Demand for Stainless Steel Electric Lunch Boxes to Surge Over Coming Years, Evaluates Fact.MR
Published : 12 Jul 2021 Industry: Consumer Goods
As per a new report published by Fact.MR, a market research and competitive intelligence provider, the global electric lunch box market is anticipated to exceed a valuation of US$ 1.1 Bn by 2021, and expand at a steady CAGR of 4.3% over the forecast period of 2021 to 2031.
Historically the market grew 1.2X registering a compound annual growth rate of 3.1% during 2016 - 2020. Fact.MR anticipates significant potential in the market, owing to factors such as increasing preference of people towards having hot lunch at the workplace and growing demand for compact and efficient electric lunch boxes.
Desire for the hot pot while working or away from home for a significant amount of time is a prominent factor driving demand for electric lunch boxes. Growing industrialization and fast-paced work lifestyle have played a major part in market expansion.
Also rise of spending on kitchenware products has brought up new avenues for the electric lunch box business. Surge in sales has bolstered investments in research & development to enhance product quality. Rising consumer requirements for efficient lunch boxes with low power consumption and better preservation of food has strengthened the market dynamics of electric lunch boxes across the globe.
Key Takeaways from Market Study
- Among the distribution channels, e-Commerce has been the fastest-growing segment owing to rise of the online sector over the past decade, and is anticipated to expand at a CAGR of 4.6% through 2031.
- The market in Asia Pacific is projected to experience high market growth at 4.7%.
- North America is anticipated to dominate the global market for electric lunch boxes over the decade.
- Demand for stainless steel boxes is anticipated to increase at a higher CAGR compared to plastic electric lunch boxes.
- China and Japan collectively account for more than 50% market share in Asia Pacific.
“Market players are expected to concentrate on product innovation and switch to eco-friendly materials for the manufacturing of electric lunch boxes,” says a Fact.MR analyst.
Key players have been spending on technology to come up with newer lunch boxes with improved lifespan, and are targeting a variety of consumers with optimum price points. Following such an organic strategy will give them profits over the coming years. Also, introducing low-cost electric lunch boxes will help them attract newer customers in the market.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global electric lunch box market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the market on the basis of type (grid lunch boxes and container lunch boxes [2-container, 3-container, and 4-container]), price range (below US$ 10, US$ 11-25, US$ 26-50, and above US$ 50), raw material (stainless steel and plastic), and distribution channel (offline [specialty stores, hypermarkets/supermarkets) and online (company-owned websites and e-Commerce), across major regions of the world (North America, Europe, Asia Pacific, Middle East & Africa, and South America).
Fact.MR’s Domain Knowledge in Consumer Products Division
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Sr. Consultant - Consumer Products