Electric Lunchbox Market to Grow at a 4.0% CAGR from 2023 to 2031, Reaching US$ 1.5 billion: TMR Report

Wilmington, Delaware, United States, June 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electric lunchbox market is anticipated to grow at a 4.0% CAGR from 2023 to 2031. A market valuation of US$ 1.5 billion is expected by end of the forecast period.

The burgeoning demand for plastic electric lunch boxes among millennials in emerging nations like China, Brazil, and India, along with the inflating disposable income, is set to fuel the market's growth. These lunch boxes are cost-effective, lightweight, and expected to drive the market's growth rate.

In today's era, there is a growing preference for electric lunch boxes that have low electricity consumption and can be conveniently connected to a car's Universal Serial Bus (USB) charging port. By minimizing power usage, these lunch boxes offer a practical solution.

Moreover, their travel-friendly nature makes them highly advantageous for excursions and vacations. With an increasing number of short trips and outings for both work and leisure, the usage of electric lunch boxes is expected to surge, consequently driving market growth in the forecast period.

In the electric lunch box market, companies are expected to prioritize enhancing their brand visibility and online presence. E-commerce platforms will most likely continue to be the prominent sales channels. Effective digital marketing strategies that emphasize product details, functionality, pricing, and technology will be crucial.

Additionally, companies should aim to increase sales through offline distribution channels such as supermarkets, electric stores, and hypermarkets. Product innovation is set to remain a key strategy for players in the global market.

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Market Snapshot:

Key Takeaways from the Market Report

• The global electric lunchbox market is expected to be worth US$ 1.14 billion as of 2023.
• From 2023 to 2031, the market is expected to grow with a CAGR of 3.5%.
• By distribution channel, the offline segment is expected to grow with a CAGR of 3.8% during the forecast period.
• By power source corded segment is expected to lead the market while exhibiting a CAGR of 4% during the forecast period.
• As per TMR projections, the demand for electric lunchboxes in China is projected to grow at a CAGR of 3.7% during the forecast period.
  

Electric Lunchbox Market: Growth Drivers & Trends

• The demand for electric lunch boxes is projected to register significant growth due to the outstanding convenience offered by these boxes.
• The growing global awareness of the significance of maintaining a healthy diet is driving the increased usage of this product and serving as a significant catalyst for market growth.
• The increasing trend of families providing nutritious, warm, and healthy food to hospital patients is expected to drive the demand for the product.
• The growing number of people embarking on road trips to different destinations is contributing to the increased usage of electric lunch boxes, thereby driving market growth.

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Electric Lunchbox Market: Regional Analysis

• North America is expected to maintain its prominent market share and dominance in electric lunch box market throughout the forecast period. The region's demand for electric lunch boxes is expected to grow with a CAGR of 3.4% during the forecast period. The region benefits from the popularity of friends and family gatherings, picnics, and the rising trend of using lunch boxes during camping, all of which contribute to increased product consumption.
  
• The market in Asia Pacific is expected to accumulate over 36% market share in 2023 while growing at a CAGR of 3.6% during the forecast period.
  
• The Asia Pacific region is expected to play a significant role in the electric lunch box market due to the increasing presence of manufacturers like Hamilton Housewares Private Limited, Cello World, and others, who offer the product at an affordable price range, thereby driving its usage.
  
• The limited availability of cafeterias in educational institutions, particularly schools, also contributes to increased consumption. Additionally, many minimum wage workers opt to carry lunch boxes daily to reduce their expenses and enjoy warm and nutritious meals, further boosting the use of electric lunch boxes.
  

Electric Lunchbox Market: Prominent Players

The global market for electric lunchboxes is characterized by several regional and global entities. Some key electric lunchbox providers profiled by TMR include:

• Cello World Private Limited
• Hamilton Housewares Private Limited
• Haven Innovation Inc.
• Koolatron Corporation
• Newell Brands
• SKG Electric Co. Ltd.
• Tayama Appliance Inc.
• Thermos LLC
• Trevidea S.r.l.
• Zojirushi Corporation

Prominent developments in the electric lunchbox market domain by key players are as follows:

• Thermos LLC unveiled the Icon Series in February 2023, featuring an extensive lineup of products specifically designed for cold beverages and hydration.
• In January 2023, Newell Brands unveiled plans for a restructuring program aimed at enhancing the company's strength through leveraging its scale. The initiative involves reducing complexity, streamlining the operating model, and driving operational efficiencies.
• Cello World Private Limited secured a US$ 43 million investments from ICICI Venture in November 2022 to support the expansion of its product offerings.
  

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Electric Lunchbox Market- Key Segments

• By Type
  • Single Layer
  • Multilayer
• By Category
  • Microwave
  • Steam
• By Power Source Type
  • Corded
  • Cordless
• By Capacity
  • Below 1 Litre
  • 1 - 1.8 Litre
  • Above 1.8 Litre
• By Design
  • Rectangle
  • Round
  • Square
• By Price
  • Below US$ 100
  • US$ 100 - 400
  • Above US$ 400
• By End-User
  • Residential
    • Office Workers
    • Students
    • Travelers
  • Commercial
    • Food Delivery Services
    • Catering Events
    • Food Trucks
    • Others (Hospitals, Self-serving Stations, etc.)
• By Distribution Channel
  • Online
    • Company Owned Website
    • E-Commerce Website
  • Offline
    • Hypermarket / Supermarket
    • Specialty Stores
    • Others (Independent Retail Stores, Electric Stores, etc.)
• By Region 

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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06/08/2023 17:30

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