Global Electric Lunch Box Market - 2021-2028
Electric lunch boxes are electrically wired boxes that can be plugged with electricity to heat up meal. Nowadays, there is a growing trend of the use of an electric lunch box owing to its ability to provide healthy warm meals to consumers. The certain advantage of using an electric lunch box include delivering healthier food, help to save money, offer warmer food, and others. These electric lunch boxes have gained popularity among working-class individuals and school going students. Major factors that boost the market for electric lunch boxes include rise in disposable income, increase in spending capacity, busy & hectic schedule of the consumers, and surge in awareness about the convenience provided by the electric lunch boxes. The global electric lunch box market valued USD XX million in 2020 and is estimated to reach USD XX million by 2028, growing at a CAGR of XX%.
Increase in consumption of home-cooked meals
Food habits have changed dramatically, over the past half-decade, and emergence of the digital age has had a significant impact on the food preferences of the general public, especially millennials. Although restaurant food always draws more, nowadays, considering heath as a top priority, the population is more inclined towards home-cooked food. The increasing number of people across the globe becoming more conscious of the importance of maintaining a healthy diet upsurge the usage of this product and act as one of the major driving factors for the market growth. Owing to increase in lifestyle disorders such as obesity, diabetes, and other diseases, consumers are gravitating towards healthier home-cooked meals. These disorders are primarily caused due to the consumption of street junk food, and fatty and other food items. Hence, increasing health consciousness and easy access to innovative products such as electric lunch boxes are anticipated to aid market growth in the long term. Moreover, the rising popularity of providing nutritious warm healthy food to hospital patients by their family is likely to fuel the demand of the product. Proliferation of food carriers for offices, schools, and travel is serving to stoke demand for electric lunch box too. Nonetheless, intense competition with its substitute products such as regular lunch box, insulated lunch box, and others are acting as a threatening factor for the market growth.
Increasing demand for electric lunch boxes made of plastic
In the current scenario, plastic electric lunchboxes are expected to remain popular than metal 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 metal electric lunch boxes in the coming years.
By technology, battery-powered electric lunch boxes are expected to grow with highest CAGR during the forecast period. LunchEaze is the only major player offering electric lunch box which is battery-powered. Each charge lasts for 2.5 hours of heating. The heating cycle automatically starts 2 hours prior to mealtime that is set. 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.
Online sales segment is expected to boost the market growth in the year 2020. Market players operating in the 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.
North America is expected to dominate the global electric lunch box market in the year 2020
The increasing number of people taking road trips to various places had a positive impact on the growing usage of the product in North America. For instance, according to the United States Department of Transportation, 2018, there is an estimation of 87 percent of the American population to be taking a daily trip using their vehicles. Moreover, the popularity of friends and family gathering or picnics also intensify the consumption of the product in the region. Furthermore, the rising trend in the usage of lunch boxes for camping plays a key role in the demand of the product in North America. For instance, according to the Kampgrounds of America ‘2019 North America Camping Report’, there is an estimation of 78.8 million households to be participating in camping in 2018 which is a growth of 1.4 million from the previous year.
Asia Pacific is expected to grow with highest CAGR during the forecast period. Increasing number of manufacturers such as Hamilton Housewares Pvt Ltd, and Cello World among others offering the product at an affordable price range upsurge the usage. Furthermore, large number of minimum wage workers prefer carrying lunch boxes on a daily bases for the reduction of their expenditure escalate the usage of the product as it helps them to consume warn and nutritious food. For instance, according to the data issued by the Trading Economics, the minimum wage of India still remains the same from the minimum wage of 2019 which was USD 2.38.
Competitive Landscape: Growing demand for electric lunch boxes made the market competitive
The global electric lunch box market is fragmented with many players such as Cello World, Girmi, Hamilton Housewares Pvt. Ltd., Haven Innovation, Jaypee Plus, Koolatron Corporation, Newell Brands Inc., SKG Electric Co. Ltd, and Tayama Appliance USA INC among others. The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the market globally. For instance, in September 2019, Italy-based Girmi launched a new household catalogue covering all new products to be launched over the coming years, which also include electric lunch boxes. In February 2020, Kobwa launched its new electric lunch box product series, which can preserve fresh for longer hours.
COVID-19 Impact: Pandemic has negatively impacted the global electric lunch box market
COVID-19 has decreased the demand for electric lunch boxes, as governments put lockdown and schools, colleges, offices, and other workplaces remained closed and people were forced to stay at home. The demand for electric lunch boxes decreased as they were majorly used by the working population, owing to which the market was negatively impacted. Due to lockdown, people were working from home, which decreased the demand for electric lunch boxes.
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• Market share analysis covering business revenues ($) and revenue share (%) of key market players
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