Electric Rice Cooker Market Analysis Report By Product, By Application, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global electric rice cooker market size was accounted for USD 685.2 million, in 2018. The market is expected to witness a CAGR of 7.5%, during the forecasted years, 2019 to 2025. This growth can be attributed to the launching of various technology-induced cookers that have inbuilt Wi-Fi connectivity and touch panel for smoother operations. Moreover, the rising number of nuclear families is expected to boost the demand for such products in the upcoming years.

Moreover, upcoming launches of products as per the growing trend are anticipated to boost product visibility even in developing regions. For example, a Wi-Fi-based induction cooker was introduced by Xiaomi in March 2016 with the brand name MIJIA. This cooker helps in changing the softness of rice through their MIJIA app thereby allowing the users to cook rice with more than 2000+ methods.

The growing trend of nuclear families coupled with increasing disposable income among the working population across developing countries like India and China has paved the way for market growth for electric cookers. Moreover, the demand for appliances with energy-saving features such as electric cookers and induction cooktops is expected to boost in the upcoming years to reduce energy consumption.

The shifting trend towards purchasing cooking appliances has forced manufacturers to search for alternatives and experiment with new technology and designs. Thus, the product portfolio of such manufacturers has expanded over the last few years. This strategy for product portfolio expansion has created a positive impact on market growth. Thus, such players have started to produce multi-functionary cooking appliances to boost their sales.

Application Insights

In 2018, the household application segment held the largest revenue share across the global market. This growth can be associated with a rising inclination for energy-efficient and convenient cooking electronic appliances across the globe. Moreover, an increasing number of nuclear families across countries like China and India are expected to act as a crucial factor in the market growth for electric rice cookers.

The application segment of commercial electric cookers is anticipated to register the highest CAGR of 7.6% during the forecasted years. This can be attributed to increased demand for large automatic cookers across the globe. Features such as the 3D heating mode in such commercial cookers help in better and uniform cooking. Thus, such cookers are used in restaurants and hotels across the globe. Moreover, stringent rules being implemented by statutory governing bodies regarding the usage of gas connections are expected to drive the market for electric cookers in the upcoming years.

Distribution Channel Insights

In 2018, the offline segment of the distribution channel held the highest share of 70% across the global market. This growth can be attributed to a growing preference among the buyers to physically verify the products before making the buying decision. A study stated that around 50% of the buyers across America prefer to purchase these products through offline stores.  Moreover, the rising number of retail stores across countries like China, Brazil, and India is expected to significantly contribute to the market growth.

The online distribution channel is anticipated to register the highest CAGR of 7.9% during the forecast period, 2019 to 2025. This can be attributed to the rising inclination towards smartphones and the internet. Moreover, an increasing number of e-commerce retailers like Alibaba, Amazon, and Flipkart are anticipated to drive this market growth.

Products Insights

In 2018, the standard electric cooker product segment held the largest share exceeding 60% across the global market. This growth can be associated with its salient features like ease of handling and low operational and maintenance cost. In addition, the add-on features like compatibility with dishwashers and microwaves, warm settings, and steaming baskets being provided by manufacturers are anticipated to boost the sales for such products in the upcoming years.

The segment for multifunctional electric cookers is expected to register significant growth with a CAGR of 8.3% during the forecasted years. This growth can be attributed to its multifunctional usage for processes like baking, boiling, steaming, and baking. Moreover, features like electronic LCD display, programmable settings, countdown timers, portability, and removable power cords are expected to drive market growth in the upcoming years.

Regional Insights

In 2018, Asia Pacific accounted for the market share exceeding 58% across the global electric rice cooker market. This growth can be attributed to the fact that many countries like India, China, and Japan have rice as their staple food. Moreover, the rising population, increasing disposable income among working professionals, and the desire to purchase premium products have paved the way for market growth of these products.

Europe is anticipated to register a CAGR of 7.9% during the forecasted years. This growth can be attributed to the presence of key players in the cooking appliances industry. Moreover, increasing awareness about the usage of such appliances that can operate on low energy and generate low emissions is expected to drive market growth across this region. 

Electric Rice Cooker Market Share Insights

The market for electric rice cookers includes key players such as Toshiba Corporation; Panasonic; Cuisinart; Philips; Bajaj Electricals; Tiger Corporation; and Cuisinart. These players are constantly engaged in product development and innovation to boost the sales of their products. For example, the multi-programmable rice cooker was launched by Hi-tech which had the feature of delayed starting time that helped the users to alter the starting time. Thus, such cookers find several applications on occasions like picnic, travel, regular cooking, and office.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global electric rice cooker market report based on product, application, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2025)
    • Standard
    • Multifunctional
    • Induction
    • Others

• Application Outlook (Revenue, USD Million, 2015 - 2025)
    • Household
    • Commercial

• Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
    • Offline
    • Online

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • France
        • U.K.
        • Belgium
    • the Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East and Africa