PORTLAND, Oregon, March 3, 2020 /PRNewswire/ -- Participation by females in paid work force, rise in affordability of household appliances, and less time for household activity propel the growth of the global electric rice cooker market.
Allied Market Research published a report, titled, "Electric Rice Cooker Market by End User (Household and Commercial), and Distribution Channel (Supermarket/Hypermarket, Specialty Stores, E-commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global electric rice cooker industry garnered $3.44 billion in 2019, and is estimated to reach $5.5 billion by 2026, growing at a CAGR of 6.8% from 2019 to 2026.
Drivers, restraints, and opportunities-
Contribution by females in paid work force, increase in affordability of household appliances, and less time for household activity fuel the growth of the global electric rice cooker market. On the other hand, availability of counterfeit products impedes the growth to some extent. However, growth in e-commerce sales, and technological advancements are expected to create multiple opportunities in the near future.
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The household segment to lead the trail by 2026-
Based on end user, the household segment accounted for almost 80% of the global electric rice cooker market share in 2019, and is expected to retain its dominance by the end of 2026. This is attributed to change in lifestyle and increase in disposable income of people. In addition, growing trend of modular kitchens, and launch of technology driven electric rice cooker have propelled the growth of the market. On the other hand, the commercial segment is projected to cite the fastest CAGR of 7.3% from 2019 to 2026. This is due to increase in number of food service establishments in developing countries, and rise in use of efficient cooking appliances for safety purposes.
The supermarket/hypermarket segment held the largest share in 2019-
Based on distribution channel, the supermarket/hypermarket segment contributed to nearly half of the global electric rice cooker market revenue in 2019, and is projected to dominate till 2026. Low inventory cost coupled with advanced supply chain and large consumer base within the local market are the key factors driving the growth of the segment. However, the e commerce segment would also manifest the fastest CAGR of 10.0% throughout the forecast period. Consumer preference due to accessibility and convenience, and discount offers for online purchasing are the major growth factors. On the other hand, the emergence of advanced technology fuel the growth of the segment
Asia-Pacific to dominate the market, North America to grow at a moderate pace-
Based on geography, the region across Asia-Pacific held the major share in 2019, garnering more than two-fifths of the global electric rice cooker market. The same province is also anticipated to register the fastest CAGR of 7.8% during the estimated period. This is due to increase in disposable income, and change in living standard of the people in this region. Moreover, growing demand for innovative cooking appliances is leading the market growth. Mention North America
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Leading market players-
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