Electric Rice Cooker Market

Market Overview

The global electric rice cooker market size was worth USD 4.72 billion in 2022. It is expected to reach USD 7.12 billion by 2031, growing at a CAGR of 6.6% during the forecast period (2023-2031). One of the primary factors projected to boost the growth of the electric rice cooker market is the reduced time for domestic duties.

Consumers have mainly used the electric rice cooker with rice as a staple food. It significantly reduces the cooking time and requires fewer manual interventions than conventional gas-based rice cookers. Electric rice cookers are kitchen equipment that utilizes an electrical heating element to facilitate the cooking process of rice. Cookware is typically manufactured using materials such as aluminum or steel, crucial in maintaining the desired cooking temperature. There are other advantages associated with this product, including its ability to automate the rice cooking process and maintain its warmth. Therefore, they are widely utilized in both residential and business domains worldwide. Consumer inclination toward buying appliances or products that are comforting and fit for fast-paced life is a major trend in developing economies.

Market Dynamics

Global Electric Rice Cooker Market Drivers

Participation of Females in Paid WorkForce

In the past few years, the lifestyle of the populace has changed steadily in the past two decades, with a tremendous increase in the number of working women. As a result, household income has increased, and living conditions have improved. The couple experiences a reduction in personal leisure time and a decrease in the amount of time available for household responsibilities due to their full-time employment. Therefore, the performance of routine household chores has necessitated the utilization of diverse apparatus. The utilization of household equipment enables individuals to effectively manage their time and enhance their work performance.

Upsurge in Affordability of Household Appliances and Decreased Time for Household Activity

Manufacturers in the electric rice cooker industry are always developing new models with enhanced features and performance to remain competitive. Despite the creation of products with greater added value, the prices of the things have decreased and have remained low for several years. The reason for the price decline was the pressure of competition from countries with cheap production costs. In addition, the fierce rivalry in the market puts pressure on manufacturers to boost their profit margins. This decrease in pricing is forcing companies to develop new items. This trend of cheaper home appliances could be the driving force behind the industry.

Additionally, the proliferation of globalization has resulted in an increase in individuals' level of busyness. The individuals' lifestyles have undergone significant changes, resulting in a substantial reduction in the time available for leisure activities and domestic responsibilities. This lack of time has encouraged people to find alternate ways to create more leisure time by reducing or eliminating the time required to do household work, boosting the demand for household automation for daily chores such as cleaning, cooking, etc. The decreased time for household chores is expected to be one of the major factors that drive the growth of the electric rice cookers market.

Global Electric Rice Cooker Market Restraint

Availability of Counterfeit Products

The high prices and increased popularity of electric rice cookers led to the advent of counterfeit products. Counterfeit brands are prevalent in developing economies where customers are highly price-sensitive. Counterfeiting and its consequences on businesses and consumer perception have resulted in direct and indirect industry revenue loss and job loss. Therefore, the availability of counterfeit products in the market hampers the brand as well as product image, which is expected to restrain the growth of the electric rice cooker market.

Global Electric Rice Cooker Market Opportunities

Technological Advancements

The selling price of the product, durability, product life and maintenance, and annual power consumption are the vital factors considered when purchasing cooking appliances in low to middle-income groups. Therefore, it is projected that developing long-lasting, cost-effective cooking appliances would enhance the penetration rate among low- and middle-income groups. In the high-income group segment, there is a high demand for smart and connected equipment. A growing number of urban households rely heavily on wireless technology, cell phones, and the Internet of Things. The advancement of intelligent appliances would enhance the rate at which consumers who currently utilize conventional appliances replace their products.

Furthermore, innovative product development is anticipated to increase consumer visibility during the forecast period. For instance, Xiaomi has introduced a new Wi-Fi induction rice cooker, which allows users to change the softness of their rice through the MIJIA app, which displays more than 2000+ different heating methods compared to traditional appliances.

Regional Analysis

Region-wise, the global electric rice cooker market is segmented into Europe, North America, Asia-Pacific, and LAMEA. 

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant global electric rice cooker market shareholder and is estimated to exhibit a CAGR of 7.61% during the projected period. Asia-Pacific is the fastest-growing economy with an increasing urban population and industrialization. Rising industrialization has increased disposable income and increased the spending capability of consumers. The growing trend of cooking appliance products, including electric rice cookers, has forced companies to offer advanced products at affordable prices to penetrate deeper into the market. Moreover, the growing urban population and improved living standards generate a huge demand for new and innovative cooking appliances in the Asia-Pacific region. Changing lifestyles and increasing customer purchasing power have changed the market dynamics in the past few years.

Additionally, increasing electricity prices are boosting the demand for energy-efficient and advanced technology in electric rice cookers in this region. Moreover, improving living standards due to a considerable rise in income level has increased the spending capability of customers in this region, providing ample growth opportunities for companies to offer technologically advanced cooking appliances at affordable prices in this region.

