Electric Rice Cooker Market to Witness Huge Growth by 2029 | Toshiba Corporation, Conair Corporation, TTK Prestige Ltd.

Posted on 2021-02-23 by Future Market Insights, Inc in Retail // 0 Comments

The global electric rice cooker market is set to rise at a healthy CAGR of 7 % through the forecast period (2019- 2029). The growth can be primarily attributed to a rising demand for energy efficiency and convenience in cooking devices, which has arisen with a rise in the standard of living, investments in multifunctional devices and innovations in connectivity, to influence developments in the near future.

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Further, the transition by manufacturers towards product innovation to maintain a competitive edge is a key factor in the development of connected electric rice cookers, facilitating functions and minimizing human error with remote controls. This trend is expected to continue with advances in Internet of Things (IoT) in the years to come.

Key Takeaways of Electric Rice Cooker Market Study

While standard electric rice cookers account for the largest segment in the market and grow by 1.8X, multifunctional and induction electric rice cooker variants are anticipated to grow at faster rates with CAGRs above 6%.
Offline retail outlets account for nearly three fourth of the electric rice cooker market share and are expected to display significant growth over the short-term forecast period. However, the online distribution channels for home entertainment devices is expected to display a substantially higher rate of growth of 2.1X.

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The Asia Pacific region dominates the market share accounting for nearly 60 % of the overall volume of electric rice cookers. The region also displays the fastest rate of growth owing to the role of rice as a staple food in the region, and consequently, East Asia will grow 2X during the forecast period.
Household applications will hold the leading market share owing to consumer preference for convenience and energy efficiency. However, the commercial applications segment will witness a higher CAGR over 7% owing to demand from restaurants and hotels.

“Increasing product visibility among consumers with a shifting preference towards energy-efficient cooking appliances has paved the way for the electric rice cooker market toward a profitable future.” says the Fact.MR analyst.

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Lifestyle Changes to Give Uptick to Consumer Demand

Around the world, nuclear families are becoming increasingly common, and influenced by expectations of better standards of living, the population of emerging economies such as India and China are expected to remain a key factor for the industry. The importance of energy saving appliances will also support gains made by the industry.

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