NEW YORK, July 22, 2021 /PRNewswire/ — Fact.MR – A Market Research and Competitive Intelligence Provider: The global electric lunch box demand outlook remains positive considering that Fact.MR has projected the market to exhibit growth at 4.3% CAGR between 2021 and 2031. Inclination for fresh home cooked meals, primarily among working people will remain a chief growth driver of the market.
After a period of consistent growth, Fact MR observed demand for electric lunch boxes to plummet, causing their price to drop by 4% in Q2 FY2019. Nevertheless, sales are expected to grow 1.3X between 2021 and 2031, enabling the market to reach valuation of nearly US$ 1.5 Bn by the end of 2031.
Electric lunch boxes are electrically wired boxes that can be plugged with electricity to heat up meal. Sales of electric lunch boxes is rising as consumers show higher inclination for electrical items to ease their daily chores.
Electronics sales are increasing at a CAGR of 5% and the overall industry valuation is forecast to surpass US$ 1 Tn by 2031. Expansion of the electronics sector is indicative of consumers rising inclination for electrical gadgets that will simplify their daily lives. This will in turn present a conducive environment for the expansion of the electric lunch boxes market.
Ongoing technological advancements are improving kitchenware products. Manufacturers are focusing on innovative ways to improve their product portfolio. For instance, Milton and Tedemei have introduced battery-operated electric lunch boxes which is facilitating their sales growth.
“Advent of digital technology has impacted food preferences of general public. Increase in consumption of home-cooked meals will be major factor boosting demand for electric lunch boxes. Sales will continue rising especially as consumers show preference for healthier home-cooked meals, “said a Fact MR analyst.
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Key Takeaways from Electric Lunch Box Market Research Report
- China accounts for a little less than one-tenth of global electric lunch boxes sales. Fact MR predicts demand in China to rise at 6.5% CAGR over the assessment period.
- Sales in Germany is expected to grow at 2.2% CAGR. It will account for one-fifth of the demand registered in the Europe market for electric lunch boxes.
- Product sales via online retail platforms are anticipated to increase at a CAGR 4.6%.
- Demand for stainless steel electric lunch boxes will accelerate at maximum pace.
Growth Drivers:
- Increasing health concerns and easy access to innovative products are anticipated to aid growth in the long term.
- Emphasis on home cooked meals is expected to rise to prevent various chronic ailments. This will fuel demand for electric lunch boxes as means to eat fresh home cooked meals, especially among working people.
Key Restraint:
- Lack of awareness about product availability in some countries is restraining market growth.
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Competitive Landscape
Key players are focusing on investments, acquisitions, and portfolio expansion to increase sales revenue. For instance,
- In Sept 2019, Italy-based Girni introduced a new household catalogue which covers information on all new household products likely to be launched, including electric lunch boxes.
- In Feb 2020, Kobwa introduced its new electric lunch box product series which will preserve food for longer time period.
Key players profiled in the market include
- Cello World
- Girmi.Hamilton Housewares Pvt. Ltd.
- Haven Innovation
- Jaypee Plus
- Koolatron Corporation
- Newell Brands Inc
- SKG Electric Co. Ltd
- Tayama Appliance USA INC.,
More Insights on the Electric Lunch Box Market:
Fact.MR provides an unbiased analysis of the electric lunch box market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global electric lunch box market, with a detailed segmentation on the basis of:
Type
- Grid Electric Lunch Boxes
- Container Electric Lunch Boxes
- 2-container Electric Lunch Boxes
- 3 Container Electric Lunch Boxes
- 4-container Electric Lunch Boxes
Raw Material
- Stainless Steel Electric Lunch Boxes
- Plastic Electric Lunch Boxes
Price Range
- Below US$ 10 Electric Lunch Boxes
- US$ 11-25 Electric Lunch Boxes
- US$ 26-50 Electric Lunch Boxes
- Above US$ 50 Electric Lunch Boxes
By Distribution Channel
- Offline
- Electric Lunch Boxes Sold at Specialty Stores
- Electric Lunch Boxes Sold at Hypermarkets/Supermarkets
- Online
- Electric Lunch Boxes Sold on Company-owned Websites
- e-Commerce Sales of Electric Lunch Boxes
Key Questions Covered in the Electric Lunch Box Market Report
- The report offers insight into electric lunch box demand outlook for 2021-2031
- The market study also highlights projected sales growth for electric lunch box market between 2021 and 2031
- Electric lunch box market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Electric lunch box market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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