BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India electric rice cooker marketsize at USD 201.3 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India electric rice cooker marketsize to grow at a significant CAGR of 6.09% reaching a value of USD 302.16 million by 2029. Major growth drivers for the India electric rice cooker market include an increasing number of households that have both working adults, which has led to a higher demand for quick and easy meal solutions. Electric rice cookers have become more affordable, making them accessible to a wider range of consumers. Another factor contributing to the growth of the electric rice cooker market in India is the increasing popularity of multi-cookers, which can cook not just rice, but also other types of dishes, such as biryanis, curries, and soups. Multi-cookers offer convenience and versatility, which has made them a popular choice among consumers. The India electric rice cooker market is also expected to record significant growth during the forecast period, owing to the rapid adoption of technology advancements and an increase in the number of nuclear families. The market is also being driven by the incorporation of new and unique features in electric rice cookers, such as the integration of the Internet of Things (IoT) to connect these devices. These developments have contributed to the expansion of the electric rice cooker market. Key market players are striving to meet the growing demand by introducing innovative products and expanding their existing product range. However, high cost of electric rice cookers and lack of standardization are anticipated to restrain the overall market growth during the period in analysis.
India Electric Rice Cooker Market – Overview
The electric rice cooker market refers to the industry that involves the production, distribution, and sale of electric appliances used specifically for cooking rice. These appliances are designed to automate the rice cooking process and offer a convenient and time-saving solution for households. The market includes various types of electric rice cookers, ranging from basic models with simple features to advanced multi-cookers with a variety of functions. The market is driven by factors such as convenience, affordability, and the increasing demand for quick and easy meal solutions. Major players in the electric rice cooker market offer a wide range of products, from budget-friendly options to high-end models with advanced features.
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Impact of COVID-19 on India Electric Rice Cooker Market
COVID-19 pandemic adversely affected the electric rice cooker market in India. It disrupted supply chains, leading to shortages of raw materials and components necessary to manufacture the appliances. It has resulted in delayed production and increased prices for some models, potentially discouraging some consumers from purchasing them. Additionally, reduced consumer spending caused by the economic impact of the pandemic may have also affected the market. Despite these challenges, the market has recovered and continues to grow in the long term as demand for convenient kitchen appliances remains high. Also, the pandemic has resulted in an increased demand for electric rice cookers as a greater number of people are staying at and working from home and have begun cooking.
India Electric Rice Cooker Market – By Type
By type, the India electric rice cooker market is divided into Standard, Multifunction, and Induction Heat segments. The standard electric rice cooker segment holds the highest share in the India electric rice cooker market primarily, as it is the most affordable and widely available type of electric rice cooker. Standard electric rice cookers are relatively simple in design and function, with basic features such as a heating plate and a switch to turn the cooker on and off. They are also easy to operate, requiring minimal expertise or training to use. Also, traditional cooking methods are still popular in many parts of India, where many households still cook rice on the stove using a pot or pressure cooker. Therefore, the affordability and simplicity of standard electric rice cookers make them a more accessible and practical choice for many consumers, particularly in lower-income households or in rural areas where access to other types of electric rice cookers may be limited.
Competitive Landscape
Major players operating 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, and KENT RO SYSTEMS LTD. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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