Asia-Pacific Electric Rice Cooker Market Projected to Acquire $4.3107 Billion by 2031, Strong Growth at 9.8% CAGR

The standard segment dominated the global market in 2020, and is expected to retain its dominance throughout the forecast period.

WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, March 27, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Asia-Pacific Electric Rice Cooker Market by Product and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020-2031,”. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. The Asia-Pacific electric rice cooker market size was valued at $1,499.5 million in 2020, and is estimated to reach $4,310.7 million by 2031, registering a CAGR of 9.8% from 2022 to 2031.

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The Asia-Pacific electric rice cooker market growth is propelled by the surge in consumer inclination toward convenience-based products in the market. Busy lifestyle and rise in participation of women in the workforce in India since paste few years have resulted in their shift toward efficient and less time-consuming kitchen appliances, such as electric rice cooker. In addition, prices of cooking gas have been on a significant increase in the past, which has led customers to shift to effective alternatives in terms of cost, convenience and efficiency. Electric rice cooker is cost effective, convenient and efficient alternative to gas-based rice cookers, due to which the Asia-Pacific electric rice cooker market demand is likely to grow in the near future. The Asia-Pacific electric rice cooker market is segmented on the basis of product, distribution channel, and country.

By product, the Asia-Pacific electric rice cooker market is categorized into standard, multi-functional, and induction. Electric rice cooker is most widely used in household applications due to the busy lifestyle of the consumers and the efficient operations of rice cooker, which enables the consumers to cook rice and rice specialty products without much manual interventions. On the basis of distribution channel, it is categorized into supermarket/hypermarket, convenience stores, e commerce, and others. The supermarket/hypermarket segment led the Asia-Pacific electric rice cooker market in terms of distribution channel and is estimated to grow at a CAGR of 9.4% during the forecast period. The segment is expected to reach $2,069.6 million by 2030.

The e-commerce segment is likely to be the fastest growing segment during the forecast period. Rise in number of consumers seeking convenient lifestyle and increase in penetration of smartphones among the consumers in the region is anticipated to drive e-commerce distribution channel segment in the Asia-Pacific electric rice cooker market. On the basis of country, the market is analyzed across China, Japan, India, South Korea, Australia, and rest of Asia-Pacific. China led the market for electric rice cooker regionally. This can be attributed to the expansion of retail distribution channel and rise in disposable income among the consumers in the country. Rice is a staple food in majority of the countries in the Asia-Pacific region, which further contributes toward the growth of the electric rice cooker market in the region.

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This report presents a quantitative analysis of the current Asia-Pacific electric rice cooker market trends, estimations, and dynamics of the global Asia-Pacific electric rice cooker market from 2020 to 2031 to identify the prevailing market opportunities. The Asia-Pacific electric rice cooker industry is segmented on the basis of product, distribution channel, and region. By product, it is categorized into standard, multifunction, and induction. By distribution channel, it is divided into supermarket/hypermarket, convenience stores, e commerce, and others. Country wise, it is analyzed across China, Japan, India, South Korea, Australia, and rest of Asia-Pacific.

The key players profiled in this report include AB Electrolux, Panasonic Corporation, Groupe SEB, Breville Group, TTK Prestige Ltd, Bajaj Electricals Limited, Koninklijke Philips N.V., Ali Group Srl, Wonderchef Home Appliances Pvt. Ltd., and Newell Brands (Oster).

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

• By product, the standard segment dominated the global market in 2020, and is expected to retain its dominance throughout the forecast period.
• By distribution channel, Supermarket and hypermarket segment accounted for highest share in the market growth in 2020, and is projected to grow at a CAGR of 9.4% from 2022 to 2031.
• By country, China accounted for the highest Asia-Pacific electric rice cooker market share in 2020, and is expected to grow at a CAGR of 9.4%.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐟𝐨𝐫 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬:

• This report presents a quantitative analysis of the current Asia-Pacific electric rice cooker market trends, estimations, and dynamics of the global Asia-Pacific electric rice cooker market from 2020 to 2031 to identify the prevailing market opportunities.
• Key countries in the region are mapped on the basis of their market share.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth Asia-Pacific electric rice cooker market analysis of the market segmentation assists in determining the prevailing market opportunities.
• Major countries in the region are mapped according to their revenue contribution to the global industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes analysis of regional market, key players, market segments, areas, and growth strategies.

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𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 “𝐀𝐌𝐑 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

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David Correa
Allied Market Research
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