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Rice cooker has witnessed an ongoing progression as people are increasingly aware of how rice cooker can help to evenly cook rice in a concise amount of time. The product has observed an escalating requisite as it helps to cook various type of food items apart from rice, possess the ability to slow cook and assist to steam vegetables. Additionally, the increasing innovation of smart rice cooker, which possess a remote control functionality act as an opportunity for market growth. For instance, Zorbes Xiaomi IH 3 L Electric Rice Cooker comes with multiple attractive functionalities such as automatic heat preservation system, remote control capability, have over 3000 cooking scheme, and others.
The thriving export of rice by prominent rice-producing countries such as India, China and others have a significant contribution to the increase in consumption of rice cooker across the globe. For instance, according to the data issued by the Economic Times, February 2020, is proclaiming that in 2018 to 2019 India has exported 12 million tonnes of rice to countries around the world. Furthermore, the growing popularity of rice-based dishes such as Jambalaya, Sushi, Biryani, Fried Rice and others across countries all over the world is helping to accelerate the demand for the rice cooker.
Nevertheless, the growing popularity of food delivery service resulting in people consuming less cooking appliances, restraint the market growth.
Key Market Driver -
The large export of rice by major rice producing countries act as a driving factor for the market growth.
Key Market Restraint -
The rising growth of food delivery service is acting as a restraining factor for the market growth.
Zojirushi America Corporation, Hamilton Beach Brands, Inc, Instant Brands Inc, Toshiba Corporation, Instant Brands Inc, and others are the key companies operating in the rice cooker market.
The rice cooker market is segmented into by product, application, size, and geography.
On the basis of product, the market is fragmented into standard, multifunctional, and induction. Standard is estimated to be the dominant market shareholder owing to the pricing of the product at a reasonable range, and its simple functionality makes it more preferable.
Based on application, the market is grouped into residential and commercial. Residential is anticipated to be the larger segment owing to the popularity of the usage of rice cooker for daily use in the household by various countries across the globe has helped to upsurge the demand.
By size, the market is divided into 1-2 litres, 2-5 litres, and 5-8 litres. 2-5 litres is projected to be the prominent segment due to the product being considered as an ideal size for most household. Likewise, the 1-2 litre commonly used by single-person household, whereas 5-8 litre being mostly operated in the commercial.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Asia Pacific is evaluated to be the prominent market shareholder and is anticipated to continue throughout the forecast period of 2020-2027. The massive consumption of rice by people has a significant contribution in helping to generate traction. For instance, according to the data issued by the Asia Rice.Org on ‘Asia-Rice 2019 Implementation Report’, is stating that Asia is the largest rice consuming region with an estimation of 90% of the global consumption. Additionally, the major rice cooker brands such as Prestige, Bajaj, Hawkins & Co., and others targeting low to high income earning consumers has helped to boost the demand.
North America is anticipated to have a substantial growth in the rice cooker market owing to the popular cooking reality shows such as Hell’s Kitchen, The Next Food Network Star, MasterChef, and others influencing large number of people to cooking has played a crucial role. Furthermore, the booming growth of the restaurant industry has resulted to have a positive impact as rice cooker is one of the essential cooking appliances by most restaurants. For instance, according to Colorado Restaurant Association data released, is proclaiming that the state of Colorado of the United States is evaluated to have 11,800 restaurants and is assessed to generate a sales revenue of USD 13 billion in 2019.
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