Demand for energy efficient products along with the variety of cooking functions in electric rice cookers offered by market players to drive the global electric rice cooker market during the projected period.
According to TechSci Research report, “Electric Rice Cooker Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”. The electric rice cooker market is projected to grow at impressive rate through 2028 on account of increased government initiatives prohibiting the use of gas connections in densely populated commercial areas. Better cooking programs and heating provided by the 3D heating mode, low maintenance and monitoring requirements, growing needs of smart appliances, and increasing awareness of energy efficiency products. Additionally, as more and more women enter the workforce, consumer purchasing patterns have changed and online shopping platforms are becoming more and more popular.
The growing importance of energy-saving appliances like induction heat electric rice cookers and multifunction electric rice cookers, which shorten the time needed to complete household activities, is one of the major drivers projected to drive the market over the next few years. And a multi-function culinary programmed that includes functions for creating soups, steaming, cooking different kinds of rice, etc. Additionally, there are more and more professional women and a hectic lifestyle for the wife and husband, which leaves them with less time to do everyday household tasks. Therefore, these devices increase employee productivity and self-saving time.
Due to its little maintenance and monitoring requirements, the commercial electric rice cooker market is predicted to expand. Furthermore, the government regulations that forbid the use of gas connections in commercial areas with high populations will also encourage an increase in the demand for electric rice cookers for commercial use.
The need for additional high-end household products among consumers is encouraging manufacturers to release new products. such as customizable settings, a portable design, 3D heating technology, a nonstick inner frying pan, and an LCD display with timer. For example, TTK Prestige offering a smart electric rice cooker, and Zojirushi American Corporation provide a micro computerized fuzzy logic system.
The online channel is experiencing the fastest growth rate as it offers different products on a single platform with their description, details, brand, specification, etc., giving merchants an alternative to the conventional store.
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The Electric Rice Cooker Market is segmented based on the product type, capacity, end use, distribution channel and region. The product type segment is divided into standard, multifunction & induction heat. Based on capacity, the market is divided into the Less Than 2 Litre, 2 Litre – 4 Litre and More Than 4 Litre. Based on end use, the segment further divided into residential vs commercial. The distribution channel segment is divided into supermarkets/hypermarkets, specialty stores, multi-branded stores, online, exclusive stores & others (direct sales, distributors & dealers). The online segment’s growth is anticipated to be boosted by several factors, including an increase in internet users, multi-functional features, and the penetration of e-commerce platforms. Additionally, features like product comparison, thorough product descriptions, and simple exchange and refund options are helping customers feel at ease with online shopping and increasing sales.
Key market players in the Electric Rice Cooker Market include:
- Midea Group Co., Ltd.
- Panasonic Corporation
- Group SEB
- Breville Group
- Zojirushi America Corporation
- Koninklijke Philips N.V.
- TTK Prestige Limited
- AB Electrolux
- Newell Brands, Inc
- Aroma Housewares Company
Due to shifting consumer demands, kitchen appliance producers are now able to experiment with novel product designs. They might expand their market reach and clientele by adopting a product expansion strategy. Additionally, the manufacturing businesses are focusing on offering multifunctionality features in electric rice cookers in a different range of capacities to accommodate home and commercial usage. For instance, multifunction electric rice cookers are offered from different companies like Panasonic Corporation, Zojirushi America Corporation, Group SEB, Breville Group, and Midea Group.
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Product innovation is a significant trend that is expected to have an impact on growth over the forecasted period. Electric rice cookers regulate the cooking of rice by electrically adjusting heat and timing. Additionally, it has several cooking programs that enable the creation of a variety of dishes, including grains, various kinds of rice, oatmeal, and hot cereal, steaming vegetables, and cooking soups and stews. This is one of the key explanations for why they are a well-liked piece of kitchenware. The market is expanding because there are a variety of products available to fulfil different needs related to capacity and the size of the family, as well as because the internet channel is becoming more and more well-liked.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Electric Rice Cooker Market, By Product Type (Standard, Multifunction & Induction Heat), By Capacity (Less Than 2 Litre, 2 Litre – 4 Litre and More Than 4 Litre), By End Use (Residential Vs. Commercial), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Multi-Branded Stores, Online, Exclusive Stores & Others (Direct Sales, Distributors & Dealers)), By Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America), Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of electric rice cooker and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in electric rice cooker globally.
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