Asia-Pacific Electric Rice Cooker Market Expected to Reach $4,310.7 Million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Asia-Pacific Electric Rice Cooker Market by Product and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2031,”

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 consumer of rice and rice products. In addition, consumers in India, China, Japan, and others are looking for innovative appliances to cook their staple food. Electric rice cooker enables consumer to cook rice in an efficient and convenient way. Along with rice, it can also be used for cooking oatmeal and lentils. The rice cooked using electric rice cooker is uniform and non-sticky which gives better visual appeal and mouthfeel. Automatic rice cooker is majorly preferred over non-automatic variant, as it requires least manual intervention and avoids over cooking or undercooking, as automatic variant stops automatically as and when the rice is cooked.

The Asia-Pacific electric rice cooker market growth is propelled by the surge in consumer inclination toward convenience-based products in the market. Busy lifestyle and rise in participation of women in the workforce in India since paste few years have resulted in their shift toward efficient and less time-consuming kitchen appliances, such as electric rice cooker. In addition, prices of cooking gas have been on a significant increase in the past, which has led customers to shift to effective alternatives in terms of cost, convenience and efficiency. Electric rice cooker is cost effective, convenient and efficient alternative to gas-based rice cookers, due to which the Asia-Pacific electric rice cooker market demand is likely to grow in the near future. The Asia-Pacific electric rice cooker market is segmented on the basis of product, distribution channel, and country.

By product, the Asia-Pacific electric rice cooker market is categorized into standard, multi-functional, and induction. Electric rice cooker is most widely used in household applications due to the busy lifestyle of the consumers and the efficient operations of rice cooker, which enables the consumers to cook rice and rice specialty products without much manual interventions. On the basis of distribution channel, it is categorized into supermarket/hypermarket, convenience stores, e commerce, and others. The supermarket/hypermarket segment led the Asia-Pacific electric rice cooker market in terms of distribution channel and is estimated to grow at a CAGR of 9.4% during the forecast period. The segment is expected to reach $2,069.6 million by 2030.

The e-commerce segment is likely to be the fastest growing segment during the forecast period. Rise in number of consumers seeking convenient lifestyle and increase in penetration of smartphones among the consumers in the region is anticipated to drive e-commerce distribution channel segment in the Asia-Pacific electric rice cooker market. On the basis of country, the market is analyzed across China, Japan, India, South Korea, Australia, and rest of Asia-Pacific. China led the market for electric rice cooker regionally. This can be attributed to the expansion of retail distribution channel and rise in disposable income among the consumers in the country. Rice is a staple food in majority of the countries in the Asia-Pacific region, which further contributes toward the growth of the electric rice cooker market in the region. 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).

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. 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.

Key Findings of the Study

• By product, the standard segment dominated the global market in 2020, and is expected to retain its dominance throughout the forecast period.
• By distribution channel, Supermarket and hypermarket segment accounted for highest share in the market growth in 2020, and is projected to grow at a CAGR of 9.4% from 2022 to 2031. 
• By country, China accounted for the highest Asia-Pacific electric rice cooker market share in 2020, and is expected to grow at a CAGR of 9.4%.