Electric Rice Cooker Market Size was valued at USD 3.3 Billion in 2022. The Electric Rice Cooker market industry is projected to grow from USD 3.50 Billion in 2023 to USD 5.71 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 6.30% during the forecast period (2023 - 2032). Increased demand for convenient and time-saving kitchen appliances and rising health and dietary awareness are the key market drivers enhancing growth of the market.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
The market CAGR for electric rice cookers is being driven by the rising demand for the convenient and time-saving kitchen appliances. Changing Lifestyles: Modern lifestyles are becoming busier, and people are looking for ways to save time in the kitchen. Electric rice cookers offer a convenient and hassle-free way to prepare rice, a staple food in many cultures, without constant monitoring. As more people migrate to urban areas, smaller living spaces become the norm. Electric rice cookers are compact and don't require a stovetop, making them suitable for small kitchens or apartments.
Electric rice cookers are energy-efficient and often use less power compared to cooking rice on a stovetop. This can be an appealing factor in regions where energy conservation and cost savings are important. Many modern electric rice cookers come with various cooking functions, allowing users to prepare not only plain rice but also other dishes such as porridge, soups, stews, and even desserts. This versatility appeals to consumers looking for multifunctional kitchen appliances. Electric rice cooker manufacturers have continued to innovate, introducing features such as programmable timers, fuzzy logic technology, and smart connectivity. These features enhance the cooking experience and make it easier for users to achieve perfect results. Electric rice cookers are often designed to cook rice evenly and thoroughly, which can be important for those who are health-conscious. Properly cooked rice can be a part of a balanced diet, and consumers are increasingly aware of the importance of nutrition in their meals.
Rice is a staple in many world cuisines, and the popularity of Asian, Middle Eastern, and Latin American foods has contributed to the demand for electric rice cookers. Further, the ease of purchasing appliances online has made it more accessible for consumers to research and buy electric rice cookers, contributing to market growth. Electric rice cookers are available in a wide price range, making them affordable for a broad spectrum of consumers. This affordability and accessibility have driven market growth.
Consumers are becoming increasingly health-conscious and are looking for appliances that help them maintain a nutritious diet. Electric rice cookers are favored for their ability to cook rice evenly and thoroughly, which can be important for those following specific dietary plans, such as low-sodium or low-calorie diets. As dietary awareness continues to grow, electric rice cookers have become a popular choice for individuals looking to prepare healthier meals at home. This emphasis on health and nutrition is a significant driver for the electric rice cooker market. Thus driving the Electric Rice Cooker market revenue.
The Electric Rice Cooker market segmentation, based on volume, includes Low, Medium, and Large. The low-volume segment dominated the market due to their compact size and affordability, making them an ideal choice for smaller households and individuals living in urban settings with limited kitchen space. Their cost-effectiveness and energy efficiency also appeal to budget-conscious consumers. Additionally, as more people opt for healthier rice varieties, low-volume rice cookers cater to this trend by efficiently cooking various types of rice, addressing the evolving dietary preferences of modern consumers. Further, the medium-volume rice cooker is gaining popularity as it caters to a broader range of consumers, including families and individuals.
The Electric Rice Cooker market segmentation, based on type, includes Standard/Basic Cooker and Multifunctional Cooker. The standard/basic cooker category dominated the market due to its simplicity, affordability, and widespread appeal. These basic models offer essential rice cooking features, making them accessible to a broad range of consumers, including those in price-sensitive markets. The straightforward functionality and lower cost compared to more advanced models make them the preferred choice for many households, contributing to their market dominance as they cater to the fundamental need for convenient rice preparation. Further, multifunctional rice cookers are becoming popular as they offer a broader range of the features and cooking modes beyond basic rice cooking.
The Electric Rice Cooker market segmentation, based on distribution channels, includes Offline and Online. The offline channel dominates the market as consumers often prefer to see and physically inspect appliances like rice cookers before making a purchase. Additionally, salespersons in physical stores can provide guidance and information about the products. However, the online distribution channel, which includes e-commerce platforms and company websites, has been growing rapidly.
Figure 1: Electric Rice Cooker Market, by Distribution Channel, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study gives market insights into the North America, Europe, Asia-Pacific, and the Rest of the World. The North American Electric Rice Cooker market area dominates the market due to a growing multicultural population that values rice as a staple food, and the trend toward healthier eating habits and home-cooked meals has bolstered the market, as electric rice cookers offer an efficient and precise way to prepare a variety of rice types.
Further, the prime countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Figure 2: ELECTRIC RICE COOKER MARKET SHARE BY REGION 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Electric Rice Cooker market accounts for the second-largest market share due to the increasing multiculturalism and diversity in food preferences, with consumers seeking convenient solutions to prepare a variety of rice-based dishes from different cuisines. Further, the German Electric Rice Cooker market had the largest market revenue, and the UK Electric Rice Cooker market was the fastest-growing market in the European region.
