The Global Electric Rice Cooker Market size was valued at USD 840.30 Million in 2022 and is expected to surpass USD 1.57 Billion by 2031, expanding at a CAGR of 7.2% during the forecast period, 2023 – 2031. The growth of the market is attributed to shifting consumer preferences towards energy-efficient appliances.
An electric rice cooker is an automated appliance designed to steam rice. It contains a heat source, a thermostat, and a cooking bowl. The thermostat measures the temperature of the cooking bowl and controls the heat. The oxidization process does not take place in these cookers. Nowadays, cookers are offered with a measuring cup for rice and lines on the bowl, specifying how much water is to be added. Rice cooked in an electric cooker is healthier than normal cooked rice. It is rich in minerals, proteins, and carbohydrates.
Market Trends, Drivers, Restraints, and Opportunities
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Rise in the number of nuclear families along with enhancement in standard of living is driving the market.
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Electric rice cooker cooks rice perfectly, without overcooking or undercooking it. This, in turn, fuels the market growth.
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Various options available in an electric cooker such as keeping warm, allows one to keep the rice warm for 20 minutes to 12 hours. This helps in boosting the market.
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The electric rice cooker is completely sealed and preserves the flavor and color of the food. This factor is expected to propel the market growth.
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Electric rice cookers do not spread vapor and smell, thus keeping the kitchen clean.
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Electric rice cookers are available in compact sizes and occupy less space, which provides easy handling and storage.
Scope of Electric Rice Cooker Market Report
The report on the global electric rice cooker market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Electric Rice Cooker Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Induction, Standard, and Multifunctional), Applications (Commercial and Household), Distributions (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Toshiba Corporation, Panasonic, Cuisinart, Zojirushi America Corporation, Philips, Sunbeam Products Inc., Bajaj Electricals, Aroma Housewares Company, Cuisinart, and Tiger Corporation. Competitors
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Electric Rice Cooker Market Segment Insights
The standard segment accounted for a key market share of more than 60% of the total revenue share.
Based on products, the global electric rice cooker market is segmented as induction, standard, and multifunctional.
The standard segment is expected to expand at a rapid pace during the forecast period. Standard rice cookers provide low maintenance cost and easy handling. Launch of advanced products like dishwashers and microwaves with enhanced features and designs, include properties such as steaming basket and warm settings, which is expected to propel the demand for the segment. This, in turn, fuels the market growth.
The multifunctional segment is estimated to register a CAGR of 8.1% during the forecast period. A classic multifunctional rice cooker includes various functions such as baking, boiling, steaming, and stewing. Easy to use features such as programmable setting, built-in count-down timers, portability, detachable interiors for better washing, and storage of food are the major aspects, boosting the electric rice cooker market.
The household segment is attributed to hold a major share in the market.
On the basis of applications, the global electric rice cooker market is bifurcated into commercial and household.
The household segment is anticipated to expand at a rapid pace during the forecast period. Changing consumer preferences towards energy-efficient and convenient appliances is expected to be the major factor, driving the household segment. Increase in the number of nuclear families in emerging countries such as India and China is estimated to increase the demand for electric rice cooker in the household segment.
The commercial application segment is projected to expand during the forecast period. Introduction of huge automatic rice cookers with 3D heating facility is one of the major factors driving the market. 3D heating mode provides cooking and heating options. These cookers are majorly used in commercial areas such as restaurants and hotels, as they need minimum maintenance and monitoring. Moreover, government rules against the use of gas connections in populated areas helps in driving the demand for electric cooker in the commercial segment.
The offline distribution segment is anticipated to hold more than 70% share of the global market in 2019
In terms of distribution, the global electric rice cooker market is fragmented as online and offline.
The offline segment is expected to grow at a rapid pace during the forecast period. Majority of consumers prefer purchasing electric cookers from physical stores than through e-commerce. Increasing number of retail stores in developing countries such as China, Brazil, and India is estimated to increase the demand for electric rice cookers in the offline segment.
The market of online segment is estimated to grow at a rapid pace. Free home delivery service is a major factor, driving the online segment. Additionally rising reputation of merchants such as Flipkart, eBay, and Amazon is expected to fuel the online segment.
Asia Pacific region is expected to hold a major share of the market
Based on regions, the global electric rice cooker market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Rice is a main dish in most of the countries including India, China, Japan, and Indonesia, which is expected to fuel the market in the region.
Moreover, rising number of employed population, along with their objective to buy premium products, is anticipated to propel the market during the forecast period. Europe is projected to witness a substantial growth during the forecast period. Presence of well-established cooking applications brands in Europe is a major factor driving the region.
Segments
The global electric rice cooker market has been segmented on the basis of
Products
- Induction
- Standard
- Multifunctional
Applications
Distributions
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the global electric rice cooker market include Toshiba Corporation, Panasonic, Cuisinart, Zojirushi America Corporation, Philips, Sunbeam Products Inc., Bajaj Electricals, Aroma Housewares Company, Cuisinart, and Tiger Corporation. Competitors are investing in product advancement in order to gain a competitive advantage over other players.
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