The Asia Pacific Electric Rice Cooker Market would witness market growth of 7.3% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 7,212 thousand Units, showcasing a growth of 7.2% (2019-2022).
Manufacturers of kitchen appliances are developing new product designs to cater to the rising needs of consumers. They are introducing smart cooking appliances that can communicate with each other and offer greater convenience and versatility in the kitchen. This strategy allows them to gain a competitive edge in the market and expand their reach to more consumers.
In addition, manufacturers provide electric rice cookers with multifunctional features catering to domestic and commercial uses. These features include a range of sizes from small and standard to extra-large and the ability to cook various dishes. Overall, introducing new innovative products increases the chances of product visibility among consumers. This is driving manufacturers to diversify their product lines and better satisfy the expanding needs of consumers to continue market growth.
Furthermore, many companies are introducing innovative electric rice cookers with anti-scratch, anti-rust, and anti-fingerprint technology features. These product design advancements expand the compact and space-saving electric rice cooker market. This trend is particularly significant in urban areas where individuals have limited space available for kitchen appliances, driving the demand for more efficient and compact rice cookers.
Due to the region's extensive population, rich culinary tradition, and desire for rice-based cuisine, the electric rice cooker market is expanding. Rising disposable incomes and busy lives are two factors contributing to the increase in demand for electric rice cookers. Rice is a staple food in several other Asia-Pacific nations, including Japan, India, Indonesia, Vietnam, and Thailand, which has helped the market expand. Some of the top manufacturers in the region are AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd., Bajaj Electricals Limited, and Koninklijke Philips N.V. Therefore, the region presents lucrative growth prospects for the market.
The China market dominated the Asia Pacific Electric Rice Cooker Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $212.8 million by 2030. The Japan market poised to grow at a CAGR of 6.6% during (2023 - 2030). Additionally, The India market would register a CAGR of 7.9% during (2023 - 2030).
Based on Application, the market is segmented into Household and Commercial. Based on Distribution Channel, the market is segmented into Offline and Online. Based on Product, the market is segmented into Standard, Multifunctional, Induction and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Electric Rice Cooker Market is Projected to reach USD 1.5 Billion by 2030, at a CAGR of 7.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Toshiba Corporation, TTK Prestige Limited, Panasonic Holdings Corporation, AB Electrolux (Electrolux), Wonderchef Home Appliances Pvt. Ltd., Groupe SEB, Pigeon Corporation, Koninklijke Philips N.V., Cuisinart (Conair Corporation), and Aroma Houseware Company
By Application (Volume, Thousand Units, USD Million, 2019-2030)
By Distribution Channel (Volume, Thousand Units, USD Million, 2019-2030)
By Product (Volume, Thousand Units, USD Million, 2019-2030)
By Country (Volume, Thousand Units, USD Million, 2019-2030)
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