Electric Rice Cooker Market Bolstered by Research and Development Initiatives
The worldwide electric rice cooker market is set to grow at a healthy CAGR of 7 % through the forecast period (2019-2029). Trends including launches of new products and functionalities, and rising consumer inclination towards energy efficient methods of cooking which are key factors driving the adoption of appliances such as electric rice cookers.
Electric rice cooker manufacturers are increasingly focusing on research and development activities in terms of product design, in an effort to bolster product portfolios and meeting the diverse needs of modern consumers
. Manufacturers are also working on the development of multifunction capabilities to meet the needs of not only residential applications, but also commercial cooking operations. Such trends enable the growth of a wider consumer base, contributing to the future growth of the market.
Easy Maintenance and Affordability Drive Demand for Standard Electric Rice Cookers
Some of the major players in the electric rice cooker market include names such as Toshiba Corporation, Conair Corporation, TTK Prestige Ltd., Sunbeam Product Inc., and Panasonic Inc., among others. In recent years key competitors have been increasing investments towards product innovations to maintain a competitive edge.
Standard Electric Rice Cookers in the Lead, Induction Based Cookers Record Fastest Growth
Standard electric rice cookers are projected to account for the largest segment in the electric rice cooker industry accounting for more than 60 % of the overall value.
This dominance can be primarily attributed to factors such as ease in handling, affordable pricing, and minimal maintenance. Manufacturers are also equipping standard cookers with better design and functional features such as warming settings, microwave and dishwasher safe materials, and steaming baskets, which is expected to bolster demand in the near future.
Although at a nascent stage in the market, induction-based electric rice cookers are projected to be the fastest-growing segment with a CAGR of 8% through the forecast period, owing to substantial changes in terms of consumer cooking preferences.
The multifunctional electric rice cooker segment is also projected to display a strong rate of growth with steaming, boiling, stewing, and baking applications.
Further, modern electric rice cookers are being integrated with new tech features including timers, portability programmable settings, and removable interior components for superior hygiene, which will drive demand for electric rice cookers.
Asia Pacific Leads with 60% Share in Electric Rice Cooker Market
The countries in East Asia and South Asia cumulatively account for the largest regional market for electric rice cookers, accounting for nearly 60 % of the overall market value.
This massive influence can be attributed to the role of rice as a staple food in nations such as Japan, China, Indonesia, and India. The growth is also supported by the large working populations of India and China, and the resultant demand for premium products, which will generate opportunities in the near future.
On the other hand, a nascent market for electric rise cookers is rising rapidly in Latin America, andMiddle East and Africa regions with healthy CAGRs of around 7 %.
The growing number of retail stores in countries like Brazil, China, and India are expected to sustain the sales from offline distribution channels, which currently account for a larger market share.
However, the growing presence of major online retailers, and the convenience of home delivery services, will result in a faster rate of growth for online channels in the years to come.
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Global Electric Rice Cooker Market: In-Depth Assessment on Key Segments
The global electric rice cooker market is segmented on the basis of product type, application, distribution channel, and region.
- North America
- Latin America
- East Asia
- South Asia & Oceania
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