According to a new report published by Allied Market Research, titled ” electric rice cooker market By End-User and Distribution Channel: Global Opportunities Analysis and Industry Forecast, 2019-2026”, the report provides a detailed analysis of major investment pockets, winning strategies, drivers and opportunities, market size and estimates, competitive landscape and market trends. tendencies.
The global electric rice cooker market size was valued at USD 3.2 Billion in 2018 and is projected to reach USD 5.5 Billion by 2026, growing at a CAGR of 6.8% during the forecast period. . The market is expected to present an incremental revenue opportunity of $2.3 billion from 2018 to 2026.
The electric rice cooker allows the consumer to cook rice efficiently and conveniently. Along with rice, it is also used for cooking cereals like oatmeal and lentils. Rice cooked using an electric rice cooker is even and non-sticky, which gives better visual appeal and mouthfeel. Automatic rice cookers are the most purchased compared to the non-automatic variant of the electric rice cooker, as they require less manual intervention and avoid overcooking or undercooking as they stop when the rice is cooked.
The busy lifestyle and increasing participation of women in the workforce has resulted in their shift towards efficient and less time-consuming kitchen appliances and the convenience offered by the electric rice cooker.
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Cooking gas prices have risen dramatically in the past, leading customers to turn to alternatives that are cost-effective, convenient and efficient. Electric rice cooker is a cost-effective, convenient and efficient alternative to gas rice cookers, due to which the demand for electric rice cooker is expected to increase in the near future.
The electric rice cooker market is segmented on the basis of end-user, distribution channel, and region. On the basis of end-user, the electric rice cooker market is classified into household and commercial. The electric rice cooker has been most widely used in home applications due to the busy lifestyle of consumers and the efficient operations of the rice cooker allow consumers to cook rice and specialty rice products without too 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 is the fastest growing segment during the forecast period.
Based on distribution channel, it is categorized into supermarket/hypermarket, specialty stores, e-commerce and others. The supermarket/hypermarket segment has dominated the electric rice cooker market in terms of distribution channel and is expected 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.
On the basis of region, the Electric Rice Cookers industry is analyzed in North America (US, 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 (Middle East, Latin America and Africa). Asia-Pacific dominated the global electric rice cooker market. This can be attributed to the expanding retail sector and increasing consumer disposable income in countries like India, China, Southeast Asian countries, among others. Rice is a staple food in the majority of countries in the Asia-Pacific region, which further contributes to the growth of the electric rice cooker market in the region.
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Key Players profiled in this report are AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd, Bajaj Electricals Limited, Koninklijke Philips NV, Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., and Newell Brands (Oster).
Main results of the study:
• By end user, the commercial segment is estimated to be the fastest growing, 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 approximately half of the global electric rice cooker market share.
• In 2018, China was the largest market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to offer business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas.
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