The electric grill market is estimated to be valued at US$ 4.53 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The electric grill market produces grill appliances that use electricity as a power source instead of gas or charcoal. This allows for convenient indoor grilling without producing smoke or flames. Electric grills are popular for apartments, small homes, or anywhere combustion grills cannot be used safely. They offer a healthy way to cook meat, vegetables and more with little to no oil or fat.
Market Dynamics:
The growth of the electric grill market is primarily driven by rapid urbanization leading to increased demand for convenient home appliances. As more people live in densely populated areas where open flames are restricted, electric grills provide an easy solution for grilling anytime. Furthermore, electric grills require no lighter fluid, cleaning is simpler than gas grills, and they pose no risk of gas leaks indoors. This has boosted their adoption in recent years.
A key opportunity for the market is rising health consciousness. Electric grills allow for grilling without producing unhealthy smoke emissions like combustion grills. They also make oil-free or low-oil cooking possible. This aligns with consumer demand for healthy preparation methods.
SWOT Analysis
Strength: Electric grills are easy to use, clean and transport. They produce less smoke and odor when compared to charcoal or gas grills. Most electric grills don't require lighter fluid or charcoal, and can easily be plugged in for use. Electric grills are also generally more affordable than gas grills.
Weakness: Electric grills have less heat and do not emulate the effect of charcoal embers or direct heat. The maximum heat output of electric grills is also usually lower than gas grills. Electric grills may be bulkier due to the built-in power source which limits their portability.
Opportunity: With increasing health awareness and demand for convenient cooking appliances, the market for electric grills is expected to grow substantially. The fast urbanization and busy lifestyle of modern consumers is driving the demand for easy-to-use appliances like electric grills.
Threats: The availability of substitutes like gas grills and charcoal grills poses competition to electric grills. Gas grills offer more flexibility and mimic the traditional grilling experience better. Charcoal grills are still preferred for their smoky flavor. High energy costs can increase the operating costs of electric grills.
Key Takeaways
The Global Electric Grill Market Size is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period, due to increasing health awareness regarding smoke and odor-free cooking. The market size for electric grills is projected to reach US$ 8.17 Bn by 2030 from US$ 4.53 Bn in 2023.
Regional analysis reveals that the North America region currently dominates the global electric grill market, accounting for over 30% revenue share in 2023. This is attributed to rising popularity of outdoor cooking and aversion to smoke among consumers in the US and Canada. The Asia Pacific region is expected to emerge as the fastest-growing market, expanding at a CAGR of 9.5% during the forecast period. Improving living standards and growing middle-class population are fueling the demand for electric grills in developing countries such as India and China.
Key players operating in the electric grill market are Weber, Coleman, George Foreman, Traeger, Masterbuilt, Green Mountain Grills, Char-Broil, Kenyon, Camp Chef, Blackstone, Hamilton Beach, TEC, Excelvan, Zojirushi, Delonghi, Brentwood, Fuego, PowerXL, Elite Platinum, and Cuisinart. Rising innovation and product diversification are some of the strategies adopted by major electric grill manufacturers to gain a competitive edge in the industry.
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https://www.rapidwebwire.com/electric-grill-market-size-share-growth-outlook-2023/
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