Global Rice Cooker Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Growing Popularity of Rice-based Dishes Such as Jambalaya, Sushi, Biryani, Fried Rice and Others Across Countries

The Global Rice Cooker Market is estimated to be USD 4.88 Bn in 2023 and is expected to reach USD 6.54 Bn by 2028 growing at a CAGR of 6.01%.

A rice cooker is a kitchen appliance designed for efficient and convenient rice cooking. It typically consists of a heat source, a cooking bowl, and a thermostat that automatically controls the temperature and cooking time. The rice cooker simplifies the process by allowing users to add rice and water, set the desired cooking mode, and wait for the cooker to cook the rice automatically.

The increasing participation of females in the paid workforce drives the demand for the Global Rice Cooker Market. As more women are engaged in professional careers, there is a higher need for time-saving and convenient kitchen appliances like rice cookers that simplify cooking and help manage household tasks efficiently.

However, the limited functionality is a restraint for the Global Rice Cooker Market. Rice cookers are typically designed to cook white or brown rice, and while some models may offer additional functions such as steaming or keeping rice warm, they generally don't offer much else. This concerns consumers looking for an appliance that performs various functions or prefers a more versatile device. Additionally, rice cookers' limited functionality may deter consumers looking for a more technologically advanced or feature-rich appliance.

Further, electric rice cookers have evolved to offer advanced features and functionalities, providing additional consumer benefits. These include programmable timers, multiple cooking modes, keep-warm functions, and sensors for precise temperature control. Manufacturers can leverage these enhancements to attract customers seeking convenience, versatility, and improved cooking experiences.

• While rice cookers are generally durable and long-lasting, they are not immune to wear and tear. Manufacturers face the challenge of ensuring product longevity and maintaining customer loyalty in a Global Rice Cooker Market where appliances eventually require replacement. Thus, it hinders the growth of the Global Rice Cooker Market.

Market Segmentations

• The Global Rice Cooker Market is segmented based on Type, Size, Applications, Distribution Channel, and Geography.
• By Type, the Global Rice Cooker Market is classified into Standard, Multifunctionality, and Induction. The standard rice cooker is the largest shareholder in the Global Rice Cooker Market as it is more affordable, easy to handle, and low maintenance cost.
• By Size, the Global Rice Cooker Market is classified into 1-2 Litres, 2-5 Litres, and 5-8 Litres. 2-5 liter has significant growth in the Global Rice Cooker Market. This is because the product is considered an ideal size for most households. Likewise, the 1-2 liter is commonly used by single-person households, whereas 5 -8 liter is primarily operated in the commercial.
• By Applications, the Global Rice Cooker Market is classified into Household and Commercial. The household segment has the largest Global Rice Cooker Market market share. This is due to the rising growth of nuclear families across the globe; also, the rising urbanization propels higher demand for the product as more people have less time to cook in urban areas.
• By Distribution Channel, the Global Rice Cooker Market is classified into Online and Offline. Offline distribution is anticipated to be a large distribution channel due to the availability of a wide range of products, an increasing number of retail stores, the ability to touch and feel physical products, and others.
• By Geography, the Global Rice Cooker Market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific. Asia-Pacific holds the largest market share for the Global Rice Cooker Market. In this region, the massive consumption of rice by people has a significant contribution in helping to generate traction. In addition, the major rice cooker brands such as Prestige, Bajaj, Hawkins & Co., etc., are targeting low to high-income earning consumers, which has helped to boost the demand.

Recent Development

• COSORI launched its First-Ever Rice Cooker. - February 2023
• Panasonic launched 1st fully automated rice cooker.- November 2023

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Panasonic Corp., Sunbeam Product Inc., Tiger Corp., Toshiba Corp., etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Rice Cooker Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development, and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Rice Cooker Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Rice Cooker Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market