LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global electric rice cooker market to grow at a CAGR of close to 7% during the forecast period, 2019-2023, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
Multifunctionality of the electric rice cooker is one of the major trends being witnessed in the global electric rice cooker market. Multifunctionality, portability, and power efficiency are the recent innovations in electric rice cookers. Vendors are also introducing models with rubber seals and locking mechanisms, which hold the lid tightly onto the crock for spill-free transportation. In addition, it has a steam tray that is ideal for steaming fish, poultry and vegetables. Differentiating factors like these improve the performance and functionality of electric rice cooker and are expected to accelerate the demand for the product among households.
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According to Technavio analysts, one of the key factors contributing to the growth of the global electric rice cooker market is the product innovation and portfolio extension leading to premiumization:
Global electric rice cooker market: Product innovation and portfolio extension leading to premiumization
Though electric rice cookers with integrated modern technologies, innovative features, and functionalities are expensive than regular cookers, they are witnessing high demand from customers and portfolio extension by vendors is also resulting in product premiumization. Premiumization enables the manufacturers for better customer engagement with their brand and product, leading to improved visibility of products and wide product assortment. Thus, product innovation and wide product assortment lead to premiumization of product, in turn, driving the price quotient of the market.
According to a senior analyst at Technavio, “MiJia induction heating pressure rice cooker by Xiaomi, is a smart electric rice cooker with built-in Wi-Fi, which allows consumers to control the functions of a rice cooker via their smartphones through the MiHome app. Consumers can also select timer, warm up their left-over rice and get notified when the rice is cooked. Such features and product innovations have led to premiumization of product.”
Global electric rice cooker market: Segmentation analysis
The global electric rice cooker market research report provides market segmentation by distribution channel (offline and online) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
APAC held the largest share of the market in 2018, accounting for more than 64% share. It was followed by EMEA and the Americas respectively. The dominance of APAC can be attributed to the product innovation and portfolio extension leading to premiumization and rising internet and smartphone penetration.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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