Dublin, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The "Global Electric Rice Cooker Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global electric rice cooker market is estimated to grow at a CAGR of 6.57% to reach a market size of US$7,701.430 million in 2029 from US$4,932.704 million in 2022
The electric rice cooker is a household appliance designed to make cooking rice quick and simple. It consists of a heating element, a thermostat, and a cooking basin. The basic process is to add water and rice to the cooking bowl, cover it, and turn on the cooker. The demand for electric rice cookers worldwide has been propelled by several causes.
The need for time-saving and practical kitchen gadgets has surged due to rapid urbanization and population growth, especially in metropolitan areas. In addition, the growing disposable incomes allow people to purchase convenient products that fit evolving food and lifestyle choices. Furthermore, hassle-free living is brought forth by the electric rice cooker. The name makes it obvious that it was intended to cook rice, but it can also prepare more than 50 different meals.
Electric rice cookers are gaining popularity due to technological developments like smart features and improved safety measures, which encourage users to upgrade. Effective marketing techniques, foreign cuisine acceptance, and rising health and nutrition consciousness all contribute to the market's growth. Market participants in the electric rice cooker sector use a variety of tactics to stay ahead of the competition and satisfy changing customer needs.
Constant innovation in products is still essential, and businesses are concentrating on IoT connection and smart features as well as other technical innovations to improve customer experience. Longbank is one of China's top producers and suppliers of rice cookers. With a wealth of flaming experience, Longbank has gained a solid reputation and glowing reviews from clients across the world. According to the demands of the client, Longbank is extremely competent in providing a variety of rice cooker types. The business provides a wide range of rice cookers with exceptional features and optimal performance.
Growth in urbanization propels the electric rice cooker market.
The global electric rice cooker market is significantly impacted by the increasing urbanization. There is a noticeable increase in demand for kitchen appliances that meet the needs of busy urbanites as cities grow and the population in these places rises. With their automated and quick cooking methods, electric rice cookers have become indispensable in urban homes. These appliances' tiny size makes them ideal for smaller apartments that are common in urban settings. The growing number of dual-income homes, changing dietary preferences, and the need for cutting-edge kitchen appliances all contribute to the appeal of electric rice cookers in metropolitan areas. As per the National Institute of Urban Affairs, approximately 50% of people on the planet currently reside in urbanized regions.
In the upcoming decades, this percentage is predicted to rise sharply along with growing earnings and a move away from rural and agricultural economies. One-sixth of the world's population resides in India, which is leading this transformation. India's cities are undergoing a significant change. Since 1951, the number of people living in urban areas has increased sixfold, from 62.4 million to 377.1 million in 2011. It is projected that by 2030, 590 million people will reside in Indian cities. Therefore, urban customer concentration offers a tactical benefit as well, enabling efficient retail presence and delivery networks to meet the rising demand for electric rice cookers.
It is projected that the global electric rice cooker market in the Asia Pacific will grow steadily.
Rice holds significant importance as a staple food grain in India, particularly in the southern region. The evolving modern lifestyle, driven by corporate culture and changing consumer habits, is creating a demand for convenient kitchen appliances. Electric rice cookers, being time and energy-efficient, have become essential in this context. Furthermore, their user-friendly nature, cost-effectiveness, and minimal training requirements make them an attractive option. With the escalating consumption of rice in the country, the market for electric rice cookers is expected to witness growth in the foreseeable future.
Market Key Developments
February 2023:Tiger Corporation marked its 100th anniversary by launching a commemorative retro pattern revival series on June 21, 2023. This product was exclusively offered through the company's online store in restricted quantities.
October 2022:Kashmir University students made a prototype of a cell phone-controlled automatic rice cooker which has received a patent. It is known for its unique technology that can suck out starch from the rice. This rice cooker is ideal for people who are suffering from diabetes. The patent is granted under the name Starch-Free Rice Cooker Innovation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 129 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $4932.7 Million |
| Forecasted Market Value (USD) by 2029 | $7701.43 Million |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Competitive Environment and Analysis
- Major Players and Strategy Analysis
- Market Share Analysis
- Mergers, Acquisitions, Agreements, and Collaborations
Companies Featured
- Panasonic Corporation
- Toshiba Lifestyle Products & Services Corporation (Midea Group)
- Zojirushi Corporation
- Bajaj Electricals Ltd
- Koninklijke Philips N.V.
- Tiger Corporation
- Sunbeam Products Inc.
- Aroma Housewares Company
- Zhejiang Supor Co., Ltd.
Segmentation:
By Type:
- Standard Rice Cooker
- Multifunction Rice Cooker
- Induction Heat Rice Cooker
- Others
By Capacity:
- Small
- Medium
- Large
- Extra-Large
By End-User:
- Household
- Commercial
By Distribution Channel:
- Online
- Offline
By Geography
- North America
- By Type
- By Capacity
- By End-User
- By Distribution Channel
- By Country
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Spain
- Middle East and Africa
- UAE
- Israel
- Saudi Arabia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Australia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/cfuk2u
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