Report Overview

An increasing number of nuclear families and a growing demand for quick, convenient, and easy kitchen appliances across the country are projected to propel the expansion of the India electric rice cooker market during the forecast period between 2023 and 2029.

India Electric Rice Cooker Market - Industry Trends & Forecast Report, 2029

India electric rice cooker market size was estimated at USD 201.3 million in 2022. During the forecast period between 2023 and 2029, the size of India electric rice cooker market is projected to grow at a 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. Also, the India electric rice cooker market is expected to register growth during the forecast period, owing to advancements in technology and an increase in the number of nuclear families. The market is being driven by the incorporation of new and unique features in electric rice cookers, such as the integration of the Internet of Things 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 new products and expanding their existing product range.

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 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.

India Electric Rice Cooker Market

Growth Drivers

Increasing Number of Nuclear Families

The India electric rice cooker market is expected to be driven by the increasing number of working individuals, nuclear families, and improved living standards in emerging economies. Another factor expected to contribute to market growth is the growing demand for energy-efficient appliances, such as induction heat electric rice cookers and multifunctional electric rice cookers, which help reduce time spent on household chores. The advantages of electric rice cookers, including time and cost savings, convenience, and efficiency compared to traditional gas-powered rice cookers, are expected to further increase demand for these appliances in the near future.

Growing Demand for Quick, Convenient, and Easy Kitchen Appliances

Rice is a crucial grain in India and is consumed widely across the country as a staple food. In fact, official records suggest that the annual average consumption of rice in India is approximately 100 million tons, making it a significant market for rice cookers. Due to the demanding schedules of modern-day living, including corporate work culture, changing lifestyle preferences, and remote working options, Indian consumers have started to rely on convenient kitchen appliances, such as electric rice cookers, to save time and energy. Also, the increasing purchasing power of Indian consumers, the growth of nuclear families, and the growing involvement of women in the workforce are expected to drive market growth in the forecast period. According to the World Bank database, India's per capita income was recorded at US$7310 in 2021.

Restraints

High Cost of Electric Rice Cookers

As electric rice cookers have become increasingly popular in India, their prices have also increased, making them less accessible to some consumers. This may limit the potential market size and hinder the adoption of electric rice cookers. In addition, consumers in India are generally price-sensitive and tend to prioritize affordability over features and quality, which could also pose a challenge for the market. To address this issue, the market players may need to focus on offering more affordable options and emphasizing the cost-effectiveness and long-term benefits of using electric rice cookers over traditional methods of cooking rice.

Impact of COVID-19 on India Electric Rice Cooker Market

COVID-19 pandemic adversely affected the growth of the India electric rice cooker market. It disrupted supply chains, leading to shortages of raw materials and components necessary to manufacture the appliances. It 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, pandemic has resulted in increased demand for electric rice cookers due to more people staying at home and cooking.

India Electric Rice Cooker Market

Segmental Coverage

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, 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.

India Electric Rice Cooker Market – By Capacity

Based on capacity, the India electric rice cooker market is divided into Small Volume, Medium Volume, Large Volume, and Extra-Large Volume segments.

India Electric Rice Cooker Market – By Distribution Channel

Based on distribution channel, the India electric rice cooker market is categorized into Supermarket/Hypermarket, Specialty Store, and E-commerce segments. The e-commerce segment is expected to hold the highest market share during the forecast period. As per official records, India is ranked as the eighth-largest market for e-commerce, with estimated sales of USD 85.4 billion in 2021. The surge in internet shopping, expanding social media influence, and the improving electrical infrastructure indicate a growing demand for electric rice cookers. Furthermore, during the festive season, e-commerce websites like Amazon and Flipkart offer substantial discounts and deals on electronic consumer devices and kitchen appliances such as electric rice cookers, which is expected to boost the growth of this segment.

India Electric Rice Cooker Market – By End User

Based on end use, the India electric rice cooker market is bifurcated into Residential and Commercial segments. The residential segment holds a higher share in the India electric rice cooker market, as electric rice cookers are primarily used in households for preparing meals. Rice is a staple food in India, and the traditional method of cooking rice on a stove can be time-consuming and require constant attention. Electric rice cookers provide a convenient and efficient way of cooking rice, making them a popular choice among households. Also, the increasing trend of nuclear families, where both parents work, has led to a rise in demand for kitchen appliances that save time and effort. The affordability and ease of use of electric rice cookers have also contributed to their popularity among households.

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.

Recent Developments

• In November 2022 - A patent has been granted to a team of students from Kashmir University for their innovative creation of a "Starch Rice Cooker" designed specifically for diabetes patients. This unique appliance not only checks the starch level of the rice being cooked, but it can also remotely prepare meals for a large number of people via text message.

Scope of the Report

By Type

• Standard

• Multifunction

• Induction Heat

By Capacity

• Small Volume

• Medium Volume

• Large Volume

• Extra Large Volume

By Distribution Channel

• Supermarket/Hypermarket

• Specialty Store

• E-commerce

By End User

• Residential

• Commercial