The global rice cooker market size is projected to showcase considerable growth in the forthcoming years due to increasing consumption of rice in certain regions. This information is published by Fortune Business Insights in its report, titled “Rice Cooker Market, 2023-2030“. The device has experienced an increase in demand since it can be used to cook a variety of foods other than rice, as well as slow cook and steam vegetables. Furthermore, the increasing popularity of rice-based meals such as Jambalaya, Sushi, Biryani, Fried Rice, and others in nations all over the world is boosting demand for rice cookers.
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List of Key Players Profiled in the Market:
- Zojirushi America Corporation
- Hamilton Beach Brands, Inc
- Instant Brands Inc
- Toshiba Corporation
- Instant Brands Inc
What Does the Report Contain?
The insights in the report are based on primary and secondary research to come to authentic conclusions. The analysis is based on industry-wide data and market projections are estimated by our in-house experts. The data is classified on various bases and each segment meticulously studied to give strategies based on market dynamics. The indispensable guidance provided by our experts is beneficial for the new entrants to the market. The guidance includes business priorities, pricing, prominent business models, challenges, potential business expansion opportunities, and much more. This report is not only beneficial for the new entrants or business holders of the market but also for the investors in this product.
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Driving Factor
Increasing Consumption of Rice-Based Dishes to Favor Market Growth
Rice exports from key rice-producing countries such as India, China, and others have contributed significantly to the rise in cooking appliance consumption around the world. For example, according to data released by the Economic Times in February 2020, India shipped 12 million tons of rice worldwide from 2018 to 2019. This is a primary factor for rice cooker market growth.
The rising innovation of smart cookers with remote control features represents a market growth opportunity. For example, the Zorbes Xiaomi IH 3 L Electric Rice Cooker has a number of appealing features, including an automated heat preservation system, remote control ability, and over 3000 cooking schemes.
Regional Insights
Widespread Consumption of Rice in Asia Pacific to Propel Market
Asia Pacific is projected to lead the rice cooker market share in the foreseeable future. This is due to the massive consumption of rice in the region. According to the data published by Asia Rice.Org in their ‘Asia-Rice 2019 Implementation Report,’ Asia is the world’s largest rice-consuming continent, accounting for 90 percent of global consumption.
North America is projected to showcase considerable growth due to the rising popularity of cooking reality shows. Moreover, the growing popularity of rice-based dishes such as biryani, sushi, jambalaya, and others are facility rating product sales.
Market Segmentation
On the basis of product, the market is fragmented into standard, multifunctional, and induction. Based on application, the market is grouped into residential and commercial. By size, the market is divided into 1-2 liters, 2-5 liters, and 5-8 liters. 2-5 liters is projected to be the prominent segment due to the product being considered as an ideal size for most household. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Competitive Landscape
Key Players to Focus on Developing New Products to Facilitate Growth
The players are concentrating their efforts on developing novel goods that improve consumers’ lifestyles by incorporating various technologies such as the Internet of Things and others, which is fueling the growing demands of the cooker. Some of them are also concentrating on expanding their rice cooker product portfolios and developing new products in order to enhance their market share.
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