Global Electric Rice Cooker Market Size, Share, and COVID-19 Impact Analysis, By Product (Standard, Multifunctional, Induction, Others), By Application (Household, Commercial), By Distribution Channel (Online, Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032

Industry: Consumer Goods

RELEASE DATE Dec 2023
REPORT ID SI3102
PAGES 200
REPORT FORMAT PathSoft

Global Electric Rice Cooker Market Size Insights Forecasts to 2032

  • The Global Electric Rice Cooker Market Size was valued at USD 2.9 Billion in 2022.
  • The Market Size is Growing at a CAGR of 6.2% from 2022 to 2032.
  • The Worldwide Electric Rice Cooker Market Size is expected to reach USD 5.3 Billion by 2032.
  • North America is expected to grow the fastest during the forecast period.

Global Electric Rice Cooker Market

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The Global Electric Rice Cooker Market Size is expected to reach USD 5.3 Billion by 2032, at a CAGR of 6.2% during the forecast period 2022 to 2032.

 

A rice cooker is an electrical appliance that is used to cook rice. It has an insulated outer container and an inner removable bowl that is usually coated with a nonstick surface. It also has a water level indicator that must be maintained for the appropriate amount of rice. The electric rice cooker boils rice by heating it with an electric element. In the market, rice cookers are available in both automatic and non-automatic models. Customers have been using rice cookers to prepare a variety of rice specialties. Owing to the busy lifestyle, consumer’s preference for convenience products has grown over the forecast period. Electric rice cookers have become one of the most popular appliance choices among consumers due to the reduced time and monitoring required for cooking rice. The increasing number of working women in the workforce increased consumer reliance on electric appliances that are easy to use and require less cooking time. As a result, the market for electric rice cookers has grown. Also, rising cooking gas prices in the past have shifted consumer’s attention away from gas-powered kitchen appliances and toward electrical kitchen appliances.

 

Global Electric Rice Cooker Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 2.9 Billion
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:6.2%
2032 Value Projection:USD 5.3 Billion
Historical Data for:2020-2021
No. of Pages:200
Tables, Charts & Figures:115
Segments covered:By Product, By Application, By Distribution Channel
Companies Covered: TTK Prestige Ltd, Wonderchef Home Appliances Pvt. Ltd, Koninklijke Philips N.V, Breville Group, AB Electrolux, Bajaj Electricals Limited, Newell Brands (Oster), Groupe SEB, Ali Group Srl, Panasonic Corporation, Toshiba Corporation, Zojirushi America Corporation and Others.
Pitfalls & Challenges:Covid-19 Empact,Challenges,Growth, Analysis.

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Driving Factors

A rise in the number of nuclear families, combined with rising living standards in emerging markets such as China and India, is expected to remain a key driver of industry growth. Furthermore, the growing importance of energy-saving appliances such as induction cooktops and electric rice cookers in order to reduce household spending is expected to be one of the key factors driving the electric rice cooker market growth during the forecast period. The shifting focus of industry leaders on innovation to gain a competitive advantage resulted in the introduction of connected cooking appliances. Connected cooking has grown in popularity over the forecast period because it involves the interconnection of rice cookers via the Internet of Things (IoT), allowing for minimal intervention via remote control.

 

Restraining Factors       

While the electric rice cooker industry shows promise for expansion and innovation, it also faces some challenges that may hamper the electric rice cooker market growth. Market saturation is a significant barrier, particularly in areas where rice cookers have evolved into common household appliances. Owing to the majority of homes already having one or more rice cookers, the potential for significant growth in such markets is restricted.

 

Market Segmentation

By Product Insights

The standard rice cooker segment accounted for the largest revenue share of the global electric rice cooker market during the forecast period.

Based on the product, the global electric rice cooker market is classified into standard, multifunctional, induction, and others. Among these, the standard segment is expected to hold the largest share of the electric rice cooker market during the forecast period. This dominance can be attributed to the fact that standard rice cookers provide simple operation and low maintenance at a low cost. The introduction of new products with improved designs and features, such as microwave and dishwasher-safe properties, a steaming basket, and warm settings, is expected to boost demand for standard electric rice cooker variants.

