Market Overview:
An electric lunch box is a portable container used to keep food hot or cold. It is powered by rechargeable batteries and plugged in to warm up or cool down the inner compartment depending on the food being packed. Electric lunch boxes maintain the temperature of the food for an extended period of time compared to regular lunch boxes, keeping it fresh and ready to eat. They are lightweight, compact, and convenient to carry. They help pack a variety of foods for work or school without worry of spoilage. Electric lunch boxes have enabled busy individuals to carry home-cooked or take-out meals with ease. Their hands-free operation has gained popularity among working professionals and students.
Market key trends:
One of the key trends in the Electric Lunch Box Market Demand is the rising popularity of multifunctional models. Manufacturers are offering lunch boxes with different temperature settings and timer functions to keep food warm or cool for specific durations. Programmable electric lunch boxes allow pre-setting the temperature and time as per the recipe to ensure perfect reheating or chilling. Models with divider plates are also gaining traction as they allow packing different dishes without mixing flavors. The availability of insulated, sleek, and stylish designs in various colors and sizes has increased adoption among health-conscious millennials and working women. Rapid urbanization and hectic lifestyles have boosted the demand for easy lunch box solutions, fueling the sales of electric lunch boxes.
Porter’s Analysis
Threat of new entrants: New entrants face high initial setup costs to enter the electric lunch box market. Brand recognition and long-standing customer relationships create barriers.
Bargaining power of buyers: Buyers have high bargaining power due to availability of product substitutes. They can easily switch to traditional lunch boxes if prices increase.
Bargaining power of suppliers: A few large suppliers exist for components like batteries and heating elements used in electric lunch boxes. This gives them moderate bargaining power.
Threat of new substitutes: Portable soup containers and heated lunch bags pose minimal threat as substitutes due to limited heating functionality compared to electric lunch boxes.
Competitive rivalry: The electric lunch box market has several established brands competing on parameters of features, pricing and innovative designs that intensify competition.
Key Takeaways
The global electric lunch box market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing preference for maintaining food quality and temperature for longer durations.
North America dominates the global electric lunch box market currently. However, Asia Pacific is expected to witness fastest growth owing to rising health awareness in countries like China and India. Increasing disposable incomes have also boosted adoption of high-end kitchen appliances including electric lunch boxes.
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. Zojirushi Corporation leads the market with wide range of elegant and compact electric boxes for travel and work.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it