Growth in Electric Rice Cooker Market – An Analysis

Between 2019 and 2029, the electric rice cooker market will grow at a 7% growth rate, compounded annually. One of the most notable reasons that is helping the market to grow is the preference towards electric products as these do not require the scarce LPG.

It is also quite important to note here that the demand for these cookers is seeing an upward curve over the forecast period because not only are these easy to maintain but are also quite affordable. Additionally, it is worth noting here that the standard rice cookers hold a major share in the market owing to high popularity, which in itself is a result of better designs and great features. Some of the features that are quite appreciated by consumers include warming settings, steaming baskets, and materials that are dishwasher safe. However, the fastest growing segment in the global electric rice cooker market is the induction-based variant.

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Some modern variants include technology as a core component and carry features such detachable interior parts to help better cleaning, timers, and settings that help portability. And, as new and improved launches hit the market, visibility, and thus, awareness will increase, leading to a higher demand, and a higher growth in the global electric rice cooker market.

One such example of a cooker with great features is that of MIJIA’s Wi-Fi induction rice cooker. The product was launched by Xiaomi in March of the year 2016. And, it allows users to manage the softness of the rice using an app. This is intensifying competition, pushing players towards innovation and technological advancement.

Other significant factors leading to growth in this market are increase in nuclear families, and dual income families, and growing awareness regarding appliances that help save energy.

Market Players to Focus on Product Improvement

Most of the market players are focused on improving design to improve functionality. Many are involved in improving and diversifying the product portfolio, keeping in mind the ever dynamic needs of the new age consumer.

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One of the areas that the manufacturers are focusing upon is the multifunctional capability of cookers. The idea is to use them not just in residential applications but also in commercial ones. As this base of consumers increases, so would the market.

Some of the renowned players in the market landscape include Toshiba Corporation, Conair Corporation, TTK Prestige Ltd., Sunbeam Product Inc., and Panasonic Inc., among others.

Asia Pacific to Top the Regional Charts

With a massive market share marked for itself, Asia Pacific would lead the global electric rice cooker market over the forecast period. One of the prime reasons behind this hefty growth in the regional market is the fact that this is a region with rice as a staple food item. Countries like Bangladesh, India, Japan, and Indonesia are major producers and consumers of rice. Besides, as nations in the region do well economically, disposable incomes increases, and affordability of premium products improves. This will also contribute positively to the growth of Asia Pacific region over the forecast period.

Another region that is nascent stage but growing swiftly is Latin America, followed by Middle East and Africa. The CAGR these regions will chart will be around 7%.

Besides, it is worth noting here that a robust retail distribution network will also help India, China, and Brazil to contribute significantly to the overall growth of global electric rice cooker market. This includes presence of strong online retail players who make delivery possible at the convenience of a click.

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