Electric Lunch Box Market is Estimated To Witness High Growth Owing To Rising Working Population Demand

Electric Lunch Box Market


 Market Overview:

Electric lunch boxes are used to store and carry prepared meals for consumption during breaks or lunch time at work/schools. They help keep food hot or cold for extended hours without being plugged in by using insulation materials. This convenience factor has increased their adoption among working professionals and students.

Market key trends:
One of the key trends driving the demand for Electric Lunch Box Market Demand is the rising working population globally. As per ILO estimates, the global workforce is expected to increase by 165 million between 2016 and 2030 with majority coming from emerging economies of Asia and Africa. With increasing workforce, the demand for convenient meal solutions during work hours is surging. Electric lunch boxes address this need by allowing people to carry safely cooked meals from home and consume them warm during breaks without carrying additional appliances like microwaves. This fuel the sales of electric lunch boxes.

Porter’s Analysis

Threat of new entrants: New entrants face high initial costs of R&D, brand building and establishing distribution channels. Bargaining power of buyers: Buyers have high bargaining power due to availability of substitute products at lower costs. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative sourcing options. Threat of new substitutes: Threat of substitutes is high as consumers can switch to regular lunch boxes or disposable boxes. Competitive rivalry: Intense competition exists among existing players to gain market share.

SWOT Analysis

Strengths: Growing health consciousness. Portability and convenience of electric lunch boxes.

Weaknesses: High initial costs compared to regular boxes. Limited usage time as boxes need recharging.

Opportunities: Growing working professional population. Increasing product innovations catering to different food types.

Threats: Economic slowdowns reducing discretionary spending. Rising raw material costs putting pressure on prices.

Key Takeaways

The global electric lunch box market is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period, due to increasing health consciousness among consumers. The growing population of working professionals is increasing the demand for portable and easy to use meal solutions.

Regionally, the Asia Pacific electric lunch box market is expected to dominate as well as grow the fastest during the forecast period. Countries like India, China and Japan have large working populations driving the demand.

Key players operating in the electric lunch box market are Crock-Pot (Owned by Sunbeam Products, Inc.), Zojirushi Corporation, Ecolunchbox, Gideon, Hot Logic, Milton, Electric Lunchbox Co., Cello World, Preethi Kitchen Appliances Pvt. Ltd., Skysonic, Milton (Hamilton Housewares Pvt. Ltd.), Mr. Bento, Grub2Go, Sovereign, NutriBox.

Read more:

https://www.dailyprbulletin.com/global-electric-lunch-box-market-demand-share-and-growth/

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