Consumer inclination toward buying the appliances or products that are comforting and fit for fast-paced life is a major trend in the developing economies. Moreover, rise in disposable incomes in emerging economies such as China, Brazil, and India, has led to increased spending on time-saving and effort-saving electric rice cooker products. Consumers are not willing to spend much time on preparation of food; hence, they opt for convenience over price. Due to ongoing redefinition of gender roles in developing economies, rise in number of working women in the industry, further supplements the demand for electric rice cooker. Furthermore, rising prices of cooking gas in the past have led consumers to focus on the electrical kitchen appliances than gas-based kitchen appliances.
Electric rice cooker has multiple advantages over gas-based rice cooker in terms of uniformity of cooking, efficiency, and convenience, which has been driving the market in the past. With advancement of the technologies, the manufacturers are projected to come up with smart electric rice cookers to have an edge over the competition owing to the growing demand for smart appliances in the market. This also offers opportunities for manufacturers to offer innovative products to gain higher market share in the future.
The electric rice cooker market is segmented on the basis of end user, distribution channel, and region. By end user, it is categorized into household and commercial. By distribution channel, it is divided into supermarket/hypermarket, specialty stores, e commerce, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).
The key players profiled in this report include AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd, Bajaj Electricals Limited, Koninklijke Philips N.V., Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., and Newell Brands (Oster).
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global electric rice cooker market, with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis of the current market and estimation for the same from 2018 to 2026 is provided to showcase the financial competency of the market.
- Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as, threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive landscape highlights the business practices followed by the leading market players across various regions.
KEY MARKET SEGMENTATION:
By End User
- Household
- Commercial
By Distribution channel
- Supermarket/Hypermarket
- Specialty stores
- E commerce
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
Executive Summary
According to the report titled 'Electric rice cooker Market by End User and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2018-2026,' the global electric rice cooker market size was valued at $3.2billion in 2018 and is anticipated to reach $5.5billion by 2026, with a CAGR of 6.8% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $2.3billion from 2018 to 2026. Electric rice cooker enables the consumer to cook rice in an efficient and convenient way. Along with rice, it is also used for cooking cereals like oatmeal and lentils. The rice cooked using electric rice cooker is uniform and non-sticky, which gives better visual appeal and mouthfeel. Automatic rice cookers are the most widely purchased over non-automatic variant of electric rice cooker, as it requires least manual interventions and avoids over cooking or undercooking as it stops when the rice is cooked.The electric rice cooker market growth is propelled by the growing consumer inclination towards convenience-based products in the market. Busy lifestyle and growing participation of women in the workforce have resulted in their shift towards efficient and less time-consuming kitchen appliances along with convenience which is offered by electric rice cooker. The prices of cooking gas have been growing significantly in the past, which has led customers to shift to effective alternatives in terms of cost, convenience, and efficiency. Electric rice cooker is cost effective, convenient, and efficient alternative to gas-based rice cookers, due to which the demand for electric rice cooker is projected to grow in the near future.
According to Roshan Deshmukh, Assistant Manager, Consumer Goods, “With advancement of the technologies, the manufacturers are estimated to invest more in offering smart or connected consumer electronic products such as electric rice cooker in the near future, and this is projected to contribute to the growth of the electric rice cooker market.”
The electric rice cooker market is segmented on the basis of end user, distribution channel, and region. Based on end user, the electric rice cooker market is categorized into household and commercial. Electric rice cooker has been most widely used in household applications due to the busy lifestyle of the consumers and the efficient operations of rice cooker enables the consumers to cook the rice and rice specialty products without much manual interventions. The household segment was valued at $2.6billion in 2018 and is expected to grow with a CAGR of 6.7% from 2019 to 2026, to reach $4.3billion by 2026. The commercial segment is estimated to be the faster growing segment during the forecast period.
On the basis of distribution channel, it is categorized into supermarket/hypermarket, specialty stores, e commerce, and others. The supermarket/hypermarket segment led the electric rice cooker market in terms of distribution channel and is estimated to grow at a CAGR of 6.1% during the forecast period. The segment is expected to reach $2.4billion by 2026. The E commerce segment is expected to be the fastest growing segment during the electric rice cooker market forecast. Growing number of consumers seeking convenient lifestyle and rising penetration of smartphones among the consumers is projected to drive thee commerce distribution channel segment in the electric rice cooker market.
On the basis of region, electric rice cooker industry is analyzed across North America (U.S., 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 (the Middle East, Latin America, and Africa). Asia-Pacific led the market for electric rice cooker globally. This can be attributed to the expansion of retail industry and rise in disposable income among the consumers in the countries including India, China, Southeast Asian countries, among others. Rice is a staple food in majority of the countries in Asia-Pacific region, which further contributes to the growth of the electric rice cooker market in the region.
Key findings of the study
- By end user, the commercial segment is estimated to witness the fastest growth, 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 around half of the global electric rice cooker market share.
- In 2018, China was the most prominent market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.
The key players profiled in this report include AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd, Bajaj Electricals Limited, Koninklijke Philips N.V., Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., and Newell Brands (Oster).
Companies Mentioned
- AB Electrolux
- Panasonic Corporation
- Groupe SEB
- Breville Group
- TTK Prestige Ltd
- Bajaj Electricals Limited
- Koninklijke Philips N.V.
- Ali Group Srl
- Wonderchef Home Appliances Pvt. Ltd.
- Newell Brands (Oster).
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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