Increase in working professionals and the creation of new products will fuel the electric rice cooker market through the forecast period.
According to TechSci Research report, “India Electric Rice Cooker Market - By Region Competition Forecast and Opportunities, 2018-2028F” India's electric rice cooker market is forecasted to grow at an impressive CAGR during the forecast period because of reduced household spending and transition to electrical appliances. Growing acceptance of corporate work cultures, rising living standards, and an increase in the number of nuclear families all contribute to the market's expansion. I In addition to that, due to the availability of multifunction cooking appliances with smart functions, which is fueling the demand for electric rice cookers, the market for these appliances is anticipated to grow steadily during the anticipated period.
The Go Electric campaign was started by the Indian government in February 2021 to raise public knowledge of the advantages of electric cooking appliances, reducing the nation's increasing reliance on imported liquefied petroleum gas (LPG), and promoting the low-carbon transition (PIB 2021). However, there is little knowledge about the acceptance and usage of eCooking in India currently, its cost-effectiveness in comparison to other clean alternatives, and how households feel about moving from their usual cooking fuels to eCooking.
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But in 2020 IRES reported that 5% of Indian homes use electronic cooking appliances, with urban areas having a greater prevalence (10.3%) than rural areas (2.7 per cent). The most common appliances used by almost 40% of eCooking customers are induction cooktops and rice cookers, which are then followed by microwave ovens. The variety of eCooking appliances vary by state, with rice cookers predominating in Andhra Pradesh.
During the COVID-19 pandemic, lockdowns and partial industrial closures had a devastating impact on manufacturing plants across the country. To halt the spread of COVID-19 and ensure the safety of their employees as it spreads over the world, businesses have taken drastic steps, such as closing plants. The pandemic thus led to a brief decline in the availability of electric rice cooker. As a result, the rate of market growth will be impacted negatively. However, when companies started to rely more on online channels, e-commerce increased dramatically because of their capacity to generate revenue through them.
The India electric rice cooker market is segmented by type, capacity, distribution channel, end user, region, and company.
In terms of type, the India Electric Rice Cooker Market is segmented into standard, multifunction & induction heat. The standard electric cooker is dominating the market share in 2022. This supremacy is credited with the fact that basic rice cookers are inexpensive, easy to use, and little maintenance. This can be related to growing workforce population, low maintenance and simplicity in handling.
From 2022 to 2028, it is expected that the multipurpose segment will grow at an impressive growth rate. A multipurpose electric rice cooker can be used for a variety of tasks, such as heating water, making instant noodles, and steaming vegetables. The primary reasons influencing the market for electric rice cookers are their nonstick and anti-scratch coating, which makes them easy to clean and highly durable, and detachable power cords for easier travel. To add new capabilities and improve consumer convenience, established businesses are concentrating on R&D.
Regarding capacity, the India electric rice cooker market is segmented into less than 2-liter, 2 liter-4 liter and more than 4 liters. Based on distribution channel, the segment is divided into hypermarkets/supermarkets, multi-branded stores, online, specialty stores, exclusive stores, and others (direct sales, distributors & dealers, etc.).
Among them, hypermarkets/supermarkets will dominate the India electric rice cooker market, but online sales have gained popularity after the COVID-19 pandemic.
The end user segment is divided into residential and commercial. From 2018 to 2028, the commercial end user segment is anticipated to grow at a tremendous rate. One of the key factors propelling the electric rice cooker market in this sector is the introduction of larger automatic rice cookers with a 3D heating mode feature. Better cooking and even heating are guaranteed with the 3D heating mode. Due to its low maintenance and monitoring requirements, electric cookers are anticipated to become more prevalent in commercial settings like hotels and restaurants. Additionally, the government launched the Go Electric campaign which will support the growth of electric rice cooker demand for commercial usage.
Key market players in the India Electric Rice Cooker market include:
- Philips India Limited
- Bajaj Electricals Ltd
- TTK Prestige Limited
- STOVE KRAFT LIMITED
- Panasonic India Pvt Ltd
- USHA INTERNATIONAL LIMITED
- Havells India Ltd.
- Butterfly Gandhimathi Appliances Limited
- Toshiba Lifestyle Products and Services Corporation
- KENT RO SYSTEMS LTD
The world is noticing a rise in demand of electric rice cooker in several aspects, including the numbers of cooking applications with features like steaming, cooking a variety of grains, boiling, and most importantly the IOT function. As it becomes more popular, Prestige released the IOT-enabled smart electric rice cooker, allowing users to access their appliances at any time and from any location while they are cooking.
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“The demand for electric rice cookers in India is steadily rising as a direct result of changing consumer attitude towards energy-saving appliances, a growth in the number of people working, and social media influencers who are more inclined to post about their cooking experiences. As a result of the increased demand, which is predicted to drive the Indian electric rice cooker market over the next few years, market participants are also constantly upgrading their products. Additionally, the expansion of the e-commerce industry and the positive effects of cloud based marketing and online sales will create new avenues for distributors and manufacturers to connect with customers and expand their audience, which will favorably affect the India electric rice cooker market over the course of the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Electric Rice Cooker Market, By Type (Standard, Multifunction & Induction Heat), By Capacity (Less Than 2 Liter, 2 liter - 4 Liter & More Than 4 Liter), By Distribution Channel (Supermarket/Hypermarket, Multi-Branded Stores, Online, Specialty Stores, Exclusive Stores & Others (Direct Sales, Distributors & Dealers etc.)), By End User (Residential, Commercial), By Region, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of electric rice cooker market in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India Electric Rice Cooker Market.