The Asia-Pacific Electric Rice Cooker Market is expected to rise at the rapid CAGR from 2023 to 2032. This is due to the widespread consumption of rice as a staple food, coupled with a preference for convenient and consistent rice preparation in diverse cuisines across the region. Moreover, China’s Electric Rice Cooker market held the largest market share, and the Indian Electric Rice Cooker market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to spread their product lines, which will help the Electric Rice Cooker market grow even more. Market players are also undertaking a variety of strategic activities to spread their footprint, with important market developments including contractual agreements, new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Electric Rice Cooker industry must offer cost-effective items.
Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the Electric Rice Cooker industry to benefit the clients and increase the market sector. In recent years, the Electric Rice Cooker industry has offered some of the most significant advantages to electric kitchen appliances. Major participants in the electric rice cooker market include Panasonic Corporation, Koninklijke Philips N.V., Newell Brands (Oster), AB Electrolux, and Wonderchef Home Appliances Pvt. Ltd, Groupe SEB, TTK Prestige Ltd, Ali Group Srl, Breville Group, Bajaj Electricals Limited, and others are trying to increase market demand by investing in the research and development operations.
Philips, officially known as Koninklijke Philips N.V., is a multinational conglomerate in the Netherlands. The company is widely recognized for its contributions to the electronics, healthcare, and lighting industries. The company produces a wide array of consumer electronics, including televisions, audio equipment, and household appliances. The company also produces kitchen appliances, including coffee makers, blenders, and, as you mentioned, electric rice cookers. In May 2023, Philips announced a partnership with Joyoung, a Chinese manufacturer of electric rice cookers. Under the partnership, Philips will launch a new line of electric rice cookers under the Philips brand. These rice cookers will be manufactured by Joyoung and will feature Philips' innovative cooking technology. This partnership will help Philips expand its presence in the Chinese electric rice cooker market.
Toshiba Corporation, a Japanese multinational conglomerate that operates in various sectors, including electronics, energy, and social infrastructure. Toshiba is known for its significant presence in the electronics industry. They manufacture a wide range of the consumer electronics, including laptops, televisions, home appliances, and electronic components. Toshiba also provides infrastructure services, including transportation systems, industrial systems, and information technology solutions. In April 2023, Toshiba announced that it is investing in Aroma Housewares, a Canadian manufacturer of electric rice cookers and other kitchen appliances. Toshiba's investment will help Aroma Housewares expand its production capacity and reach new markets. This investment is also expected to lead to the development of new and innovative electric rice cookers.
Electric Rice Cooker Industry Developments
June 2023: Xiaomi acquired Yeelight, a Chinese manufacturer of smart lighting and smart home appliances. Yeelight is known for its innovative electric rice cookers, which feature smart features such as voice control and remote monitoring. This acquisition will help Xiaomi expand its smart home product portfolio and strengthen its position in the electric rice cooker market.
June 2023: Tiger Corporation acquired Zojirushi Corporation, a Japanese manufacturer of electric rice cookers and other home appliances. This acquisition is expected to help Tiger Corporation spread its product portfolio and strengthen its position in the electric rice cooker market.
April 2023: Panasonic Corporation announced the launch of its new SR-UN12 induction heating electric rice cooker. The SR-UN12 is the first induction heating electric rice cooker from Panasonic. It uses induction heating to cook rice evenly and quickly.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.3 Billion |
| Market Size 2023 | USD 3.50 Billion |
| Market Size 2032 | USD 5.71 Billion |
| Compound Annual Growth Rate (CAGR) | 6.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Volume, Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Panasonic Corporation, Koninklijke Philips N.V, Newell Brands (Oster), AB Electrolux, Wonderchef Home Appliances Pvt. Ltd, Groupe SEB, TTK Prestige Ltd, Ali Group Srl, Breville Group, Bajaj Electricals Limited. |
| Key Market Opportunities | Rising health and dietary awareness. |
| Key Market Dynamics | Increased demand for convenient and time-saving kitchen appliances. |
Frequently Asked Questions (FAQ) :
The Electric Rice Cooker market size was valued at USD 3.3 Billion in 2022.
The market is foreseen to rise at a CAGR of 6.30% during the forecast period, 2023-2032.
North America held largest share of the market
The key participants in the market are Panasonic Corporation, Koninklijke Philips N.V., Newell Brands (Oster), AB Electrolux, and Wonderchef Home Appliances Pvt. Ltd, Groupe SEB, TTK Prestige Ltd, Ali Group Srl, Breville Group, Bajaj Electricals Limited.
The standard/basic cooker category dominated the market in 2022.
Offline stores had the largest share in the market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.
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