According to a new report published by Prudent Markets, titled, “Electric rice cookerMarket by End User andDistribution Channel: Global Opportunity Analysis and Industry Forecast, 2018–2026,”

The global electric rice cooker market size was valued at $3.2billion in 2018 and is anticipated to reach $5.5billion by 2026, with a CAGR of 6.8% during the forecast period. The marketis expected to exhibit an incremental revenue opportunity of $2.3billion 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 cookermarket 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 towardsefficient and less time-consuming kitchen appliancesalong 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. 



According to Roshan Deshmukh, Assistant Manager, Consumer Goods at Prudent Markets, “With advancement of the technologies, the manufacturers are estimated to invest more in offering smart or connected consumer electronic products such as electric rice cooker in the near future, and this is projected to contribute to the growth of the electric rice cooker market.”



 

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 cookerhas 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 $2.6billion in 2018 and is expected to grow with a CAGR of 6.7% from 2019 to 2026, to reach $4.3billion by 2026. The commercial segment is estimated to be the faster growing segment during the forecast period.

On the basis ofdistribution channel, it is categorized into supermarket/hypermarket, specialtystores, e commerce, and others. The supermarket/hypermarket segment led the electric rice cooker market in terms of distribution channeland is estimated to grow at a CAGR of 6.1% during the forecast period. The segment is expected to reach $2.4billion by 2026. The E commerce segment is expectedto be the fastest growing segmentduring the electric rice cooker market forecast.Growing number of consumers seeking convenientlifestyle and rising penetration of smartphonesamong the consumers is projected to drive thee commerce distribution channel segment in the electric rice cookermarket.

On the basis of region, electric rice cooker industryis 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 consumersin 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

• Byend user, the commercialsegment 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 cookermarket 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).

Research Link: https://www.prudentmarkets.com/report/electric-rice-cooker-market/518/