The Asia-Pacific electric rice cooker market size was valued at $1,499.5 million in 2020, and is estimated to reach $4,310.7 million by 2031, registering a CAGR of 9.8% from 2022 to 2031.
Asia-Pacific is the major producer and consumer of rice and rice products all across the world. According to the report published by the Indian Journal of Economics and Business 2021, Asia-Pacific consumed approx. 110 million tons of rice in 2018-2019 and is projected to reach 125 million tons at the end of 2025. Electric rice cooker is majorly used by consumers who prefer rice as a part of their staple food in Asia-Pacific. It significantly reduces the cooking time and requires less manual interventions compared to conventional gas based rice cookers. Automatic electric rice cooker is mostly preferred among the consumers in Asia-Pacific owing to ease of cooking. Such type of rice cookers come with inbuilt programming which enables cooker to cook the rice or rice products with least manual intervention. Consumers in the region have been using the electric rice cooker for preparing various rice and rice specialties along with other food products such as grains and lentils.
In the past few years, lifestyle of populace has changed steadily in the past two decades with tremendous increase in the number of working women. This increase is specially witnessed in India and China. This has led to increase in household income, and improvement in the living standards. Since both the family members (husband & wife) are busy with office work, they get less time to complete household chores. This has necessitated the use of various equipment to carry out daily household chores. This, in turn, boosts the growth of the Asia-Pacific electric rice cooker market as women prefer using it for cooking rice.
Manufacturers in the Asia-Pacific electric rice cooker market are continuously developing products with enhanced functionality and features to remain competitive in the market. Despite developing products with higher added value, the prices for the products have collapsed and thus, remained stagnant at a low level for several years. The decrease in price was due to the pressure of competition from countries with low manufacturing costs. Manufacturers are also facing pressure related to margins owing to fierce competition in the market. This decrease in price is forcing companies to develop innovative products and encouraging customers to purchase the products, which in turn drives the Asia-Pacific electric rice cooker market growth. Reduction in the prices of household appliances has a positive impact on the growth of the electric rice cooker market for the household sector and is expected to grow during the Asia-Pacific electric rice cooker market forecast period.
High price and increased popularity of electric rice cooker leads to the advent of counterfeit products. Counterfeit brands are prevalent in developing economies where customers are highly price sensitive. Counterfeiting and its consequences on businesses and consumer perception have resulted in direct and indirect revenue loss as well as job loss. Thus, availability of counterfeit products in the Asia-Pacific electric rice cooker market hampers the brand as well as product image, which is expected to restrain the growth of the Asia-Pacific electric rice cooker market. Asia-Pacific electric rice cooker market opportunity comprises of increased focus on branding through social medias and building robust distribution channels in underdeveloped areas.
Segment Review
The Asia-Pacific electric rice cooker industry is segmented on the basis of product, distribution channel, and region. By product, it is categorized into standard, multifunction, and induction. By distribution channel, it is divided into supermarket/hypermarket, convenience stores, e commerce, and others. Country wise, it is analyzed across China, Japan, India, South Korea, Australia, and rest of Asia-Pacific.
By product, the Asia-Pacific electric rice cooker market, is categorized into standard, multifunctional, and induction. The standard segment accounted for the largest Asia-Pacific electric rice cooker market share, with around 55% of the total revenue owing to the ease of use and higher availability in the market.
Depending on distribution channel, the Asia-Pacific electric rice cooker market, is segregated into supermarket and hypermarket, specialty stores, e-commerce, and others. The supermarket and hypermarket segment accounted for the largest market share, with around 52% of the total revenue, owing to the increasing consumer preferences for one-stop shopping experience and convenience.
By Product
Multifunctional would exhibit the highest CAGR of 10.5% during 2022-2031, owing to its offerings of multi-purpose cooking properties and convenience factors to the user.
The Asia-Pacific electric rice cooker market demand is analyzed across China, Japan, India, South Korea, Australia, and rest of Asia-Pacific. China is the market leader in the Asia-Pacific electric rice cooker market. India is the fastest-growing market, due to increase in disposable income and developments in e-commerce platform. Rise in industrialization has increased the disposable income and has increased spending capability of consumers. Surge in trend of smart cooking appliances including electric rice cooker has forced the companies to offer advanced products at affordable price to penetrate deeper into the market.
By Distribution Channel
E-commerce would exhibit the highest CAGR of 11.3% during 2022-2031, owing to the adoption of online shopping trends among the consumers in Asia-Pacific.
The key players profiled in this report include AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd, Bajaj Electricals Limited, Koninklijke Philips N.V., Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., and Newell Brands (Oster).
By Country
China would exhibit the highest CAGR of 9.4% during 2022-2031, due to emergence of several modern trades and increasing innovations in the categort in the country.
Key Benefits for Stakeholders
- This report presents a quantitative analysis of the current Asia-Pacific electric rice cooker market trends, estimations, and dynamics of the global Asia-Pacific electric rice cooker market from 2020 to 2031 to identify the prevailing market opportunities.
- Key countries in the region are mapped on the basis of their market share.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth Asia-Pacific electric rice cooker market analysis of the market segmentation assists in determining the prevailing market opportunities.
- Major countries in the region are mapped according to their revenue contribution to the global industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes analysis of regional market, key players, market segments, areas, and growth strategies.
Asia-Pacific Electric Rice Cooker Market Report Highlights
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Analyst Review
According to the opinions of top-level CXOs in the Asia-Pacific electric rice cooker market, rise in demand for innovative appliances and extensive usage of electric rice cooker for cooking rice and others are the major factors that drive its demand among Asian consumers. A huge demand for non-vintage electric rice cooker has been noted during the past years, which is expected to continue during the forecast period. Consumer attractiveness toward non-vintage electric rice cookers with its significant quality and reasonable pricing is among the main factors that drive the market growth. Manufacturers are focusing on investment in R&D to provide innovative electric rice cookers and to cater to the demand for smart electric rice cookers in the market.
The Asia-Pacific electric rice cooker market size was valued at $1,499.5 million in 2020, and is estimated to reach $4,310.7 million by 2031, registering a CAGR of 9.8% from 2022 to 2031.
The forecast period in the market report would be 2022-2031.
The market value of Asia-Pacific Electric Rice Cooker market in 2020 is $1,499.5 million.
The year 2021 is base year calculated in the Asia-Pacific Electric Rice Cooker market report.
Improvements in the standard of living of consumers, surge in number of nuclear families, and rise in demand for technologically advanced kitchen appliances are some of the key factors that boost the growth of the electric rice cooker market in Asia-Pacific.
The key players profiled in this report include AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd, Bajaj Electricals Limited, Koninklijke Philips N.V., Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., and Newell Brands (Oster).
Significant increase in the Asia-Pacific electric rice cooker market size in 2020 is estimated on the basis of the COVID-19 outbreak and its impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation. However, this pandemic spread is anticipated to affect for a short term.
China will dominate the market by the end of 2031.
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