Electric Rice Cooker Market Overview:
The electric rice cooker market size was valued at $3.2 billion in 2018, and is estimated to reach $5.5 billion by 2026, registering a CAGR of 6.8% from 2019 to 2026. In 2018, the household segment accounted for more than one third of the total electric rice cooker market share. A rice cooker is an electrical appliance used for cooking the rice. It has an inner removable bowl that is usually coated with non-stick surface and an insulated outer container. Furthermore, it has a water level indicator to be maintained for the respective quantity of rice. The electric rice cooker boils rice through heating using the electric element. The rice cookers are available in either automatic and non-automatic variants in the market. Consumers have been using the rice cooker for preparing various rice specialties.
Owing to the busy lifestyle, consumers inclination toward the use of convenience products has been growing in the recent past. Due to less time and monitoring required for cooking rice, electric rice cookers have become one of the most preferred choice of appliance among the consumers. Growing number of working women in the workforce has increased the dependency of the consumers on the electric appliances that are easy to handle and require less time of cooking. This in turn has led to the growth of the electric rice cooker market. Furthermore, growing prices of cooking gas in the past have shifted the focus of the consumers from gas-based kitchen appliances to electrical kitchen appliances.
The electric rice cooker provided uniform cooking, as with the gas stove there may be an overcooked rice layer at the bottom due to the heat distribution not being uniform. Electric rice cookers also allow consumers to cook other grains and lentils. Furthermore, it also makes the rice non-sticky. Due to these benefits, the consumers are shifting from gas based rice cookers to electric rice cookers, which is anticipated to drive the electric rice cookers market in the near future.
According to electric rice cooker market analysis, the electric rice cooker market is segmented on the basis of end user, distribution channel, and region. By end user, it is categorized into household and commercial. By distribution channel, it is divided into supermarket/hypermarket, specialty stores, e commerce, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).
By End User
The Commercial segment would witness the fastest growth, registering a CAGR of 7.3% during the forecast.
On the basis of end user, the household segment accounted for the maximum share in the global market in 2018. Electric rice cooker has been the preferred choice of cooking appliance among the household consumers majorly in the countries where rice and rice products are part of staple food. Owing to the growing demand for convenience products, the market for electric rice cooker from household consumers is projected to lead the market during the forecast period.
By Distribution Channel
E Commerce segment would witness the fastest growth, registering a CAGR of 10.0% during the forecast period.
On the basis of distribution channel, the supermarket/hypermarket segment led the market, which accounted for around half of the share in the electric rice cooker market in 2018 and is expected to retain its dominance throughout the forecast period. Supermarkets/hypermarkets are the most preferred for purchasing the electric rice cookers. Hence, significant penetration of supermarket/hypermarket chains and independent stores in developed countries and their growing presence in developing countries, have led to higher share of supermarket/hypermarket in the electric rice cooker market. Owing to the busy lifestyle of the consumers and growing inclination of the consumers toward convenient lifestyle, they have been actively engaged into purchasing the consumer appliances including electric rice cooker through e-commerce channels. This is expected to contribute to the highest growth rate of the e commerce segment in the global electric rice cooker market during the forecast period.
By Region
Asia Pacific is the largest market growing at a CAGR of 7.8% from 2019-2026.
On the basis of region, Asia-Pacific was the prominent market in 2018 and accounted for the maximum share in the global electric rice cooker market. Asia-Pacific is also expected to witness the highest CAGR, owing to the rising disposable income and busy lifestyle of the consumers as a result of higher employment and increasing working women population in the region. China is the largest consumer of rice globally as rice is the staple food in the country. Many countries in Asia-Pacific such as Japan, India, Indonesia, Vietnam, Thailand, among others have rice as their staple food. This is projected to contribute to the leading position of the region in the global electric rice cooker market.
The players in the electric rice cooker market have adopted expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in the report include AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd, Bajaj Electricals Limited, Koninklijke Philips N.V., Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., and Newell Brands (Oster).
Key Benefits for Stakeholders:
- The report provides a quantitative analysis of the current electric rice cooker market trends, estimations, and dynamics of the market size from 2018 to 2026 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assists in determining the prevailing electric rice cooker market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the electric rice cooker industry.
Electric Rice Cooker Market Report Highlights
| Aspects | Details |
 By END USER |
|
 By DISTRIBUTION CHANNEL |
|
 By Region |
|
 Key Market Players | Koninklijke Philips N.V, Panasonic Corporation, Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd, Newell Brands (Oster), Groupe SEB, Bajaj Electricals Limited, AB Electrolux, TTK Prestige Ltd, Breville Group |
Analyst Review
Rise in demand for innovative types of kitchen appliances is among the major factors that boosts electric rice cooker demand. A huge demand for automatic electric rice cooker has been noted during the past years, which is expected to continue during the forecast period. Consumer inclination toward automatic and smart appliances which require less manual intervention, less time, and provides better output is among the main factors that drive the market. The demand for innovative technology and new products with better functionality has led manufacturers to invest more in R&D to provide innovative electric rice cooker in the market. The manufacturers are expected to come up with smart electric rice cookers with advancement of the technologies, in order to have edge over the competitors with the rise in demand for smart appliances in the market.
Asia-Pacific has been offering incremental opportunities for electric rice cooker and hence, the market in the region is expected to grow at the highest CAGR during the forecast period. The market is consolidated in nature and players such as Panasonic, Electrolux, TTK Prestige Ltd, and Koninklijke Philips N.V. accounted for significant share in the global electric rice cooker market. Owing to the shift in lifestyle of the consumers toward convenience, the electric rice cooker market is expected to grow significantly in the coming years.
The global electric rice cooker market was valued at $3.2 billion in 2018
The global electric rice cooker market is anticipated to reach $5.5 billion by 2026.
The Electric Rice Cooker Market projected to grow at the CAGR of 6.8% in the forecast period (2019-2026)
The active players in the Electric Rice Cooker Market include AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd, Bajaj Electricals Limited, Koninklijke Philips N.V., Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., and Newell Brands (Oster)
Consumer inclination towards the appliances offering more convenience owing to busy lifestyle and growing advancements in the appliance technologies are the key trends of the Electric Rice Cooker Market
Asia-Pacific is likely to provide more business opportunities for Electric Rice Cooker in coming years
The key players in the Electric Rice Cooker Market include AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd, Bajaj Electricals Limited, Koninklijke Philips N.V., Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., and Newell Brands (Oster)
Household segment is the leading segment in the Electric Rice Cooker
Emerging countries in Asia Pacific and LAMEA region offer growth opportunities for the market and they are likely to grow at significant CAGR ranging between 6.5-9%
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