Induction stoves fly off shelves in India as gas shortage fears spark panic buying

Indian households are rushing to buy electric induction stoves, draining stocks online and in stores, amid fears of ​a potential cooking gas shortage tied to the Middle East conflict.

India, the world’s ‌second-largest importer of liquefied petroleum gas (LPG), has invoked emergency powers to ​boost supplies for households even as availability tightens for commercial ⁠users including canteens, hostels and restaurants.

Meanwhile, consumers are buying electric cooking appliances as a precaution, with some households worried about refill delays and higher prices.

Checks by Reuters on ‌Thursday showed several induction stove models were unavailable on Amazon, Walmart-backed Flipkart, Eternal’s Blinkit and Zepto, while some offline chains said ‌fresh supplies were still days away.

Induction stove sales on Amazon ‌India ⁠have jumped more than 30-fold, while rice cookers and electric ⁠pressure cookers are up fourfold, a company spokesperson said.

Kitchen appliances maker TTK Prestige said demand for induction stoves had surged far beyond supply.

“There is a threefold surge (in demand),” CEO Venkatesh Vijayaraghavan ​told Reuters.

The company has ‌raised its production capacity to 100% from about 70% before the start of the war, and increased staffing by roughly 15%. It also plans to raise prices of induction stoves in the June quarter to ‌offset any higher costs.

Induction stoves accounted for about a tenth ​of TTK’s 25.30 billion rupees ($274.52 million) standalone revenue in 2024–25.

Online shopping platforms also showed models from Butterfly, Havells India ⁠and Bajaj Electricals marked as “currently unavailable”.

Google Trends showed search interest for induction stoves hit a record high on March 12, while some restaurant chains, including Wow ‌Momo and California Burrito, said they were exploring induction stoves as a contingency plan.

Anand Rathi analyst Manish Valecha said large kitchen appliance makers with domestic assembly and strong distribution, including TTK Prestige, Butterfly and Stove Kraft, are best placed to benefit from the surge in induction cooktop demand. But reliance on imported components could pose supply risks if the spike persists, ‌he added.

TTK Prestige will switch from sea shipments to airlifting components sourced from China ​and Southeast Asia, absorbing higher costs to ensure supplies if disruptions persist, Vijayaraghavan said.

The Middle East conflict has disrupted shipping through ⁠the Strait of Hormuz and the Gulf, raising costs and tightening oil and gas ⁠supplies from the Middle East.

On Thursday, the Suezmax tanker Shenlong reached Mumbai with Saudi crude, becoming the first crude carrier ‌to arrive in India from the Middle East since the war between Iran and the United States and Israel erupted in late February, ​LSEG data showed.