Electric Rice Cooker Market Size, Share & Trends Report

Electric Rice Cooker Market Size, Share & Trends Analysis Report By Product (Standard, Multifunctional, Induction), By Application (Household, Commercial), By Distribution Channel, By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Jan, 2020
  • Base Year for Estimate: 2018
  • Report ID: GVR-4-68038-168-9
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 80

Report Overview

The global electric rice cooker market size was valued at USD 685.2 million in 2018. Shifting consumer inclination towards energy-efficient cooking appliances such as electric rice cooker is expected to be a key driving factor for the growth of the market over the forecast period. For instance, according to the Journal of Food Engineering, electric rice cookers are considered to be the most energy-efficient cooking appliance, which consumes 23% to 57% less energy as compared to other conventional cooking appliances.

U.S. electric rice cooker market size

New launches of innovative products are expected to increase product visibility among consumers over the next few years. For instance, in March 2016, Xiaomi introduced a Wi-Fi induction rice cooker under its brand MIJIA. This Xiaomi Induction Heating Pressure Rice Cooker allows the users to change the softness of their rice through the MIJIA app, which offers 2000+ different heating methods as compared to traditional appliances.

An increase in the number of nuclear families along with the improvement in living standards in emerging markets including China and India is expected to remain a key factor for the industry. Furthermore, the increasing importance of energy-saving appliances such as induction cooktop and electric rice cooker in order to trim the household spending is expected to be one of the crucial factors that will drive the market over the next few years.

The shifting focus of leading players on innovation in order to have a competitive advantage in the industry has led to the introduction of connected cooking appliances. Over the past few years, connected cooking has gained popularity as it involves the interconnection of rice cookers through the utilization of the Internet of Things (IoT), facilitating minimal intervention by remote control.

Changes in buyers’ preferences have paved the way for kitchen appliance manufacturing firms to experiment with product designs. These products allow the cooking appliance manufacturers to expand their portfolios and more effectively cater to the rising requirements of customers. Product expansion strategy allows them to acquire a larger customer base and expand its industry reach. Moreover, the manufacturing firms are focusing on offering multi-functionality attributes associated with an electric rice cooker in different capacities from small to extra-large in order to suit household and commercial applications. For instance, the Tayama rice cooker comes with a removable interior, which makes washing and storing easy.

Application Insights

The household segment held a leading market share in 2018. Shifting consumer inclination towards convenient and energy-efficient cooking appliances is projected to be a key factor for market growth in the household segment. Additionally, an increase in the number of nuclear families in developing countries including India and China is expected to remain a favorable factor for the segment in the upcoming years.

Market participants such as Toshiba Corporation, Zojirushi America Corporation, Aroma, Cuckoo, and Hamilton have introduced electric cookers with innovative design and features such as anti-rust proof, anti-finger mark, and anti-scratch coat. Additionally, these products are available in a compact size and occupy less space, which offers easy handling and storage. The launch of technologically advanced products with improved aesthetics is expected to fuel the demand for residential electric rice cookers in the next seven years. For instance, TFAIR’s HTF-3005 1.3L multipurpose rice cooker acts as a portable cooker which can be used in the kitchen and can be carried to the office as a tiffin box.

The commercial application segment is expected to witness a CAGR of 7.6% from 2019 to 2025. The introduction of larger automatic rice cookers with a 3D heating mode facility is one of the prominent factors driving the electric rice cooker market in this segment. The 3D heating mode ensures uniform heating and better cooking. These electric cookers are projected to gain importance in commercial spaces such as hotels and restaurants as they require minimal monitoring and maintenance. Additionally, the government regulations against the usage of gas connections in highly populated commercial areas will support the growth of electric rice cooker demand for commercial usage.

Distribution Channel Insights

Offline distribution channel generated a revenue of around 70% of the global market share in 2018. Most of the people still prefer buying these electric products from physical stores over e-commerce. According to authentic sources, more than 50% of Americans prefer buying products in stores. Additionally, a rising number of retail stores, especially in emerging markets like India, China, and Brazil, is expected to expand the visibility of these electrical appliances through offline channels.

The market revenue from the online channel is expected to grow at the fastest rate, with a CAGR of 7.9% from 2019 to 2025. The availability of free home-delivery service by major brands is the foremost reason for opting online channel. Moreover, the increasing popularity of online retailers such as Amazon, Flipkart, and eBay, along with the rising usage of smartphones and other similar devices is expected to propel sales of these appliances through online channels.

Products Insights

Standard electric cooker accounted for the largest market share of more than 60% in 2018. This dominance is attributed to the fact that standard rice cooker offers easy handling and low maintenance at an affordable price. Moreover, the introduction of innovative products with improved designs and features including microwave and dishwasher safe properties, steaming basket, and warm settings are expected to increase the demand for standard electric rice cooker variants.

Global electric rice cooker market share

The multifunctional segment is anticipated to exhibit a CAGR of 8.3% from 2019 to 2025. A typical multifunctional rice cooker finds its utility in various functions including boiling, baking, stewing, and steaming. Easy to use LCD displays coupled with the availability of innovative features such as built-in count down timers, programmable setting, detachable power cord for convenient portability, and removable interiors for better washing and storage of food, are the key factors driving the market for electric rice cookers. Established players are focusing on R&D to incorporate more functionalities in order to make it more convenient for consumers. For instance, Instant Pot introduced DUO60 7-in-1 6 Quart cooker which acts as a pressure cooker, slow cooker, rice cooker, steamer, yogurt maker, and a warmer.

Regional Insights

The Asia Pacific held the largest share of more than 58% in 2018. Rice, being the staple food in most of the countries such as China, India, Indonesia, and Japan, is an important parameter for the growth of the market for electric rice cooker in this region. Additionally, an increasing number of the working population in countries such as China and India along with their aspiration to buy premium products is expected to expand the scope of the market over the forecast period.

Europe is expected to witness a CAGR of 7.9% from 2019 to 2025. One of the main attributes of the market growth is the presence of well-established cooking appliances brands in Europe. Additionally, the rising awareness towards the utility of cooking appliances with low emission is expected to increase the demand for electric rice cookers in this region.

Electric Rice Cooker Market Share Insights

Key market participants include Panasonic; Toshiba Corporation; Zojirushi America Corporation; Cuisinart; Bajaj Electricals; Philips; Tiger Corporation; Cuisinart; Sunbeam Products Inc.; and Aroma Housewares Company. Over the past few years, competitors are investing in product innovation in order to gain a competitive advantage. For instance, in 2017, Hi-Tech launched a multi-programmable mini cooker with a delay timer setting, which allows users to delay the starting time of the cooker in order to cook later. This product is designed for various occasions such as travel, office, baby food, picnic, and regular cooking.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

The U.S., France, The U.K., Belgium, China, India, Brazil

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global electric rice cooker market report based on the product, application, distribution channel, and region:

  • Product Outlook (Revenue, USD Million, 2015 - 2025)

    • Standard

    • Multifunctional

    • Induction

    • Others

  • Application Outlook (Revenue, USD Million, 2015 - 2025)

    • Household

    • Commercial

  • Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

    • Offline

    • Online

  • Regional Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      • The U.S.

    • Europe

      • France

      • The U.K.

      • Belgium

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

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