Induction stoves fly off shelves in India as gas shortage fears spark panic buying
By Praveen Paramasivam
CHENNAI, March 12 (Reuters) – Fearing possible cooking gas shortages linked to conflict in the Middle East, Indian families are racing to buy electric induction cooktops, depleting stocks online and in stores.
India, the world’s second-largest importer of liquefied petroleum gas (LPG), has invoked emergency powers to increase supplies for households even as supply for commercial users, including canteens, hostels and restaurants, has tightened.
Meanwhile, consumers are buying electric cooking appliances as a precaution, while some households worry about refill delays and high prices.
Checks by Reuters on Thursday showed various induction hob models were unavailable at Amazon, Walmart-backed Flipkart, Eternal’s Blinkit and Zepto, while some offline chains said new supplies were still days away.
Sales of induction cookers on Amazon India have increased more than 30 times, while rice cookers and electric pressure cookers have increased four times, a company spokesperson said.
Kitchen appliance manufacturer TTK Prestige said demand for induction cooktops has far exceeded supply.
“There is a three-fold increase in demand,” CEO Venkatesh Vijayaraghavan told Reuters.
The company increased its production capacity from approximately 70% to 100% before the war began and increased its staff by approximately 15%. It also plans to increase prices of induction cooktops in the June quarter to offset rising costs.
Induction cooktops accounted for nearly a tenth of TTK’s standalone revenue of 25.30 billion rupees ($274.52 million) in 2024-25.
Online shopping platforms also showed models from Butterfly, Havells India and Bajaj Electricals marked as “currently unavailable”.
While Google Trends showed that search interest for induction cooktops hit a record high on March 12, some restaurant chains such as Wow Momo and California Burrito said they were exploring induction cooktops as a contingency plan.
Anand Rathi analyst Manish Valecha said major kitchen appliance manufacturers with domestic assembly and strong distribution, including TTK Prestige, Butterfly and Stove Kraft, are best positioned to benefit from the rise in demand for induction cooktops. However, he added that relying on imported components could pose supply risks if the spike continues.
TTK Prestige will shift from sea shipments to airfreight components originating from China and Southeast Asia and absorb higher costs to ensure supply if disruptions continue, Vijayaraghavan said.
The conflict in the Middle East has disrupted shipping in the Strait of Hormuz and the Gulf, increasing costs and tightening oil and gas supplies from the Middle East. [O/R]
