The electric rice cooker industry is projected to rise at a healthy CAGR of 7% between 2019 and 2029. Frequent new product launches and increasing consumer inclination towards energy efficiency are the primary factors driving sales. The capabilities of electric rice cookers to meet the demand of commercial and residential cooking will continue to aid the growth of electric rice cooker market. This promising growth outlook can be attributed to associated customer convenience and innovative product designs, reveals Fact.MR in its new study.
“Increasing product visibility among consumers, with a shifting preference towards energy-efficient cooking appliances, has paved the way for the electric rice cooker market towards a profitable future,” concludes the Fact.MR report.
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Electric Rice Cooker Market – Key Takeaways
- Standard electric rice cookers remain bestsellers, accounting for nearly 3/5th of total sales.
- Offline sales continue to contribute significantly, while online alternatives gain rapid traction.
- Online channels are set to surpass offline sales by the end of the forecast period.
- Household applications account for a large portion of the total market revenue.
- Asia Pacific is a fast growing regional market, accounting for 60% of the global market value.
- Manufacturers are primarily targeting the nuclear family demographic to bolster profitability.
Electric Rice Cooker Market – Key Driving Factors
- Increasing need for energy efficiency and multiple cooking functionalities is driving adoption.
- Capabilities to meet the needs of residential and commercial applications have sustained market growth.
- Investments towards design and functional innovations are pushing the electric rice cooker market.
- New tech features such as timers, removable interior components, and portability programmable settings contribute to sales.
Electric Rice Cooker Market – Key Constraints
- Difficulties associated with cleaning due to multiple components is still a challenge facing manufacturers.
- Non-uniform cooking of rice is frequently reported by consumers, which remains a key impediment to wider adoption.
The global electric rice cooker market is largely fragmented. The leading players profiled in the report include, but are not limited to AB Electrolux, Newell Brands, Panasonic Corporation, Wonderchef Home Appliances, Groupe SEB, Ali Group Srl, TTK Prestige Ltd., and Koninklijke Philips N.V. Market leaders are investing in product differentiation and innovation. Mid and low tier players are channeling their efforts in leveraging emerging technologies such as the Internet of Things and connectivity technologies as indicated by the Fact.MR report.
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About the Report
This 170-page study offers readers a comprehensive market forecast of the electric rice cooker market. Global, regional and country level analysis of the latest industry trends impacting the electric rice cooker market are covered in this Fact.MR study. The report offers compelling insights on the electric rice cooker market on the basis of product type (standard, multifunctional, induction and others), application (household and commercial), distribution channel (offline and online), across six regions (Middle East and Africa, South Asia & Oceania, East Asia, Europe, Latin America, North America).