Feb 06, 2020
Electric Rice Cooker Market to Display Steady Growth, as Manufacturers Focus on Multifunctional Features, Says Fact.MR
by Team Fact.MR
The global electric rice cooker market is set to rise at a healthy CAGR of 7 % through the forecast period (2019- 2029). The growth can be primarily attributed to a rising demand for energy efficiency and convenience in cooking devices, which has arisen with a rise in the standard of living, investments in multifunctional devices and innovations in connectivity, to influence developments in the near future.
Further, the transition by manufacturers towards product innovation to maintain a competitive edge is a key factor in the development of connected electric rice cookers, facilitating functions and minimizing human error with remote controls. This trend is expected to continue with advances in Internet of Things (IoT) in the years to come.
Key Takeaways of Electric Rice Cooker Market Study
- While standard electric rice cookers account for the largest segment in the market and grow by 1.8X, multifunctional and induction electric rice cooker variants are anticipated to grow at faster rates with CAGRs above 6%.
- Offline retail outlets account for nearly three fourth of the electric rice cooker market share and are expected to display significant growth over the short-term forecast period. However, the online distribution channels for home entertainment devices is expected to display a substantially higher rate of growth of 2.1X.
- The Asia Pacific region dominates the market share accounting for nearly 60 % of the overall volume of electric rice cookers. The region also displays the fastest rate of growth owing to the role of rice as a staple food in the region, and consequently, East Asia will grow 2X during the forecast period.
- Household applications will hold the leading market share owing to consumer preference for convenience and energy efficiency. However, the commercial applications segment will witness a higher CAGR over 7% owing to demand from restaurants and hotels.
“Increasing product visibility among consumers with a shifting preference towards energy-efficient cooking appliances has paved the way for the electric rice cooker market toward a profitable future.” says the Fact.MR analyst.
Lifestyle Changes to Give Uptick to Consumer Demand
Around the world, nuclear families are becoming increasingly common, and influenced by expectations of better standards of living, the population of emerging economies such as India and China are expected to remain a key factor for the industry. The importance of energy saving appliances will also support gains made by the industry.
Find More Valuable Insights on Home Entertainment Devices Market
Fact.MR, in its new offering, provides an in-depth analysis of the worldwide electric rice cooker market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the electric rice cooker market on the basis of device type (standard, multifunctional, induction and others), application (household and commercial), distribution channel (offline and online) and key regions (North America, Latin America, Europe, East Asia, South Asia, and Middle East and Africa).
To Get more insights on electric rice cooker market, visit- https://www.factmr.com/report/4509/electric-rice-cooker-market
About the Retail and Consumer Goods Division at Fact.MR
As a consortium of a large number of sub-industries, few market research companies are capable of fulfilling the requirements of consumer product clients. Retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio.