Rice Cooker Market to Hit $5.5 Billion; CAGR Growth From 2019 to 2026 at 6.8%
According to a new study released by Allied Market Research, titled “Electric Rice Cooker Market by End User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019–2026”, the worldwide electric rice cooker market is expected to reach $5.5 billion by 2026, with a compound annual growth rate (CAGR) of 6.8% during that period.
It was worth $3.2 billion back in 2018 and is anticipated to generate an additional $2.3 billion revenue up to 2026.
Demand for Rice Cookers
Rice cookers appeal to busy customers because it allows them to lessen the time spent preparing food. Due to the fast-paced lifestyles of consumers, electric rice cookers have been the most frequently used in home applications.
The efficient operations of rice cookers allow consumers to cook rice and rice specialty items with minimal manual involvement. Aside from rice, this kitchen appliance is can also be used to cook cereals like oatmeal, lentils, and quinoa. Rice cooked in an electric rice cooker is consistent and non-sticky, resulting in a more appealing appearance and texture.
Automatic rice cookers are more popular than non-automatic rice cookers since they need fewer manual interventions. They prevent overcooking or undercooking because their mechanism allows them to stop cooking when rice is done.
In addition to busy schedules, cooking gas costs have been steadily rising in recent years, prompting customers to seek out more cost-effective, convenient, and efficient options.
Because electric rice cookers are a cheaper, convenient, and efficient alternative to gas-powered rice cookers, the demand for them is expected to steadily rise over time.
The Rice Cooker Market
The market for electric rice cookers is segmented into three categories: end-user, distribution channel, and region. Based on the end-user segment, the electric rice cooker market is divided into two types, which are household and commercial.
The household category was worth $2.6 billion in 2018, and it is anticipated to increase at a CAGR of 6.7 percent from 2019 to 2026, reaching $4.3 billion. However, the commercial segment is anticipated to develop at a faster rate with a CAGR of 7.3 percent during the projected period.
Based on the distribution channel, the market is divided into supermarket/hypermarket, specialty shops, e-commerce, and others.
The supermarket/hypermarket segment dominated the electric rice cooker market and is expected to expand at a CAGR of 6.1 percent over the projected period. The supermarket/hypermarket category accounted for roughly half of the worldwide electric rice cooker market share in 2018, and by 2026, the market is anticipated to be worth $2.4 billion.
During the electric rice cooker market projection, the e-commerce sector is anticipated to expand at the highest rate.
The e-commerce distribution channel segment of the electric rice cooker market is expected to be driven by a growing number of customers seeking a convenient lifestyle and the rising use of smartphones.
The key market players profiled in the report included Newell Brands (Oster), AB Electrolux, Breville Group, Panasonic Corporation, Koninklijke, Philips N.V, Group SEB, TTK Prestige Ltd, Bajaj, Electricals Limited, Wonderchef Home Appliances Pvt. Ltd, and Ali Group Srl.
The electric rice cooker industry is divided into four regions and is analyzed throughout:
- North America area, which includes the United States, Canada, and Mexico
- Europe, which includes Germany, France, the United Kingdom, Italy, Spain.
- Asia-Pacific, in particular China, Japan, Australia, South Korea.
- LAMEA, which stands for Latin America, Middle East, and Africa.
The Asia-Pacific region, in particular, dominated the worldwide electric rice cooker market. This may be linked to the growth of the retail business and an increase in consumer disposable income in nations such as India, China, and Southeast Asia, among others.
China was the most prominent market in the Asia-Pacific region in 2018, and it is projected to continue to expand at a substantial CAGR during the forecast period.
