Electric Rice Cooker Market Size, Share & Industry Analysis, By Product (Standard, Multifunctional, Induction), By Application (Household, Commercial), By Distribution Channel (Online, Offline) And Regional Forecast, 2024-2032

The innovation of an electric rice cooker which can be linked with the desktop of the consumer with an interface and has the ability to give alert to the user once the food is cooked acts as a boosting factor for the growth of the market. Some of the factors which help to propel the growth of the market include it makes cooking easier, has programmable settings, and others. Due to its ability to simplify the cooking process and can cook food in a really short amount of time is attracting more consumers to the product. Furthermore, it has a programmable setting which means that depending on the dishes which is being cooked the settings can vary this feature in rice cooker helps to propel more demand.

Additionally, the innovation of smart rice cooker which has the ability to be controlled by a smartphone act as a great opportunity for the growth of the market as more people are moving towards the technologically advanced home appliance.

Increasing adoption of corporate work culture all over the globe act as a driving factor for the growth of the market. Additionally, due to the capability of the device to use for cooking different types of food items also propels more demand for the growth of the market. Furthermore, more companies come up with innovative products with anti-scratch, coat anti-rust proof, and, anti-finger mark also helps in the growth of the market. Moreover, compact and less space occupying electric rice cookers are propelling the demand especially in urban areas as people have lesser space to utilize.

However, a low-quality rice cooker which is not able to cook rice evenly acts as a restraining factor that is hampering the growth of the market.

Key Players Covered:

The major players included in the electric rice cooker market are Panasonic Corp, Tiger Corporation, Bajaj Electricals, Philps AG, Zojirushi America Corporation, Toshiba Corporation, Aroma Housewares Company, Sunbeam Products Inc, and others. These players are focusing on the production of innovative products that makes the life of the consumers easier by incorporating with different technologies such as the Internet of Things and others are driving more demand to the market.

The global rice cooker market is segmented into by product, by application, by distribution channel, and by geography.

On the basis of product, the market is segmented into standard, multifunctional and induction. The standard type of rice cooker is the largest shareholder as it is more affordable, easy to handle, and has a low maintenance cost.

Based on the application, the market is divided into household and commercial. The household segment is projected to be the leading market shareholder this is owing to the rising growth of nuclear family across the globe, also the rising urbanization propels higher demand of the product as more people have lesser time to cook in urban areas.

Depending on the distributional channel, the market is classified into online and offline. Offline distribution is anticipated to be the large distribution channel due to the availability of a wide range of products, an increasing number of retail stores, the ability to touch and feel the physical products, and others.

Regional Analysis:

On the basis of region, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle & East and Africa.

The Asia Pacific is the dominating region as rice acting as the main food which is consumed in this region especially in countries like South Korea, India, Japan, China, and others, fosters more demand.  According to Indexmundi 2019, India’s domestic rice consumption is 102,000 (1000 MT) which is a 2% growth. Furthermore, due to an increase in disposable income, there is a growth of urbanization and the majority of people who live in urban areas tend to rely on simple and easy to use household appliances like electric cookers which helps to drive the growth of the market.

North America is estimated to show significant growth in the electric cooker market and the factors which contribute to its growth are especially in countries like the United States which is considered to be the melting pot of all cultures which means the large percentage of the population still rely on rice cooker to cook most of their dishes which is acting as a fostering factor for the increasing demand. Additionally, the increasing growth of the Asian restaurant in the region also boosts the growth of the market in this region. According to CHD Expert, there are more than 64,000 Asian restaurants currently available in the United States.

Segmentation

Key Industry Developments

• In April 2019, Xiaomi announced the a launched of Mijia Smart Rice Cooker in  India. This smart rice cooker will be able to cook pizzas, burgers,  pasta, and biryani apart from normal rice in a healthier way.


• In July   2019, Anti-Social Social Club of Los Angeles (USA) proclaimed its partnership with Cuckoo to  launch an electric rice cooker. This launches target more to people who prefer to stay alone.