High Demand for Energy-efficient Electric Lunch Boxes to Propel Market Growth
Food preferences have evolved at a rapid pace over the past decade. The advent of the digital era has played an important role in influencing food preferences among the masses, particularly the millennial population. While restaurants and gourmet food joints continue to attract customers across the world, due to health concerns and evolving consumer trends, consumers are increasingly consuming home-cooked food. The surge in the consumption of home-cooked food is a major factor that is expected to drive the demand for electric lunch boxes during the forecast period. Innovations and consumer demand for energy-efficient electric lunchboxes are projected to remain the primary area of focus for market players involved in the current electric lunch box market.
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Market players involved in the current market landscape are likely to focus on product innovation, product design, and product development strategies to gain an edge over their competitors. In addition, brands are also anticipated to focus on materials used to develop electric lunch boxes and at present, the demand for stainless steel electric lunch boxes is on the rise, particularly in the Asia Pacific region. Market participants are also expected to focus on product pricing strategies to gain an advantage amidst the cutthroat competition. At the back of these factors, the global electric lunch box market is expected to reach a value of ~US$ 1 Bn by the end of 2027.
Consumption of Microwaved Food Declines, Demand for Electric Lunch Boxes on Rise
Electric lunch boxes have gained a great amount of popularity in recent times, particularly among students and working-class individuals and the trend is set to continue during the forecast period. In addition, electric lunch boxes continue to remain popular among food enthusiasts and health-conscious customers. In addition, the convenience quotient of electric lunch boxes will play an important role in augmenting the sales of the same during the forecast period. The growing inclination toward fresh, tasteful, and warm food is expected to drive the growth of the electric lunch box market in the coming years. In addition, electric lunch boxes are increasingly gaining popularity over conventional tiffin boxes, as they retain the nutrients and flavor of food products. Several companies are leveraging the benefits of steam technology to develop energy-efficient and highly effective electric lunch boxes.
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In the current scenario, plastic electric lunchboxes are expected to remain popular than stainless steel lunch boxes and the trend is likely to continue during the forecast period. As plastic exhibits exceptional heat retention capacity and is lighter in weight compared to stainless steel, manufacturers continue to favor the production of plastic electric lunch boxes. However, stringent regulations over the use of plastic coupled with soaring consumer awareness pertaining to environment safety could boost the production of stainless steel electric lunch boxes in the coming years. The demand for electric lunch boxes or smart lunchboxes is expected to be further driven by the long-term cost benefits as opposed to buying meals from restaurants or canteens.
Brands Eye Sales via Online Platforms, Digital Branding Strategies to Remain Key
Market players operating in the current electric lunch box market are expected to focus on improving their brand presence and visibility on digital platforms. In addition, online platforms, including e-Commerce websites are likely to remain the most prominent sales channels for market players. Companies are projected to formulate effective digital marketing strategies wherein details pertaining to the product, its pricing, functionality, and technology used should remain the primary focus. Companies should also aim to increase the sales of their products across offline distribution channels, including electric stores, supermarkets, and hypermarkets. Product innovation is expected to remain the most popular strategy among players operating in the global electric lunch box market landscape.
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Companies Likely to Overcome Supply Disruptions Post COVID-19 Pandemic
The advent of the novel COVID-19 pandemic is expected to have a strong impact on the growth of the global electric lunch box market. Within the electronics goods industry, disruptions in the supply chain are expected to hamper market growth and sales particularly in 2019 . The demand for electric lunch boxes will remain low in the first half of 2019 . However, due to the soaring health concerns among consumers, along with the high focus on maintaining hygiene and safety is likely to propel the demand for electric lunch boxes in the upcoming months.
Analyst’s Viewpoint
The global electric lunch box market is expected to grow at a moderate CAGR of ~4% during the forecast period. Market players are likely to focus on product innovation and developing electric lunch boxes from materials that are eco-friendly. In addition, companies in the electric lunch box market should also focus on increasing sales via online platforms to gain an edge. Digital marketing strategies will remain the key to attract new customers. Market players should focus on launching new products and continually invest resources to improve the performance of their products.
