Electric Rice Cooker Market

Global Electric Rice Cooker Market Size (2024 to 2029)

As per our analysis report, the global electric rice cooker market is expected to reach USD 5.86 billion by 2029 from USD 4.30 billion in 2024, growing at a compound annual growth rate (CAGR) of 4.04 % during the forecast timeline.

Current Scenario of the Global Electric Rice Cooler Market

Because of their hectic lifestyles, customers' preference for convenience products has risen in recent years. Due to less time and monitoring required for cooking rice, Electric rice cookers have rapidly become one of the dominant appliances in the market. In addition, with the increased number of working women entering the workforce, customers have become more dependent on electric appliances that are simple to use and take less time to prepare. As a result, the global market for electric rice cookers has surged. Furthermore, rising cooking gas prices have diverted consumers' attention away from gas-based kitchen appliances and toward electricity kitchen appliances.

MARKET DRIVERS

Growth in rice production and growing interest in rice among consumers are central points for driving the endeavors of producers to make inventive commercial rice cookers, which is foreseen to be the pillar for the commercial rice cooker market growth as well as revenue.

Furthermore, the growing usage of commercial rice cookers permits users to cook a wide range of grains, from wild rice to white rice, brown rice, oats, and polenta. In addition, the growing popularity of brown rice among consumers is driving demand for industrial rice cookers, which is expected to drive the worldwide electric rice cooker market shortly.

MARKET RESTRAINTS

The global market for electric rice cookers is fiercely competitive, with many local and international firms competing for market share. Commercial rice cookers are used to create several types of rice, including white rice, brown rice, cornmeal, and oats, without constantly checking the process.

Impact Of COVID-19 on the Electric Rice Cooker Market

Production units have been shut down due to the lockdown procedures and work-from-home activities in the recent global COVID-19 pandemic. As a result, a decrease in production capacity was seen in 2020, leading to the overall electric rice cooker market's downturn in the entire year. Moreover, the development of community restaurants for supplying meals to the daily working class and other poor workers in nations such As India in the Asia Pacific market is stirring up market demand for electric cookers for large-scale rice cooking, letting the market hold steady even during the recent COVID-19 emergency.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Electric Rice Cooker Market By Capacity

Due to the increasing awareness in developing countries for electric rice cookers and this demand is majorly for household purposes and for which the low-volume and medium-volume cookers are considered, the low and medium-volume segments show a significant growth rate during the forecast period. At the same time, large and extra-large volume cookers are used for commercial purposes and increasing fast-food restaurants, creating a demand for large-volume cookers in the market.

Global Electric Rice Cooker Market By End-User

In the global market, the household segment held the largest market share. Electric rice cookers have long been the favorite cooking tool of household users, particularly in regions where rice and rice-related products are common ingredients. The demand for electric rice cookers from domestic consumers is supposed to lead the sector during the forecast period owing to the increasing demand for convenience products.

Global Electric Rice Cooker Market By Distribution Channel

The offline store distribution channel seemed to have the largest market share of electric rice cooker sales. On the other hand, most of the world's population tends to buy electric kitchen appliances like cookers in real locations instead of online stores. Nearly 40-50% of the users in nations like the United States prefer to purchase electric kitchen and house appliances in offline rather than online stores. Moreover, the significant number of store outlets, particularly in developing economies such as China, India, and Brazil, is anticipated to increase the exposure of these electrical home products across offline channels. Expanding sales of electric rice cookers at specialty stores, retail kitchen appliances stores, hypermarkets, supermarkets, and warehouses are anticipated to fuel market expansion further and further, with the offline distribution network segment holding a significant market share all through the projection timeframe.

REGIONAL ANALYSIS

In 2022, the Asia Pacific dominated the industry, followed by Europe, North America, and the rest.

Thus, an Asia-Pacific region is projected to become the most predominant region within the market during the projected timeframe. Increasing urbanization, powerful brand promotion methods of manufacturers, and an increase in disposable income of consumers in the market are some of the principal reasons leading to the rise of electrical rice cooker sales in the Asia Pacific region.

Additionally, the rising working women population in Asian economies such as India and China is accelerating market expansion even more rapidly, as these customers demand quality kitchen equipment with multifunctional capabilities. Also, consumers have increased awareness about the benefits of low-emission kitchen appliances, which would boost demand for electric rice cookers in the Asia Pacific region.

KEY MARKET PLAYERS

Companies such as Panasonic Corp, Tiger Corporation, Bajaj Electricals, Philips AG, Zojirushi America Corporation, Toshiba Corporation, Aroma Housewares Company, and Sunbeam Products Inc. are playing a notable role in the global market. The market appears to be diversified, and the competitive ecosystem is rather intense due to various corporations, including Newell Brands and multinational brands. Product innovation and product expansion are the two main factors that help the manufacturers of electric rice cookers hold the profits.

RECENT HAPPENINGS IN THE MARKET

• In April 2019, In India, Xiaomi declared the launching of the Mijia Smart Rice Cooker. Besides rice, this new Mijia smart rice cooker will also be capable of making pizza, pasta, burgers, noodles, and biryani better.

• In July 2019, Los Angeles' Anti-Social Social Club signed a partnership deal with Cuckoo to manufacture an electric rice cooker. These initiatives are targeted at persons who prefer to live alone.

DETAILED SEGMENTATION OF THE GLOBAL ELECTRIC RICE COOKER MARKET INCLUDED IN THIS REPORT

This research report on the global electric rice cooker market has been segmented and sub-segmented based on capacity, end-user, distribution channel, and region.

By Capacity

• Low Volume
• Medium Volume
• Large Volume
• Extra Large Volume

By End-User

• Commercial
• Household

By Distribution Channel

• Hypermarkets/Supermarkets
• Specialty Stores
• Online Stores
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America 
• The Middle East and Africa