Global Commercial Induction Cooker Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Single Induction Cookers and Double Induction Cookers), By Application (Hotels, Restaurants, Catering Services, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Commercial Induction Cooker Market Insights Forecasts to 2033

• The Global Commercial Induction Cooker Market Size Was Estimated at USD 1.35 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 9.38% from 2023 to 2033
• The Worldwide Commercial Induction Cooker Market Size is Expected to Reach USD 3.31 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Commercial Induction Cooker Market Size is Expected to cross USD 3.31 Billion by 2033, Growing at a CAGR of 9.38% from 2023 to 2033. This industry has been growing rapidly due to the ease of quick heating and accurate temperature control, as well as the growing demand for energy-efficient cooking techniques.

Market Overview 

The market for induction cookers used in institutional food services like hospitals and schools, as well as commercial settings such as restaurants, hotels, and catering services, is referred to as the global commercial induction cooker market. Induction cookers provide high-performance and energy-efficient cooking options by directly heating cookware using electromagnetic fields.  The industry sector's growing need for environmentally friendly and energy-efficient cooking solutions is the primary driver of this notable expansion. In addition, technological developments, growing knowledge of the advantages of induction cooking, and the expanding hospitality and food service sectors all contribute to the market's growth. The growing demand for high-performance and energy-efficient cooking solutions in the food services sector has been driving the commercial induction cooker market. Also, the government initiatives aid in the market expansions, such as in November 2023, the Indian government launched the National Efficient Cooking Programme (NECP), to promote affordable and energy-efficient induction cookers. These initiatives aim to transform Indian cooking customs and highlight the significance and pressing demand for energy-efficient consumers.

Report Coverage

This research report categorizes the commercial induction cooker market based on various segments and regions, forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the excavator bucket market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the commercial induction cooker market.

Driving Factors

The increasing awareness and acceptance of induction cooking technology among both commercial and residential customers drives the market. In addition, energy savings, safety, and accurate temperature control are some of the benefits that induction cooking technology offers, and its growing popularity among consumers and business users is being fueled by marketing initiatives and instructional campaigns. Additionally, the growing food service and hospitality sectors are contributing to the market expansion for commercial induction cookers. In addition, the commercial food service sector relies heavily on industrial cooks, particularly in large-scale enterprises. Also, high-volume cooking in large restaurants, catering services, and institutional kitchens requires industrial cookers. Their strong design and cutting-edge features allow for accurate temperature control and energy-efficient cooking, which makes them well-liked for improving cooking processes. Furthermore, because of their modern and sleek style, induction cookers are becoming more and more popular in restaurants that have open kitchens, so customers can see the cooking areas.

Restraining Factors

The commercial induction cooker market also faces significant difficulties and risks. The high initial cost of induction cookers can be an obstacle for small and medium-sized enterprises with tight budgets, even if they offer long-term energy savings and efficiency advantages. In addition, specialized abilities are needed to operate and maintain induction cookers. The adoption of this technology may be impeded by the lack of skilled labor. Additionally, the lack of awareness and experience with induction cooking technology in certain regions may hinder market expansion.

Market Segmentation

The commercial induction cooker market share is classified into product type and application.     

• The double induction cookers segment accounted for the largest market share in 2023 and is expected to grow at a CAGR of 8.52% throughout the forecast period.

Based on the product type, the global commercial induction cooker market is classified into single induction cookers and double induction cookers. Among these, the double induction cookers segment accounted for the largest market share in 2023 and is expected to grow at a CAGR of 8.52% throughout the forecast period. This segment is expanded because of the popularity of double induction cookers in the commercial market, owing to the capacity of double induction cookers to handle larger cooking volumes and offer more flexibility in crowded kitchen environments. In addition, double induction cookers combine two cooking zones into one appliance, making the most of the available kitchen space.

• The restaurants segment held the largest market share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the application, the global commercial induction cooker market is divided into hotels, restaurants, catering services, and others. Among these, the restaurant segment held the largest market share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This segment is growing due to the speed, accuracy, and efficiency of induction cooking, which are advantageous to the restaurant industry since they are essential for upholding high standards in food preparation and service. Additionally, due to their hygienic and professional appearance, induction cookers have also become more popular in restaurants as a result of the open kitchen trend.

Regional Segment Analysis of the Commercial Induction Cooker Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the commercial induction cooker market over the predicted timeframe.

North America is anticipated to hold the largest share of the commercial induction cooker market over the predicted timeframe. The market is growing as a result of commercial users in North America being more aware of and accepting of induction cooking technology. In addition, the region is anticipated to grow steadily, with an emphasis on innovation and technological developments in induction cookers. Additionally, due to stringent energy efficiency regulations and consumers' increasing preferences for environmentally friendly cooking solutions, North America is another important market for commercial induction cookers. Furthermore, in the United States and Canada, the need for sophisticated cooking equipment is supported by a well-established hospitality and food service sector.

Asia Pacific is expected to grow at the fastest CAGR of the commercial induction cooker market during the forecast period. The region’s market is expanding because of rapid urbanization, growing disposable incomes, and increasing middle class in countries such as India and China, which are driving the demand for modern kitchen appliances in the commercial sector. Additionally, the region's expanding foodservice industry and increased use of energy-efficient technologies are anticipated to have a major impact on market expansion. In addition, the region’s increasing hospitality services industries are driving the demand for commercial induction cookers.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the commercial induction cooker market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, business strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.   

List of Key Companies

• COOKTEK
• GE
• Globe Food Equipment
• WARING
• VOLLRATH
• Spring USA
• True Induction
• Electrolux Professional
• Panasonic Corporation
• Equipex
• Fisher & Paykel Appliances
• Smeg S.p.A.
• Kenyon International, Inc.
• Garland Group
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the commercial induction cooker market based on the below-mentioned segments: 

Global Commercial Induction Cooker Market, By Product Type

• Single Induction Cookers
• Double Induction Cookers

Global Commercial Induction Cooker Market, By Application

• Hotels
• Restaurants
• Catering Services
• Others

Global Commercial Induction Cooker Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa