New York, United States, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The Global Electric Rice Cooker Market Size is to Grow from USD 2.9 Billion in 2022 to USD 5.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.2% during the projected period.
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A rice cooker is a type of electric cooker that is used to cook rice. It is made up of an insulated outer container and a removable inner bowl that is usually coated with a nonstick surface. It also has a water level indicator that must be kept at a certain level in order to keep the appropriate amount of rice. The electric rice cooker boils rice by using an electric element to heat it. Rice cookers are available in both automatic and non-automatic models on the market. Rice cookers have been used by customers to prepare a variety of rice specialties. Because of their hectic lifestyles, consumers' preference for convenience products has increased over the forecast period. The rise in the number of nuclear families, combined with rising living standards in emerging markets such as China and India, is expected to continue to be a key driver of industry growth. Furthermore, the increasing importance of energy-saving appliances such as induction cooktops and electric rice cookers to reduce household spending is expected to be one of the key factors driving the electric rice cooker market growth during the forecast period. However, while the electric rice cooker industry shows promise for expansion and innovation, it also faces some challenges that could hamper the market growth. Market saturation is a significant impediment, especially in areas where rice cookers have become common household appliances.
COVID-19 Impact
The COVID-19 pandemic had a significant impact on the electric rice cooker market, owing to supply chain disruptions. Lockdowns and restrictions hampered the production and transportation of components and finished goods, causing delays and cost increases. Moreover, during the pandemic, consumer spending patterns shifted, with some prioritizing essential goods over non-essential appliances such as electric rice cookers.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "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."
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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 are inexpensive and provide simple operation and low maintenance.
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 rise can be attributed to a shift in consumer preferences toward more convenient and energy-efficient cooking appliances.
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. Most of the consumers still prefer to purchase these electric products from physical stores rather than through e-commerce.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market share over the forecast period. The Asia Pacific region is the dominant region because rice is the main food used in this region, particularly in countries such as South Korea, India, Japan, and China.
The North American market is estimated to show significant growth during the forecast period. The factors contributing to its growth are especially prevalent in countries such as the United States, which is regarded as a melting pot of all cultures because a large percentage of the population continues to rely on rice cookers to cook the majority of their dishes, which acts as a driving factor for rising demand.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global electric rice cooker market include 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 among others.
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Recent 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.
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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