Electric Lunch Box Market: Overview
- According to Transparency Market Research’s latest report on the global electric lunch box market for the period 2019–2027 (wherein 2019 to 2027 is the forecast period and 2018 is the base year), rising need for lunch boxes capable of enabling warm home meals is likely to drive the market for electric lunch boxes globally
- In the report, revenue generated by the global electric lunch box market has been mentioned in terms of value (US$ Mn) and volume (Thousand Units) throughout the forecast period.
Rapidly Expanding Online Retail Platforms Globally: A Key Driver of Electric Lunch Box Market
- Over the years, online retail platforms have received significant traction, which in turn has resulted in a seismic shift in the shopping trends of majority of consumers across the globe. Moreover, the number of suppliers online have increased tremendously, as online platforms offer equal benefit to the sellers. In the electric lunch box market, manufacturers worldwide have opted for digital platforms to generate product awareness, and subsequently increase the sales of the product.
- Rising penetration of online retail platforms globally has, therefore proven to be a driving factor for the electric lunch box market at a substantial growth rate
Adoption of Healthy Lifestyle and Urbanization to Bolster Electric Lunch Box Market
- Rising health concerns among the urban population has motivated them to shift back to home cooked meals. The ability of an electric lunch box to provide warm food in a highly portable manner is likely to attract a massive consumer base, particularly avid travelers and employees.
- Nowadays, people are looking for low electricity consumption lunch boxes so that the electric lunch box can be connected to the USB charging port of a car. Low electricity consumption reduces the power consumption. These lunch boxes are also travel friendly, which is an advantage during vacations and excursions. Growth in number of outings and short trips for leisure or official purposes is likely to boost the usage of electric lunch boxes. This is expected to drive the market in the near future.
Availability of Low Cost Alternatives: A Key Restraining Factor
- Electric lunch boxes are designed from good-grade materials, which keeps the food hot for longer time and are safe for handling food. Electric lunch box is a type of lunch box, which warms up the food at a certain temperature, thus providing the feel of freshly cooked food. The availability of other low cost substitutes such as insulated lunch boxes, and regular steel, plastic or glassware tiffin and microwave safe lunch boxes can hamper the growth of the electric lunch box market.
Product Innovation: An Opportunity for Electric Lunch Box Market
- Electrically wired lunch boxes enable consumers to plug their lunch box into a socket to heat up food at their convenience. Over the last few years, the world has seen continuous innovation and technological advancements in various industries. Kitchenware manufacturers are also constantly focusing on new innovations in their product portfolios. Some manufacturers have launched battery operated electric lunch boxes, which is expected to create better opportunities for the global electric lunch box market in the near future.
Diversification to Travel Friendly Products: A Key Trend in Electric Lunch Box Market
- Manufacturers are increasingly focusing on offering more innovative products such as low power consuming electric lunch boxes, which can be connected to the USB port of cars and vehicles. Such tiffin boxes are travel friendly and can be used during short trips or excursions.
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Electric Lunch Box Market: Competition Landscape
- Detailed profiles of manufacturers in the electric lunch box market have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global electric lunch box market include
- TAYAMA APPLIANCE USA INC.
- Haven Innovation
- Newell Brands Inc
- Hamilton Housewares Pvt. Ltd.
- SKG Electric Co., Ltd
- Jaypee Plus
- Koolatron Corporation
- Cello World
- Girmi
Electric Lunch Box Market: Key Developments
- In September 2019, Girmi Company celebrated its 100 years anniversary. In order commemorate this milestone, the company launched the new catalog of 2019 . Girmi Company constantly strives to manufacture products, which also includes its range of electric lunch boxes with innovative ideas that helps to improve the wellbeing of users.
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