Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSNovember 14, 2019: Milton received brand of the year award under Houseware products at World Branding Awards, held at Kensington Palace, London. The World Branding Awards is an annual event where global brands are recognized and awarded for their prominent work and achievements in the field of branding.
In September 2019, Girmi, an Italian household name owing to its presence in the household appliances sector, celebrated its 100th anniversary and the company recently launched its new catalog on May 4, 2020. Girmi persistently strives to manufacture products, which also includes its assortment of electric lunch boxes with inventive ideas that helps to advance the wellbeing of consumers.
Electric Lunch Box Market Overview
The electric lunch box is a sort of lunch box, which warms up the food at a certain temperature, which results in providing the sense of freshly prepared food. Electric lunch boxes are made up of good grade materials to keep the food hot for a longer period and are non-toxic.
The modern populace especially the millennials portrays significant interest in technology which enables them to opt for effortlessly available convenient products in the market. This has encouraged the electric appliance manufacturers to get into untapped markets by renovating some of the traditional food appliances to electric appliances. An electric lunch box is one such food appliance that has been progressively gaining traction among its target customers due to its excellent features provided.
Market Size and Forecast
The electric lunch box market is expected to observe an attainable growth during the forecast period, i.e., 2020-2028. The market is segmented by type, application, technology, distribution channel, and region. Among the distribution channel, the online segment held the prevalent share on account of the breakthrough shift in the shopping trends of the majority of shoppers across the world. It offers ease to the customers while shopping especially in the current situation of a global pandemic and additionally, the number of suppliers online has augmented tremendously, as online podiums offer equal profit to the sellers and manufacturers globally which has picked digital platforms for generating product awareness, and consequently upturned the sales of the product.
Growth Drivers
An upsurge in the consumption of home-cooked food
Consumers are inclining towards healthy home-cooked meals on account of escalating lifestyle disorders such as obesity, diabetes, PCOD among women, which majorly arises due to the consumption of junk, oily and packed food products such as chips, and others. Additionally, the rising awareness related to health and easy accessibility to such innovation-driven products such as an electric lunch box has contributed significantly towards the global electric lunch box market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Convenience products such as an electric lunch box
The capability of an electric lunch box to offer warm food in an extremely portable manner is expected to draw a massive consumer base, particularly avid travelers and employees.
Additionally, an increase in per capita consumption in evolving nations, growing influence of U.S. culture using electric lunch boxes, an increase in the working population around the world, and an expansion in digital advertisements concerning the advantages of an electric lunch box notably supporting the overall market growth.
Restraints
The convenience of cheaper substitutes
The availability of other low-cost alternatives such as insulated lunch boxes, regular steel, plastic or glassware tiffin, and microwave safe lunch boxes might impede the growth of the electric lunch box market.
The overall halt in the marketplace owing to COVID-19 is also disturbing the market of electric lunch box owing to the shutting down of factories, interruption in the supply chain, and a fall in the global economy.
Market Segmentation
Our in-depth analysis of the electric lunch box market includes the following segments:
By Type
By Application
By Technology
By Distribution Channel
By Region
Geographically, the electric lunch box market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The electric lunch box is a very convenient product, widely popular in the regions of the U.S, Canada, and Western European countries owing to a large pool of working population and awareness among individuals. North America is expected to hold the most dominant market share in the global electric lunch box market followed by Europe.
Electric lunch boxes have higher penetration in western countries' as compared to the Asia-Pacific region as the product is comparatively new to the Asian region and consumers are gaining awareness related to the benefits accompanying the electric lunch box. This attributes to the projection of Asia-pacific, anticipated to witness the fastest growth during the forecast period. Additionally, urging demand for suitable and healthy lifestyle products coupled with rising disposable income of consumers is expected to be the main element driving the market in this region. Social media also plays a major role in spreading awareness about western culture and lifestyle products.
Latin America and Middle East & Africa are expected to witness substantial growth in the electric lunch box market, owing to the rising preference of a healthy lifestyle and growing awareness regarding the same.
The electric lunch box market is further classified based on region as follows:
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