Company behind Instant Pot, founded in Canada, files for bankruptcy - National | Globalnews.ca

brand and has at least US$500 million in both assets and liabilities, according to the filing.

However, the cooker’s appeal faded as other kitchen gadgets, such as the air fryer, gained steam. Sales of “electronic multicooker devices,” most of which are Instant Pots, reached US$758 million in 2020, the start of the COVID-19 pandemic, but plunged 50 per cent by last year, to US$344 million. Meanwhile, unit sales declined 20 per cent last year in the period ending in April, according to the market research company NPD Group.

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