 

By Application Insights

The household segment is witnessing significant CAGR growth over the forecast period.

Based on applications, the global electric rice cooker market is segmented into household and commercial. Among these, the household segment is witnessing significant CAGR growth over the forecast period. The growth can be attributed to the shifting consumer inclination towards convenient and energy-efficient cooking appliances. Additionally, these products are small and take up little space, making them easy to handle and store. In the coming years, the introduction of technologically advanced products with improved design is expected to fuel demand for residential electric rice cookers.

 

By Distribution Channel Insights

The offline segment is witnessing substantial CAGR growth over the forecast period.

Based on the distribution channel, the electric rice cooker market is segmented into online and offline. Among these, the offline segment is witnessing substantial CAGR growth over the forecast period owing to the most consumers still prefer buying these electric products from physical stores over e-commerce. Additionally, an increase in the number of retail stores, particularly in emerging markets such as India, China, and Brazil, is expected to increase the visibility of these electrical appliances through offline channels.

 

Regional Insights

Asia Pacific dominates the market with the largest market share over the forecast period.

Asia Pacific

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Asia Pacific dominates the market share over the forecast period. The Asia Pacific region is the dominant region because rice is the main food consumed in this region, particularly in countries such as South Korea, India, Japan, and China. Furthermore, the growing working population in countries such as China and India, as well as their proclivity to purchase premium products, will drive regional market growth during the forecast period. Furthermore, as disposable income increases, urbanization increases, and the majority of people who live in cities rely on simple and easy-to-use household appliances such as electric rice cookers, which contributes to the growth of the electric rice cooker market.

The North American market is estimated to show the fastest growth during the forecast period. The factors that contribute to its growth are especially prevalent in countries such as the United States, which is regarded as a melting pot of all cultures, as a large percentage of the population continues to rely on rice cookers to cook the majority of their dishes, which acts as a fostering factor for the increasing demand. Furthermore, the increasing growth of Asian restaurants in the region contributes to the growth of the market in the North American region over the forecast period.

 

List of Key Market Players

  • TTK Prestige Ltd
  • Wonderchef Home Appliances Pvt. Ltd
  • Koninklijke Philips N.V
  • Breville Group
  • AB Electrolux
  • Bajaj Electricals Limited
  • Newell Brands (Oster)
  • Groupe SEB
  • Ali Group Srl
  • Panasonic Corporation
  • Toshiba Corporation
  • Zojirushi America Corporation
  • Others

 

Key Market Developments

  • In September 2023, Gaabor, a well-known household appliance brand, announced that it would provide shoppers with attractive discounts during the 9.9 Super Shopping Day in the Philippines. Products will include a 1.8L Mini Rice Cooker, a 2L Airfryer, and a 3L Intelligent Rice Cooker, among others.

 

  • In April 2023, Cuckoo Electronics Co., Ltd. announced the release of the 5-quart Standard Multi-Pressure Cooker (CMCQAB501S), which includes functions for steaming, stewing, pressure cooking, boiling, slow cooking, or sautéing a variety of dishes under pressure or no pressure.

 

  • In December 2022, Crompton Greaves Consumer Electricals Ltd. used its engineering expertise to enter the kitchen appliance market, reshaping the modern Indian kitchen with its inventive collection of compact home appliances. This product line includes the Deluxe Hot Kettle, Air Fryer, Rice Cooker, Electric Chopper, and other items.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global electric rice cooker market based on the below-mentioned segments:

 

Global Electric Rice Cooker Market, Product Analysis

  • Standard
  • Multifunctional
  • Induction
  • Others

 

Global Electric Rice Cooker Market, Application Analysis

  • Household
  • Commercial

 

Global Electric Rice Cooker Market, Distribution Channel Analysis

  • Online
  • Offline

 

Global Electric Rice Cooker Market, 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

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