Electric Rice Cooker Market Revenue Drivers, Growth Opportunities, Value Chain Analysis and Forecast Research Report Till 2025
“The global electric rice cooker market size was accounted for USD 685.2 million, in 2018. The market is expected to witness a CAGR of 7.5%, during the forecasted years, 2019 to 2025.”
The global Electric Rice Cooker Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development. Market Overview: 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 electroni c appliance for cooking in order to reduce power and energy consumption. Key Players:
Toshiba Corporation TTK Prestige Limited Panasonic Zojirushi America Corporation Tiger Corporation Sunbeam Product Inc. Aroma Houseware Company Pigeon Corporation Koninklijke Philips N.V. Conair Corporation
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Growth Drivers: Moreover, upcoming launches of products as per the growing trend are anticipated to boost product visibility even in developing regions. For example, a Wi-Fi-based induction cooker was introduced by Xiaomi in March 2016 with the brand name MIJIA. This cooker helps in changing the softness of rice through their MIJIA app thereby allowing the users to cook rice with more than 2000+ methods. The growing trend of nuclear families coupled with increasing disposable income among the working population across developing countries has paved the way for market growth for electric cookers. Moreover, the demand for appliances with energy-saving features such as electric cookers and induction cooktops is expected to boost in the upcoming years to reduce energy consumption. The shifting trend towards purchasing cooking appliances has forced manufacturers to search for alternatives and experiment with new technology and designs. Thus, the product portfolio of such manufacturers has expanded over the last few years. This strategy for product portfolio expansion has created a positive impact on market growth. Application Outlook:
Household Commercial
Product Outlook:
Standard Multifunctional Induction
In 2018, the standard electric cooker product segment held the largest share exceeding 60% across the global market. This growth can be associated with its salient features like ease of handling and low operational and maintenance cost. In addition, the add-on features like compatibility with dishwashers and microwaves, warm settings, and steaming baskets being provided by manufacturers are anticipated to boost the sales for such products in the upcoming years. The segment for multifunctional electric cookers is expected to register significant growth with a CAGR of 8.3% during the forecasted years. This growth can be attributed to its multifunctional usage for processes like baking, boiling, steaming, and baking. Moreover, features like electronic LCD display, programmable settings, countdown timers, portability, and removable power cords are expected to drive market growth in the upcoming years. Distribution Channel Outlook:
Offline Online
Regional Outlook: In 2018, Asia Pacific accounted for the market share exceeding 58% across the global electric rice cooker market. This growth can be attributed to the fact that many countries like India, China, and Japan have rice as their staple food. Europe is anticipated to register a CAGR of 7.9% during the forecasted years. This growth can be attributed to the presence of key players in the cooking appliances industry. Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
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