Europe is expected to exhibit a CAGR of 5.5% during the forecast period. The region includes countries such as the UK, Germany, Italy, France, and Spain. These regions are financially well off and have a good living standard. With high disposable income, consumers' demand for modular kitchens is growing, boosting the region's demand for advanced electrical rice cookers. In addition, Germany is the largest market for kitchen appliances in Europe. The European market is mature and homogenous, with high penetration dominated by the leading key players such as AB Electrolux, Groupe SEB, Philips, and others. In Europe, owing to new product development in appliances, the demand for replacement cooking appliances has increased, boosting the market's growth.

North America exhibits the highest adoption rate for all categories of kitchen appliances. The average living space of households in North America is more compared to other regions. Electric rice cooker use is encouraged by nations like the US and Canada that have excellent living standards due to high disposable money. In addition, the popularity of modular kitchens among customers and their desire to prepare a variety of foods faster has led to a steady increase in the adoption of electric rice cookers. The working class wants an electric rice cooker that cooks food faster, making life easier and more convenient.

Moreover, the shift in focus toward the major participants in innovation and development of new products in the market has led to the introduction of connected cooking appliances. In addition, the players in the region are offering multi-functionality attributes associated with electric rice cookers to suit commercial and household applications. For instance, Tayama Appliance USA Inc. has introduced a rice cooker with a removable interior, making washing and storing easy.

Segmental Analysis

The global electric rice cooker market is segmented based on end-user and distribution channels. 

By end-user, the global electric rice cooker market is categorized into household and commercial. 

The household segment dominates the global market and is expected to exhibit a CAGR of 6.51% during the forecast period. Kitchen appliances are vital for smooth and efficient household end users' cooking. These appliances are necessary for every household, facilitating convenient and easy cooking. Moreover, the escalating size of the working population and the prevailing nuclear family structure persistently contribute to the surge in demand for kitchen appliances among this demographic. Electric rice cooker demand is rising quickly among home end users due to changing lifestyles and rising disposable income.

In addition, the market indicates that consumer demand for modular kitchens is rising. Customers are choosing cutting-edge, sophisticated, built-in kitchen appliances to raise the kitchen's aesthetic value. Moreover, the introduction of a technologically advanced electric rice cooker prompts consumers to upgrade their conventional kitchen to a smart one.

Commercial end-users considered in the report are restaurants, hotel chains, hospitals, schools, colleges, and other commercial caterers and food service establishments. A commercial electrical rice cooker is used for commercial cooking purposes. Demand for commercial electric rice cookers is increasing due to growing food service establishments, especially in emerging countries such as India and China. Today's hectic lifestyles leave less time for cooking, thereby accelerating the trend of eating out at cafes, restaurants, hotels, and similar other food establishments, supplementing the growth of the cooking appliances industry. Due to safety and health concerns, commercial restaurants and other catering services increasingly use efficient cooking appliances. Companies are launching technologically advanced commercial electrical rice cookers to cater to the increasing demand from food services and other commercial establishments.

By distribution channel, the global electric rice cooker market is divided into supermarkets/hypermarkets, specialty stores, e-commerce, and others.

The supermarket/hypermarket segment owns the highest market share and is expected to exhibit a CAGR of 5.9% during the forecast period. Supermarkets/hypermarkets are huge stores selling food, small and large appliances, stationery, clothing, gardening products, electronics, etc. A wide range of products and accessories are available in such stores. Consumers purchasing other goods, such as stationery or clothing, also buy household appliances. A hypermarket is a retail establishment with a wide selection of goods, including merchandise, home appliances, and food items. In addition, hypermarkets have a higher assortment of products compared to supermarkets. Low inventory costs, an advanced supply chain, and a large consumer base within the local market are key elements in this supermarket/hypermarket. Some of the leading players in this segment are Big Bazaar, D-Mart, Spencer's, Star Bazar, and Wal-Mart Stores.

Additionally, these supermarkets and hypermarkets provide clients with a broad preference for goods at affordable prices. They are typically located conveniently, increasing this market sector's allure. Cooking appliances are available in huge varieties, which are among the major attractions of consumers at supermarkets. People get all their choices at these destinations, saving them time moving from one store to another.

Specialty stores are retail outlets that sell a product range and associated items. Specialty stores enjoy a dominant presence in all types of household appliance markets. Most proprietors of specialty stores maintain a significant depth of knowledge in the product category they specialize in selling, usually at a premium cost, in addition to providing consumers with higher quality and informed advice. Despite the fast growth of supermarkets and hypermarkets, many customers still purchase canned goods from specialist stores because they feel it saves money and time. Consumers usually prefer to analyze and evaluate the product before purchase, thereby boosting the retail sales of the electric rice cooker market through specialty stores.

Recent Developments

• November 2023- The Bali Office for Manpower and Mineral Resources (Disnaker ESDM) is surveying the general population to assess their eligibility for receiving complimentary rice cookers provided by the Government. According to a report by the State News Agency Antara, individuals employed in the culinary sector are given preferential treatment in receiving complimentary kitchen gadgets.