The global Electric Rice Cooker Market size is expected to register a revenue of USD 1.1 billion by the end of 2025, according to a new report released by Million Insights. It is expected to grow with a CAGR of 7.5% over the forecast period. This growth can be attributed to rising demand for electronic appliance for cooking in order to reduce power and energy consumption.
Moreover, increasing number of nuclear families coupled with rising working population has paved the way for market growth for such products. For example, Xiaomi launched Wi-Fi operated Induction cooker in 2016 which could help in cooking rice with more than 2000 methods.
The household application segment held the highest share across the global market in 2018 owing to rising inclination for energy-efficient and convenient cooking electronic appliances. The commercial segment is anticipated to register the highest CAGR of 7.6% from 2019 to 2025. This can be attributed to increasing number of restaurants and hotels across the globe. In addition, stringent rules being implemented by statutory governing bodies for usage of gas connections have paved way for the market growth for such products.
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The standard electric cooker product segment held the largest share exceeding 60% across the global market due to salient features like ease of handling and low operational and maintenance cost. The multifunctional electric cookers segment is expected to register significant growth with a CAGR of 8.3% from 2019 to 2025 owing to its multifunctional usage for processes like baking, boiling, steaming and baking and its technologically advanced features.
Asia Pacific held the largest share exceeding 58% across the global electric rice cooker market in 2018 due to the fact that many countries like India, China, and Japan have rice as their staple food. Moreover, rising population, increasing disposable income has paved way for the market growth for these products. Europe is expected to witness a CAGR of 7.9% during the forecasted years.
The key players in the market of electric rice cooker are Toshiba Corporation; Panasonic; Cusinart; Philips; Bajaj Electricals; and Tiger Corporation. They are engaged in product development and innovation to boost the sales of their products. These cookers find several applications on occasions like picnic, travel, regular cooking, and office.
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