Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Electric Rice Cooker market.
Trusted Business Insights presents an updated and Latest Study on Electric Rice Cooker Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Electric Rice Cooker market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
p5 Industry Insight
The global electric rice cooker market size was valued at USD 685.2 million in 2018. Shifting consumer inclination towards the energy efficient cooking appliances such as electric rice cooker, is expected to be a key driving factor for the growth of the market over the forecast period. For instance, according to the Journal of Food Engineering, electric rice cookers are considered to be the most energy efficient cooking appliance, which consumes 23% to 57% less energy as compared to other conventional cooking appliances.
New launches of innovative products are expected to increase product visibility among consumers over the next few years. For instance, in March 2016, Xiaomi introduced Wi-Fi induction rice cooker under its brand MIJIA. This Xiaomi Induction Heating Pressure Rice Cooker allows the users to change the softness of their rice through MIJIA app, which offers 2000+ different heating methods as compared to traditional appliances.
An increase in the number of nuclear families along with the improvement in living standards in emerging markets including China and India is expected to remain a key factor for the industry. Furthermore, increasing importance of energy saving appliances such as induction cooktop and electric rice cooker in order to trim the household spending is expected to be one of the crucial factors that will drive the market over the next few years.
Shifting focus of leading players on innovation in order to have a competitive advantage in the industry has led to the introduction of connected cooking appliances. Over the past few years, the connected cooking has gained popularity as it involves the inter-connection of rice cooker through the utilization of Internet of Things (IoT), facilitating minimal intervention by remote control.
Change in buyers preferences have paved the way for kitchen appliance manufacturing firms to experiment with product designs. These products allow the cooking appliance manufacturers to expand their portfolios and more effectively cater to rising requirements of customers. Product expansion strategy allows them to acquire a larger customer base and expand their industry reach. Moreover, the manufacturing firms are focusing on offering multi- functionality attributes associated with electric rice cooker in different capacities from small to extra-large in order to suit household and commercial applications. For instance, Tayama rice cooker comes with a removable interior, which makes washing and storing easy.
Application Insights of Electric Rice Cooker Market
The household segment held leading market share in 2018. Shifting consumer inclination towards convenient and energy efficient cooking appliances is projected to be a key factor for market growth in the household segment. Additionally, the increase in number of nuclear families in developing countries including India and China is expected to remain a favorable factor for the segment in the upcoming years.
Market participants such as Toshiba Corporation, Zojirushi America Corporation, Aroma, Cuckoo, and Hamilton have introduced electric cookers with innovative design and features such as anti-rust proof, anti-finger mark, and anti-scratch coat. Additionally, these products are available in compact size and occupies less space, which offer easy handling and storage. Launch of technological advanced products with improved aesthetics is expected to fuel the demand for residential electric rice cooker in next seven years. For instance, TFAIRs HTF-3005 1.3L multipurpose rice cooker acts as a portable cooker which can be used in kitchen and can be carried to office as a tiffin box.
The commercial application segment is expected to witness a CAGR of 7.6% from 2019 to 2025. Introduction of larger automatic rice cookers with 3D heating mode facility is one of the prominent factors driving the electric rice cooker market in this segment. The 3D heating mode ensure uniform heating and better cooking. These electric cookers are projected to gain importance in commercial spaces such as hotels and restaurants as they require minimal monitoring and maintenance. Additionally, the government regulations against the usage of gas connection in highly populated commercial areas will support the growth of electric rice cooker demand for commercial usage.
Distribution Channel Insights
Offline distribution channel generated a revenue of around 70% of global market share in 2018. Most of the people still prefer buying these electric products from physical stores over e-commerce. According to authentic sources, more than 50% Americans prefer buying products in stores. Additionally, rising number of retail stores, especially in emerging markets like India, China, and Brazil, is expected to expand the visibility of these electrical appliances through offline channels.
The market revenue from online channel is expected to grow at a fastest rate, with a CAGR of 7.9% from 2019 to 2025. Availability of free home-delivery service by major brands is the foremost reason for opting online channel. Moreover, increasing popularity of online retailers such as Amazon, Flipkart, and eBay, along with rising usage of smartphones and other similar devices is expected to propel sales of these appliances through online channels.
Standard electric cooker accounted for the largest market share of more than 60% in 2018. This dominance is attributed to the fact that standard rice cooker offers easy handling and low maintenance at affordable price. Moreover, introduction of innovative products with improved designs and features including microwave and dishwasher safe properties, steaming basket, and warm setting are expected to increase the demand for standard electric rice cooker variants.
The multifunctional segment is anticipated to exhibit a CAGR of 8.3% from 2019 to 2025. A typical multifunctional rice cooker finds its utility in various functions including boiling, baking, stewing, and steaming. Easy to use LCD display coupled with availability of innovative features such as built-in count down timers, programmable setting, detachable power cord for convenient portability, and removable interiors for better washing and storage of food, are the key factors driving the market for electric rice cooker. Established players are focusing on R&D to incorporate more functionalities in order to make it more convenient for consumers. For instance, Instant Pot introduced DUO60 7-in-1 6 Quart cooker which act as a pressure cooker, slow cooker, rice cooker, steamer, yogurt maker, and a warmer.
Regional Insights of Electric Rice Cooker Market
Asia Pacific held the largest share of more than 58% in 2018. Rice being the staple food in most of the countries such as China, India, Indonesia, and Japan, is an important parameter for the growth of the market for electric rice cooker in this region. Additionally, increasing working population in countries such as China and India along with their aspiration to buy premium products is expected to expand the scope of the market over the forecast period.
Europe is expected to witness a CAGR of 7.9% from 2019 to 2025. One of the main attributes for the market growth is the presence of well-established cooking appliances brands in Europe. Additionally, the rising awareness towards the utility of cooking appliances with low emission is expected to increase the demand of electric rice cooker in this region.
Market Share Insights of Electric Rice Cooker Market
Key market participants include Panasonic; Toshiba Corporation; Zojirushi America Corporation; Cusinart; Bajaj Electricals; Philips; Tiger Corporation; Cusinart; Sunbeam Products Inc.; and Aroma Housewares Company. Over the past few years, competitors are investing in product innovation in order to gain a competitive advantage. For instance, in 2017, Hi-Tech launched multi programmable mini cooker with delay timer setting, which allows users to delay the stating time of the cooker in order to cook later. This product is designed for various occasions such as travel, office, baby food, picnic, and regular cooking.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Electric Rice Cooker Market Research 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, this market research report has segmented the global electric rice cooker market report based on product, application, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
Distribution Channel Outlook (Revenue, USD Million, 2019 – 2030)
Quick Read Table of Contents of this Report @ Electric Rice Cooker Market Size & Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)
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