The Global Rice Cooker Market is subject to witness a substantial growth due to the increasing rice consumption in the both underdeveloped and developing economies across the globe. Increasing import and export activities in the Asia Pacific and African region is expected to foster market growth over the forecast period. Increasing popularity of the rice cookers market is attributed to its capability to cook rice evenly, keeping the grain neither separate, undercooked nor overcooked. Globally, the market is predicted to grow at a CAGR of 3.5% over the forecast period, providing numerous opportunities for market players to invest in research and development of the rice cooker market.
The recent technological advancement and development of the novel products such as electric rice cookers are expected fuel market demand over the upcoming years. Additionally, excessive features such as measuring cups for the rice and marking on the pots to quantify the amount of water required to cook rice are expected to boost market demand for rice cookers in the near future.
The electric cookers are easier to use with simple operation with variable programing modes to allow cooking of different types of grains such as wild rice, white rice, brown rice, oatmeal, and polenta. Furthermore, some rice cookers comes with settings for cooking fish, vegetables, cooking stews and soups. These advantages help in market expansion leading to a wider market reach for rice cooker industry.
However, factors such as lack of consistent performance to cook brown rice evenly and long cooking time limits the market to a certain extent. Occasionally, the lower layer of rice forms a crust, making rice less fluffy, and becoming stickier. These factors substantially hampers popularity of the rice cooker. Additionally, complex cleaning process and regular maintenance for electric cookers are restraining market progress, in the recent years. In some cases, additional cleaning is required involving the steaming vent and inner lid.
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The rice cookers market is broadly categorized into two major types based on the product type such as electric rice cooker and gas rice cooker. The gas rice cooker is considered as one of the fastest growing segment in the rice cooker market with substantial revenue generation in the last couple of years. Growing popularity of the gas rice cooker market segment is attributed to easy availability and lower cost. Other factors such as increasing penetration in the rural areas owing to the presence of vast chain of retail stores and supermarket, thus driving market demand for gas rice cooker. The electric gas cooker has also witnessed significant growth, in the recent years owing to the portability, flexibility and minimum operating requirements.
The rice cookers market is further divided into two major types based on end-users applications such as household and commercial. The rice cookers market is expanding at a remarkable pace owing to recent technological innovation, rising competition in the market, and R&D activities in the industry.
The rice cooker market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies and existence of well-established manufacturing sector in the region. Asia-Pacific region is predicted to hold major market share in the rice cooker market with massive growth in forecast period.
Countries such as India, China, South Korea, Japan, Indonesia and Singapore are leading the Asia-Pacific market with increasing consummation of rice, strong economic growth, rising per capita income, growing penetration in the rural areas, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the rice cooker market are Panasonic Co., Zhejiang Supor Co., Ltd., Midea Group, Matsushita Electric Industrial Company, Ltd., Koninklijke Philips N.V., Nine Yang Ltd., SKG Electric Co., Ltd., Triangle Co., Toshiba Co., Fuqua Companies LLC, Haier Group Co., TCL Co., Sanyo Electric Appliance Co., Ltd., Konka Group Ltd., and LG Electronics, Inc.
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