PUBLISHER: KBV Research | PRODUCT CODE: 1373997
PUBLISHER: KBV Research | PRODUCT CODE: 1373997
The Global Electric Rice Cooker Market size is expected to reach $1.5 billion by 2030, rising at a market growth of 7.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 14,780 thousand Units, experiencing a growth of 7.1% (2019-2022).
As customers' awareness of their energy usage rises, modern rice cookers are designed to be highly efficient, reducing the amount of electricity used during cooking. Therefore, the multifunction segment generated $183.3 million revenue in the market in 2022. Electric rice cookers have precise temperature control mechanisms that ensure the rice is cooked at the optimal temperature without overheating or undercooking. This precision minimizes energy consumption by avoiding unnecessary heating. Many modern rice cookers feature an automatic shut-off function. Once the rice is cooked, the cooker turns off completely, saving energy and preventing overcooking. Cooking rice in an electric rice cooker typically requires less water than stovetop methods, leading to energy savings. Some of the factors impacting the market are Rising demand for healthy home-cooked meal, Benefits like convenience and time-saving features, and Competition from other multifunctional cookware.
The increasing demand for nutritious, home-cooked meals is one of the primary market drivers. Electric rice cookers provide a convenient method for cooking rice, encouraging individuals to include it in their home-cooked meals. The desire to recreate authentic Asian dishes at home expands as more people discover and accept varied culinary experiences. The acceptance of the electric rice cooker among those who wish to enjoy Asian-inspired meals in their homes drives the demand for the product because it becomes a necessary piece of equipment for producing consistent results. Therefore, these factors will promote the growth of the market in the coming years. Over the course of several years, electric rice cookers have gained a significant amount of popularity among consumers. In addition to saving time, electric rice cookers frequently include settings for various rice varieties, allowing users to customize their cooking experience based on their preferred rice. This is especially advantageous for those who enjoy preparing multiple rice dishes, as they can easily modify the settings and achieve perfect results. These appliances are designed to be user-friendly, making them an ideal option for amateur and experienced cooks. Hence, the convenience and time-saving features offered by the electric rice cooker are prominent aspects that drive the growth of the market.
However, the demand for electric rice cookers is challenged by multifunction kitchen gadgets like microwaves and pressure cookers that can also cook rice. Because they are multifunctional and capable of more than just making rice, these appliances appeal to consumers looking for affordable and space-saving alternatives. Electrocution is possible if safety precautions are not observed. Infrequently, improper lid fitment and a faulty steam outlet can cause an explosion. These are some primary factors limiting the market for electric rice cookers.
Based on application, the market is divided into household and commercial. In 2022, the household segment recorded the largest revenue share in the market. Home cooks have traditionally preferred the electric rice cooker, particularly in nations where rice and rice-related items are staple meals. The market for electric rice cookers among household consumers is anticipated to grow as the household segment's primary driver is expected to shift customer preferences toward convenient and energy-efficient appliances. Emerging nations are seeing a surge in the number of nuclear households, driving up household demand for electric rice cookers.
Distribution Channel Outlook
Based on distribution channel, the market is divided into offline and online. In 2022, the online distribution segment procured a considerable revenue share in the market. Due to the consumers' busy lifestyles and expanding preference for a convenient lifestyle, they increasingly purchase appliances, including electric rice cookers, through e-commerce channels. Sales of these appliances through online channels are expected to increase due to the rising popularity of online retailers like Amazon, Flipkart, and eBay, many of which provide free home delivery.
Based on product, the market is divided into standard, multifunctional, induction, and others. In 2022, the standard segment recorded the highest revenue share in the market. The standard/primary cooker segment includes budget-friendly models that are simpler than their advanced counterparts. These models are ideal for cost-conscious customers who only require a reliable appliance for cooking rice. The demand for standard rice cookers is steady, as they offer essential functionality and ease of use without the added complexity of extra features. Traditional electric rice cookers provide an affordable and straightforward solution for cooking rice. These basic models come with essential features such as automatic cooking and keep-warm functions that cater to a wide range of consumers.
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific segment recorded the highest revenue share in the market. East Asian and South Asian nations represent the region's biggest market for electric rice cookers. This is attributable to rice being a staple diet in countries like Japan, China, India, and Indonesia. Large working populations in India and China and the resulting demand for premium products create more demand for electric rice cookers.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Toshiba Corporation, TTK Prestige Limited, Panasonic Holdings Corporation, AB Electrolux (Electrolux), Wonderchef Home Appliances Pvt. Ltd., Groupe SEB, Pigeon Corporation, Koninklijke Philips N.V., Cuisinart (Conair Corporation), and Aroma Houseware Company
Market Segments covered in the Report:
By Application (Volume, Thousand Units, USD Million, 2019-2030)
By Distribution Channel (Volume, Thousand Units, USD Million, 2019-2030)
By Product (Volume, Thousand Units, USD Million, 2019-2030)
By Geography (Volume, Thousand Units, USD Million, 2019-2030)
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