Top 3 Trends in the Global Induction Cookware Market | Technavio

03-Oct-2017 Intellasia | BusinessWire | 11:23 PM Print This Post

LONDON–(BUSINESS WIRE)–#Research–Technavio’s latest report on the global
induction cookware market
provides an analysis of the most
important trends expected to impact the market outlook from 2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.


With the high popularity of induction cooktops, the global induction
cookware market
is expected to experience a significant rise. Not
all utensils can be used on induction cooktops since they need certain
kinds of cookware that is compatible with them. This has led many
companies to manufacture induction cookware. Normal cookware is mainly
made of copper, glass, or aluminum. However, only ferromagnetic metals
should be used for induction cooktops. Hence, induction cookware comes
with a magnetic base that is like a cast iron or magnetic stainless
steel, which can be used on induction cooktops.

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The top three emerging trends driving the global induction cookware
market according to Technavio consumer
and retail
research analysts are:

  • Focus on aesthetics and multiple features of induction cookware
  • Growth in online sales
  • Product bundling

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Focus on aesthetics and multiple features of induction cookware

Product innovation is one of the most important factors affecting the
consumer goods market. Thus, the R&D initiatives taken by the induction
cookware manufacturers focus on introducing appliances that have
multiple features and trendy designs.

“Induction cookware comes in different shapes, sizes, and colors.
They are made of different materials like granite, which imparts a high
aesthetic appeal to the cookware. The colored structures of these
utensils also make them visually appealing to be used as serving
vessels,”
says Shikha Kaushik, a lead analyst at Technavio for
research on retail
goods and services
.

Growth in online sales

The emergence of e-commerce has brought about a plethora of changes and
holds high potential. E-commerce has made shopping extremely convenient,
thereby making consumers switch from procuring goods from brick and
motor traditional stores to e-commerce channels.

“The growth of e-commerce is felt in all industries, including
apparel, accessories, household appliances, household furniture, and
other household accessories. However, currently, the offline sales of
induction cookware experiences more sales than the online channel,”
adds
Shikha.

Product bundling

Product bundling strategy is an approach where many different kinds of
products or components are packed together into one bundle and sold to
customers. This is one of the most commonly used strategies by most of
the companies, which helps in overcoming the cost of acquisition. Most
companies, including players offering induction cookware, sell packages
or goods in sets at a lower price than what they charge for separate
products.

Hence, vendors, are at present, adhering to selling induction cookware
in sets or product bundles. They offer combinations of saucepans, frying
pans, Dutch ovens, induction skillets, stock pots, and many other
induction cookware of different sizes and shapes. They also offer combo
sets that include induction cooktops. This strategy attracts a lot of
customers to get a bundle of products at a heavily-discounted price.

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