The global electric rice cooker market is projected to grow at a CAGR of 7.24% from a market size of USD4,392.573 million in 2019 to achieve a market size of USD6,681.283 million by 2025. The increasing shift of consumers to the adoption of energy-efficient cooking appliances is driving the market demand in the forecast period. The growing consumer electronics industry is further propagating the market demand in the forecast period. New product launches offering different types of electric cookers by the companies at the international level are propelling the market growth in the forecast period. The evolving living conditions of individuals globally is promoting the sales of smart kitchen appliances which include smart electric rice cooker, further burgeoning the market demand in the forecast period. The growing adoption of energy-saving appliances is contributing to trimming household spending, further augmenting the market demand in the forecast period. The growing innovations in the electric rice cooker industry have led to the emergence of connected cooking appliances, such as Xiaomi WiFi-connected cooker, providing an opportunity for the market to grow in the forecast period. Also, the emergence of IoT technologies for cooking appliances is further providing an impetus in fueling the market growth where a smart kitchen appliance can be controlled through remote control, just like any other smart home gadget.
Geographically, the APAC region is projected to hold a significant market share with high consumption of rice in countries like China, India, and Japan. Additionally, with the adoption of modern living conditions, people, especially in the developing economies are shifting from a traditional way of cooking rice to adopting smart kitchen appliances for rice cooking.
On the other hand, the North American and European regions are experiencing favourable growth prospects due to the early technology adopters, additionally, a robust foothold of smart kitchen appliances in these regions are propelling the market growth in the forecast period.
However, as per the ongoing global COVID-19 pandemic scenario, the manufacturing units are shut down due to lockdown measures and work-from-home initiatives. Hence, in 2020, a decline in production rate is predicted, further leading to the downfall of the global electric rice cooker market in the current year. Furthermore, in countries like India, from the APAC region, development of community kitchens for providing food to daily wage labourers and other poor people are fueling the market demand for electric cookers for large scale rice cooking, providing an opportunity for the market to remain steady even in the time of current COVID-19 crisis.
Changing buyers’ preference for purchasing kitchen appliances is contributing to propel the market growth in the forecast period.
The evolving buyer preferences with the evolving living conditions are paving way for the manufacturing companies to strengthen their R&D activities and experiment with different designs of rice cookers. For example, with the changing family sizes along with the busy lifestyle, consumers look for cookers with multifunction characteristics, further promoting the product innovations with an enhanced product portfolio in order to reach a wide range of customers worldwide. This product expansion strategy is being followed by many manufacturers in the global rice cooker market for expanding its product outreach and gathering a large consumer base. Also, companies are focusing on manufacturing rice cookers of different capacities ranging from small to medium to large and extra-large capacity for fitting-in various household and commercial applications.
The presence of companies offering innovative automatic rice cookers saving a huge amount of electricity is fueling the market growth in the forecast period.
Panasonic offers a range of automatic cookers with power-saving features. These include SR-3NA baby cooker, SR-G06S baby cooker with steamer, SR-3NA (T) travel cooker, SR-G06 bachelor cooker, SR-WA22FHS (UC) ultimate cooker, SR-W18 GH (CMB), SR-WA 10, SR-WA 10 (GE9), SR-WA 18 (GE9), SR-WA 22 (GE9), SR-WA 10H (E), SR-WA 18H (E), and many more. For countries where rice is not the staple food, multifunctional cookers are manufactured, also, with time, as consumers cooking needs grew, electric cooker improved with constant innovations, cookers having multifunctional attributes providing convenience to the customers in order to keep pace with the busy lifestyle and without compromising with the cooking quality were manufactured on a large scale. Additional features such as steaming vegetables assist in reducing the extra burden of cooking other dishes, as one appliance is enough for managing more than one variety of food.
Philips is also offering a range of rice cookers where the new rice cookers are fitted with smart and automatic cooking programs for preserving the freshness and nutrients of cooked rice. One of the appliances, HD4738/40 1.8L, features include dedicated program for congee cooking, top and bottom heating helps in cooking rice more evenly, a steam tray for healthy cooking, the automatic keep warm setting is for keeping rice fresh up to 12 hours. The rice cooker is easy to operate with an advanced lid design for easy and safe access, for ultimate convenience, there is a swing handle for easy carrying, easy-to-clean non-stick inner pot, easy-to-read water level indicator, and detachable power cord for convenient storage.
On the basis of distribution channel, the market is broken down into online and offline sales channel, the offline mode of distribution channel is accounted to hold dominance, while the online sales channel is accounted to hold a high CAGR with the adoption of sales via the internet due to its convenience and safe mode of payment options.
The emergence of online mode of shopping will however not replace the in-store purchasing behaviour. This is due to the fact that consumers still prefer to purchase products via several sales channel and these include supermarkets, hypermarkets, shopping malls, and other various offline options. Individuals worldwide do prefer buying electronic kitchen appliances through an offline store in comparison to an online purchase, hence, fueling the markets share of the offline distribution channel in the forecast period. In the present COVID-19 scenario, digital shopping is preferred in case of emergency purchases on account of the shutdown of production units due to lockdown and home quarantine practices for preventing the spreading of infections.
The availability of free home delivery services by the major rice cooker brands is one of the reasons for opting online sales channel. Additionally, the growing popularity of e-commerce retailers like Amazon, Flipkart, and eBay coupled with the growing usage of smartphones will continue to raise the sales of electric rice cookers through the internet over the next five years.