According to a new report published by Allied Market Research, titled, " Electric Rice Cooker Market by End User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026,"
The global electric rice cooker market size was valued at $3.2 billion in 2018 and is anticipated to reach $5.5 billion by 2026, with a CAGR of 6.8% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $2.3 billion from 2018 to 2026. Electric rice cooker enables the consumer to cook rice in an efficient and convenient way. Along with rice, it is also used for cooking cereals like oatmeal and lentils. The rice cooked using electric rice cooker is uniform and non-sticky, which gives better visual appeal and mouthfeel. Automatic rice cookers are the most widely purchased over non-automatic variant of electric rice cooker, as it requires least manual interventions and avoids over cooking or undercooking as it stops when the rice is cooked.
The electric rice cooker market growth is propelled by the growing consumer inclination towards convenience-based products in the market. Busy lifestyle and growing participation of women in the workforce have resulted in their shift towards efficient and less time-consuming kitchen appliances along with convenience which is offered by electric rice cooker. The prices of cooking gas have been growing significantly 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 demand for electric rice cooker is projected to grow in the near future.
The electric rice cooker market is segmented on the basis of end user, distribution channel, and region. Based on end user, the electric rice cooker market is categorized into household and commercial. Electric rice cooker has been most widely used in household applications due to the busy lifestyle of the consumers and the efficient operations of rice cooker enables the consumers to cook the rice and rice specialty products without much manual interventions. The household segment was valued at $2.6 billion in 2018 and is expected to grow with a CAGR of 6.7% from 2019 to 2026, to reach $4.3 billion by 2026. The commercial segment is estimated to be the faster growing segment during the forecast period.
On the basis of distribution channel, it is categorized into supermarket/hypermarket, specialty stores, e commerce, and others. The supermarket/hypermarket segment led the electric rice cooker market in terms of distribution channel and is estimated to grow at a CAGR of 6.1% during the forecast period. The segment is expected to reach $2.4 billion by 2026. The E commerce segment is expected to be the fastest growing segment during the electric rice cooker market forecast. Growing number of consumers seeking convenient lifestyle and rising penetration of smartphones among the consumers is projected to drive the e commerce distribution channel segment in the electric rice cooker market.
On the basis of region, electric rice cooker industry is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa). Asia-Pacific led the market for electric rice cooker globally. This can be attributed to the expansion of retail industry and rise in disposable income among the consumers in the countries including India, China, Southeast Asian countries, among others. Rice is a staple food in majority of the countries in Asia-Pacific region, which further contributes to the growth of the electric rice cooker market in the region.
Key Findings of the Study:
By end user, the commercial segment is estimated to witness the fastest growth, registering a CAGR of 7.3% during the forecast period.
In 2018, by distribution channel, the supermarket/hypermarket segment held the highest share, accounting for around half of the global electric rice cooker market share.
In 2018, China was the most prominent market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
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).