India Electric Rice Cooker Market is Fueled by the Multifunction in the Forecast Period
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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"India Electric Rice Cooker Market.”
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.
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