Electric Rice Cooker Market Size To Reach $4.60 Billion By 2030

December 2024 | Report Format: Electronic (PDF)

Electric Rice Cooker Market Growth & Trends

The global electric rice cooker market size is anticipated to reach USD 4.60 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 17.9% from 2024 to 2030. Introduction of a smart cooker with Wi-Fi connectivity and easy to read touch panel is expected to be a key factor for promoting the market for electric rice cooker over the forecast period. Additionally, the increasing number of nuclear families on a global level is expected to play a crucial role in product promotion. Moreover, increasing product visibility through the establishment of new electronic hypermarkets in developing countries such as Brazil, China, and India is expected to remain a key driving factor over the forecast period.

The household segment held a leading market share in 2018 owing to shifting consumer inclination towards energy-efficient cooking appliances including connected rice cookers. The growing middle-class population coupled with rising disposable income in countries such as India and China is expected to fuel demand for convenient appliances such as electric rice cookers in the upcoming years. Moreover, increasing interest in high-end products including cooking appliances, which can connect with Wi-Fi, Smart Home, and virtual assistance are expected to have a positive impact on the market. However, the commercial segment is anticipated to expand at the fastest CAGR of 7.6% from 2019 to 2025. The introduction of innovative products with improved design and larger cooking capacity is the key factor fueling the adoption of these cookers in the commercial segment.

The offline segment held the largest market share close to 70% in 2018. The increased number of retail stores, especially in emerging economies such as India, China, and Brazil, is expected to boost product sales through offline stores. In addition, the strong presence of major international companies in emerging markets including China and India through newly established strategic business units is expected to promote segment growth. For instance, in February 2018, Xiaomi inaugurated its first Mi Home Experience Store in India for showcasing the company’s products including Xiaomi luggage and an electric smart rice cooker.

North America accounted for a revenue share of more than 10% of the global revenue in 2018. The strong foothold of advanced household appliance brands in the U.S. is likely to remain a key driving factor for the industry. Furthermore, the U.S. is expected to witness significant gains in terms of the rising importance of connected appliances on a domestic level.

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Electric Rice Cooker Market Report Highlights

The standard electric rice cooker segment dominated the market with a share of 68.2% in 2023. This cooker focuses on simplicity and affordability, which attracts a large consumer base.
The multifunctional segment is expected to grow with the fastest CAGR of 18.4% during the forecast period.
The household segment dominated the market in 2023. Growing consumer demand for energy-efficient and convenient cooking appliances in the household is expected to drive market growth.
The offline distribution channel is projected to grow at the fastest CAGR over the forecast period.
The small volume segment dominated the market in 2023. The growing demand for portable and convenient rice cookers among consumers is expected to drive the segment’s growth.
Asia Pacific electric rice cooker market dominated the market with a share of 60.5% in 2023. Rice is the most fundamental part of the diet in many Asian countries such as Japan, China, India, and South Korea.

Electric Rice Cooker Market Segmentation

Grand View Research has segmented the global electric rice cooker market report based on product, application, distribution channel, capacity, and region:

Electric Rice Cooker Product Outlook (Revenue, USD Million, 2018 - 2030)