The global electric rice cooker products market was valued at USD 8.6 billion in 2022 and is projected to expand at a CAGR of 5.2% from 2023 to 2030. The growing demand for convenient cooking solutions is expected to drive the market growth during the forecast period. Electric rice cookers are becoming increasingly popular owing to their ability to cook food quickly and evenly. Furthermore, the rising disposable income of consumers and the growing health consciousness among people are further propelling the demand for these products.

The increasing number of product launches and innovations is a key factor driving the market growth. For instance, in January 2021, Panasonic launched a new range of electric rice cooker products called the ‘Econavi’ series. This new range is equipped with intelligent features such as temperature monitoring, cooking time adjustments, and safety features. Furthermore, the rising popularity of multi-cooker products is also driving the market growth. Multi-cookers can be used for various other cooking activities such as steaming, boiling, and baking.

Rice is a staple food for many people across the globe. Thus, the rising population is expected to create a demand for electric rice cookers. Moreover, the growing number of working women is pushing the demand for these products. They are choosing electric rice cookers for their quick and easy operation. Furthermore, the growing demand for these products from countries such as India, China, and Japan is also playing a major role in driving the market growth.

The increasing preference for organic and healthy food is driving the demand for electric rice cookers. Consumers are now more aware of their health and are looking for products that can help them eat healthy. This is pushing the demand for electric rice cookers as they help in preserving the natural nutrients and vitamins in the food. Furthermore, the rising number of health-conscious consumers is driving the demand for electric rice cooker products.

The rising trend of smart homes and the increasing demand for connected devices are expected to further drive the market growth. Smart electric rice cookers are equipped with Wi-Fi and Bluetooth technology and are connected with mobile phones and other smart home devices, which enables users to control the cooking operations remotely. Furthermore, the increasing preference for smart electric rice cookers is also supporting the market growth.

The traditional electric rice cooker segment held the largest share in the market. The growing popularity of energy-efficient and automated kitchen appliances among consumers is driving the segment’s growth. Furthermore, increasing demand for electric rice cookers from developing countries in Asia Pacific is propelling the growth of the segment. According to an article published by Market Reports World, in January 2020, the Asia Pacific electric rice cooker market is anticipated to witness the highest growth rate during the forecast period.

The induction rice cooker segment is expected to register the fastest CAGR over the forecast period. This is due to growing penetration of smart home appliances and increasing adoption of induction rice cookers by consumers. Furthermore, increasing adoption of induction rice cookers in the commercial sector is driving the growth of the segment. Moreover, continuous product innovations and increasing promotional activities by market participants are further boosting the demand for the product.

The supermarkets and hypermarkets segment captured the major share of over 33.4% in 2022. Supermarkets & hypermarkets are the primary sales channel for electric rice cookers as it offers a wide range of products under one roof. Consumers can compare the prices and features of different brands, enabling them to make a better purchase decision. Furthermore, establishments like supermarkets & hypermarkets also provide customers with a physical experience and the assurance of quality products.

The online segment is anticipated to expand at the highest CAGR of 11.8% over the forecast period. The growth of the online channel is mainly driven by the rising penetration of the internet and the increasing number of e-commerce websites. The e-commerce websites provide customers with a wide range of products and present them with offers and discounts, making it a cost-effective option. Furthermore, the e-commerce websites also provide customers with the convenience of shopping from

The manual electric rice cooker segment accounted for the largest share of the electric rice cooker market in 2022. The increasing number of working women and the growing preference for healthy meals are some of the major factors driving the demand for manual electric rice cookers. Additionally, the availability of manual electric rice cookers in various sizes and designs, such as cook and carry, stainless steel, and multiple-cooking options, has made them more attractive to consumers.

The automatic electric rice cooker segment is projected to expand at the highest CAGR of 7.9% during the forecast period. Automatic electric rice cookers are gaining traction due to their convenience in use and time-saving capabilities. These electric rice cookers are designed with a timer and keep-warm functions, which allow users to prepare meals without having to monitor the cooking process. Additionally, the increasing adoption of automatic electric rice cookers in commercial spaces such as restaurants and hotels is driving the market for these products.

Asia Pacific is expected to dominate the electric rice cooker market in terms of both value and volume during the forecast period. The increase in the number of working population in this region has led to the demand for electric rice cookers. Moreover, the emergence of new players in this market has enriched the product portfolio of electric rice cookers. For instance, in October 2021, Xiaomi launched its new electric rice cooker in the China market.

North America is expected to be the second-largest market for electric rice cookers. The rising preference for electric rice cookers among consumers in this region has been attributed to the growing focus on convenience and healthy eating. Moreover, the presence of prominent players such as Hamilton Beach, Cuisinart, and Black & Decker is expected to drive the growth of the market. For instance, in January 2021, Hamilton Beach launched its 10-in-1 electric rice cooker in the U.S. market.

In this part of the electric rice cooker products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your electric rice cooker business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for an electric rice cooker business comes from the sale of products, as well as potential income from product warranties, the sale of accessories, and online sales. Here you will find a list with a description of each of these sources of revenue.

Projecting Expenses
In this section, all the regular expenses related to keeping the electric rice cooker business running will be described. The list of operating expenses includes product development costs, sourcing costs, licensing fees, wages, marketing, advertising, and others.

Some of the key companies operating in the electric rice cooker market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Panasonic Corporation launched a new range of electric rice cookers that feature a built-in microprocessor for precise temperature control.

– In August 2022, Zojirushi launched a new line of electric rice cookers with advanced features such as a delay timer and automatic keep-warm functions.

– In October 2022, Tiger Corporation launched a new range of electric rice cookers featuring a built-in micro-computer to automatically adjust temperature and cooking time.

Some of the prominent players in the electric rice cooker market include:

– Panasonic Corporation
– Zojirushi
– Tiger Corporation
– Toshiba Corporation
– LG Electronics
– Hitachi, Ltd.
– Midea Group
– Philips
– Cuckoo Electronics
– Wonderchef

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global electric rice cooker products market based on product type, capacity, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Pressure Cookers
– Non-Pressure Cookers
– Induction Cookers

2. Capacity Outlook (Revenue, USD Million, 2017 – 2030)

– 1-3 Liters
– 3-6 Liters
– 6-10 Liters
– Above 10 Liters

3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation?
[A]: The electric rice cooker product market is expected to benefit from product innovation, as manufacturers are introducing new features such as smart technology and automatic shutoff. Smart technology enables users to remotely monitor and control the cooking process, while automatic shutoff helps to prevent overcooking. These features are likely to increase the demand for electric rice cookers and drive market growth.

[Q]: Who are the Key Players in the Electric Rice Cooker Products Market?
[A]: Key players in the electric rice cooker product market include Panasonic Corporation, Zojirushi Corporation, LG Corporation, Philips Electronics Corporation, and Yum Asia Corporation.

[Q]: Which Region Offers the Largest Opportunity for Sales of Electric Rice Cookers?
[A]: Asia-Pacific is expected to be the largest market for electric rice cookers due to the presence of a large population, high demand for convenience products, and the increased availability of smart products.

[Q]: What are the factors driving the electric rice cooker products market?
[A]: The increasing demand for convenience products, rising health-consciousness among consumers, and the emergence of smart technology are expected to drive the electric rice cooker product market over the forecast period.