliability of the internet connection. In scenarios where the Wi-Fi signal is weak or intermittent, users may face difficulties in controlling their smart slow cookers remotely through mobile apps. This inconsistency could disrupt the seamless experience that these appliances promise. According to a review of the Crock-Pot WeMo Smart Slow Cooker by CNET, this smart slow cooker can't tell the difference between a Wi-Fi outage and a power outage, so spotty home Wi-Fi might return frequent error messages and notifications saying that the food may be "unsafe for consumption."  Moreover, an unreliable connection might lead to issues with timely updates, recipe downloads, or interruptions in the monitoring and adjustment of cooking settings. The challenge posed by connectivity issues could impede the growth of the Smart Slow Cooker market.

Smart Slow Cooker Market Share (%) By Region, 2023

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Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Smart Slow Cooker Market. The top 10 companies in this industry are listed below:
1. Panasonic
2. Crock-Pot
3. Instant Pot
4. Hamilton Beach
5. Russell Hobbs
6. Breville
7. Cuisinart
8. Chef iQ
9. Ninja
10. Morphy Richards

Scope of Report: 

Report Metric Details

Base Year Considered

2023

Forecast Period

2024–2031

CAGR

6.6%

Market Size in 2031

$1.2 billion

Segments Covered

 Capacity Type, Function, Distribution Channels, Application and Region

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players
  1. Panasonic
  2. Crock-Pot
  3. Instant Pot
  4. Hamilton Beach
  5. Russell Hobbs
  6. Breville
  7. Cuisinart
  8. Chef iQ
  9. Ninja
  10. Morphy Richards

 

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Table of Contents
1. Smart Slow Cooker Market- Overview
1.1. Definitions and Scope
2. Smart Slow Cooker Market- Executive Summary
3. Smart Slow Cooker 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 Slow Cooker Market- Start-up Companies Scenario 
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 Slow Cooker 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 Slow Cooker 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 Slow Cooker Market– Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Smart Slow Cooker Market– by Capacity Type (Market Size – $Million/$Billion) 
8.1. Small (Less than 3 quarts)
8.2. Medium (More than 3.1 to 6 quarts)
8.3. Large (More than 6.1 quarts)),
9. Smart Slow Cooker Market- By Function (Market Size – $Million/$Billion)
     9.1. Automatic
     9.2. Manual
10.Smart Slow Cooker Market– by Distribution Channels (Market Size – $Million/$Billion)
    10.1. Hypermarkets/Supermarkets
    10.2. Departmental and Convenient Stores
    10.3. Specialty Stores
    10.4. Online Sales Channels
    10.5 Others
    11. Smart Slow Cooker Market– by End User (Market Size – $Million/$Billion) 
  11.1 Household
  11.2. Commercial
13. Smart Slow Cooker Market– by Geography (Market Size – $Million/$Billion) 
12.1. North America
         12.1.1. U.S.
         12.1.2. Canada
         12.1.3. Mexico
12.2. Europe
        12.2.1. U.K.
        12.2.2. Germany
        12.2.3. France
        12.2.4. Italy
        12.2.5. Spain
        12.2.6. Netherlands
        12.2.7. Denmark
        12.2.8. Rest of Europe
12.3. Asia-Pacific
         12.3.1. China
         12.3.2. Japan
         12.3.3. South Korea
         12.3.4. India
         12.3.5. Australia
         12.3.6. Rest of Asia-Pacific
12.4. South America
         12.4.1. Brazil
         12.4.2. Argentina
      12.4.3. Chile
      12.4.4. Colombia
      12.4.5. Others
12.5. Rest of the World
      12.5.1. Middle East
      12.5.2. Africa
13. Smart Slow Cooker Market– Entropy
14. Smart Slow Cooker Market– Industry/Segment Competition Landscape  
14.1. Market Share Analysis
        14.1.1. Market Share by Region – Key companies
        14.1.2. Market Share by Countries – Key Companies
14.2. Competition Matrix
14.3. Best Practices for Companies
15. Smart Slow Cooker Market– Key Company List by Country Premium  
16. Smart Slow Cooker Market- Company Analysis
16.1. Panasonic
16.2. Crock-Pot
16.3. Instant Pot
16.4. Hamilton Beach
16.5. Russell Hobbs
16.6. Breville
16.7. Cuisinart
16.8. Chef iQ
16.9. Ninja
16.10. Morphy Richards
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The Smart Cookware Market is projected to grow at 15.1% CAGR during the forecast period 2023-2030.

Global Smart Cookware Market size is estimated to be $ 2.3 billion in 2023 and is projected to reach $7.4 billion by 2030.

The leading players in the Smart Cookware Market are Hestan Cue, , Farberware Cookware, Zega Intelligent Cookware, Mugen, Nutricook and others.

Rising consumer demand for kitchen automation and convenience, Increasing focus on precise and controlled cooking techniques and Growing awareness of healthy and sustainable cooking are some of the major Smart Cookware Market trends in the industry which will create growth opportunities for the market during the forecast period.

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