High Demand for Energy-efficient Electric Lunch Boxes to Propel Market Growth
Food preferences have evolved at a rapid pace over the past decade. The advent of the digital era has played an important role in influencing food preferences among the masses, particularly the millennial population. While restaurants and gourmet food joints continue to attract customers across the world, due to health concerns and evolving consumer trends, consumers are increasingly consuming home-cooked food. The surge in the consumption of home-cooked food is a major factor that is expected to drive the demand for electric lunch boxes during the forecast period. Innovations and consumer demand for energy-efficient electric lunchboxes are projected to remain the primary area of focus for market players involved in the current electric lunch box market.
Market players involved in the current market landscape are likely to focus on product innovation, product design, and product development strategies to gain an edge over their competitors. In addition, brands are also anticipated to focus on materials used to develop electric lunch boxes and at present, the demand for stainless steel electric lunch boxes is on the rise, particularly in the Asia Pacific region. Market participants are also expected to focus on product pricing strategies to gain an advantage amidst the cutthroat competition. At the back of these factors, the global electric lunch box market is expected to reach a value of ~US$ 1 Bn by the end of 2027.
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Consumption of Microwaved Food Declines, Demand for Electric Lunch Boxes on Rise
Electric lunch boxes have gained a great amount of popularity in recent times, particularly among students and working-class individuals and the trend is set to continue during the forecast period. In addition, electric lunch boxes continue to remain popular among food enthusiasts and health-conscious customers. In addition, the convenience quotient of electric lunch boxes will play an important role in augmenting the sales of the same during the forecast period. The growing inclination toward fresh, tasteful, and warm food is expected to drive the growth of the electric lunch box market in the coming years. In addition, electric lunch boxes are increasingly gaining popularity over conventional tiffin boxes, as they retain the nutrients and flavor of food products. Several companies are leveraging the benefits of steam technology to develop energy-efficient and highly effective electric lunch boxes.
In the current scenario, plastic electric lunchboxes are expected to remain popular than stainless steel 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 stainless steel electric lunch boxes in the coming years. The demand for electric lunch boxes or smart lunchboxes is expected to be further driven by the long-term cost benefits as opposed to buying meals from restaurants or canteens.
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Brands Eye Sales via Online Platforms, Digital Branding Strategies to Remain Key
Market players operating in the current 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. Companies should also aim to increase the sales of their products across offline distribution channels, including electric stores, supermarkets, and hypermarkets. Product innovation is expected to remain the most popular strategy among players operating in the global electric lunch box market landscape.
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Companies Likely to Overcome Supply Disruptions Post COVID-19 Pandemic
The advent of the novel COVID-19 pandemic is expected to have a strong impact on the growth of the global electric lunch box market. Within the electronics goods industry, disruptions in the supply chain are expected to hamper market growth and sales particularly in 2020. The demand for electric lunch boxes will remain low in the first half of 2020. However, due to the soaring health concerns among consumers, along with the high focus on maintaining hygiene and safety is likely to propel the demand for electric lunch boxes in the upcoming months.
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