The electrical rice cooker market size is expected to grow substantially due to the rising demand for convenient cooking appliances. Technological advancements and innovation in electric rice cookers can boost the market growth. Fortune Business Insights™ presents this information in its report, titled, “Electric Rice Cooker Market, 2021-2028.”
An electric rice cooker is a machine that can enhance the convenience of cooking and reduce cooking times drastically. The desk-bound jobs of people would lead to the adoption of services and machinery that simplifies their life. An electric cooker can cook rice easily without spending a lot of time. Further, the adoption of advanced features such as programmable settings and smartphone operations can enhance its demand. The adoption of technologically advanced electric rice cookers is increasing rapidly because of their flexibility. It can be used to cook vegetables, oatmeal, and other dishes alongside rice, which, in turn, can enhance its demand significantly. Therefore, these factors can propel the market growth during the forecast period.
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Segments
By product, the market is segregated into induction, multifunction, and standard. Based on application, it is bifurcated into commercial and household. As per the distributional channel, it is divided into offline and online. Geographically, it is clubbed into Europe, North America, South America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report
- This report highlights the latest trends of the market and the top segments.
- It comprehensively discusses the impact of COVID-19 and the driving and restraining factors.
- Examines the strategies implemented by the prominent companies operating in the market and the regional development.
List of Key Players Profiled in the Electric Rice Cooker Market Report
- Panasonic Corp
- Tiger Corporation
- Bajaj Electronics
- Philips AG
- Zojirushi America Corporation
- Toshiba Corporation
- Aroma Housewares Company
- Sunbeam Products Inc
Drivers and Restraints
Inactive Consumer Lifestyles to Fuel the Market Growth
The inactive consumer lifestyle has led to the adoption of machines such as electric rice cookers. It simplifies cooking operation, provides uniformly cooked rice, and comes in different sizes, shapes, and options. For example, Kenstar provides rice cookers up to 1-liter capacity. It can cook lentils, sprouts, and vegetables alongside rice, which, in turn, would enhance the consumer’s experience. Further, it is extremely space-saving and can be transportable. It consumes less power and provides excellent efficiency. In addition, manufacturers are providing innovative electric rice cookers that provide anti-finger marks, coat anti-rust proof, and anti-scratch properties. Hence, these factors can drive the electric rice cooker market growth.
However, the uneven cooking of low-cost electric rice cookers can hamper market growth.
Regional Insights
Increasing Per-Capita Income to Boost Market Growth in Asia Pacific
Asia Pacific is expected to dominate in terms of the electric rice cooker market share because of the increasing per-capita income of the population. The extensive rice consumption in India, South Korea, Japan, and China is expected to increase the demand for rice cookers. As per Indexmundi’s statistics, in 2019, the total domestic rice consumption in India reached 102,000 (MT). It is an approximate 2% spike as compared to the previous year. In addition, the rapid urbanization and evolving consumer preferences can enhance the adoption of an electric rice cooker.
In North America, the consumer’s dependence upon rice cookers for the preparation of multiple dishes can boost the demand for electric rice cookers. In addition, the emergence of several Asian restaurants can boost the market growth. As per the CHD Expert, there are approximately 64,000 restaurants in North America.
Competitive Landscape
Prominent Players to Launch Innovative Products to Increase Sales
Prominent companies operating in the market are launching innovative products to increase their sales. For example, Xiaomi launched Mijia Smart Rice Cooker in April 2019 in India. This rice cooker can prepare biryani, pasta, pizza, and burgers alongside rice. This strategy can attract consumer demand and improve their product’s sales. Further, the adoption of expansion strategies can enable companies to establish their manufacturing facilities across the globe. This strategy can also help them to expand their market reach.
Industry Development
- July 2019: Anti-Social Social Club of Los Angeles (USA) partnered up with Cuckoo to announce an electric cooker for people who live alone.
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