According to a new report published by Allied Market Research, titled, The global electric rice cooker industry garnered $3.44 billion in 2019, and is estimated to reach $5.5 billion by 2026, growing at a CAGR of 6.8% from 2019 to 2026. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
Contribution by females in paid work force, increase in affordability of household appliances, and less time for household activity fuel the growth of the global electric rice cooker market. On the other hand, availability of counterfeit products impedes the growth to some extent. However, growth in e-commerce sales, and technological advancements are expected to create multiple opportunities in the near future.
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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 $2.6 billion in 2018 and is expected to grow with a CAGR of 6.7% from 2019 to 2026, to reach $4.3 billion by 2026. The commercial segment is estimated to be the faster growing segment during the forecast period.
Based on geography, the region across Asia-Pacific held the major share in 2019, garnering more than two-fifths of the global electric rice cooker market. The same province is also anticipated to register the fastest CAGR of 7.8% during the estimated period. This is due to increase in disposable income, and change in living standard of the people in this region. Moreover, growing demand for innovative cooking appliances is leading the market growth. Mention North America.
The Covid-19 pandemic has a vital impact on the growth of the global electric rice cooker market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global electric rice cooker market.
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Key Market Players Profiled In The Report:
1. AB Electrolux
2. Panasonic Corporation
3. Groupe SEB
4. Breville Group
5. TTK Prestige Ltd
6. Bajaj Electricals Limited
7. Koninklijke Philips N.V.
8. Ali Group Srl
9. Wonderchef Home Appliances Pvt. Ltd.
10. Newell Brands (Oster).
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.
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Source: Allied Market Research
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