The Latin America, Middle East and Africa Electric Rice Cooker Market would witness market growth of 9.3% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 1,015 thousand Units, showcasing a growth of 11.1% (2023-2030).
The market is experiencing significant growth due to the introduction of advanced features. One such part is incorporating a warning system that alerts the user when the food is fully cooked. These rice cookers have a smartphone interface, allowing users to connect and control the cooking process through mobile devices. This combination of features has played a crucial role in driving the expansion of the market. The market's growth is driven by other factors, including the desire to simplify cooking processes, the availability of programmable settings, and other notable characteristics. The product's ability to simplify the cooking process and significantly reduce cooking time has resulted in a noticeable increase in customer interest and attracted a more extensive customer base.
Some other qualities that contribute to the increase in demand are the capability to cook several types of food items and cater to the diverse culinary preferences of consumers. This technological advancement in home appliances presents a promising opportunity for market expansion, as an increasing number of individuals are embracing the use of technologically advanced kitchen appliances.
Many LAMEA countries have experienced rapid urbanization, which has resulted in busy lifestyles. As a result, consumers are emphasizing the importance of upgrading their kitchens with smart appliances to increase energy efficiency and reduce fuel consumption. With an expanding middle-class population in the region having more disposable income, consumer interest in kitchen appliances that simplify cooking, including rice cookers, is increasing. Multifunctional rice cookers are also gaining popularity due to their additional functions, such as steaming vegetables, cooking soup, and preparing other dishes. This makes them more appealing to a broader range of consumers. Hence, the market will witness significant growth in the coming years because of all the aforementioned factors.
The Brazil market dominated the LAMEA Electric Rice Cooker Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $23.4 million by 2030. The Argentina market is anticipated to grow at a CAGR of 9.9% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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