Electric Cookers Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 5.35 Billion |
| Market Size (2029) | USD 6.79 Billion |
| CAGR (2024 - 2029) | 4.89 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electric Cookers Market Analysis
The Electric Cookers Market size is estimated at USD 5.35 billion in 2024, and is expected to reach USD 6.79 billion by 2029, growing at a CAGR of 4.89% during the forecast period (2024-2029).
Electric cookers have become staples in both homes and commercial kitchens. In residential settings, they provide a convenient and efficient means for meal preparation, offering versatile options like boiling, simmering, roasting, and baking. In commercial venues such as restaurants and cafes, electric cookers are indispensable. They empower chefs to swiftly prepare large food quantities, ensuring operations run smoothly and service remains timely. Thus, electric cookers are pivotal in fulfilling culinary demands and delighting customers in both arenas.
While electric cookers are more expensive than traditional ones, global demand is surging. This trend is fueled by rising disposable incomes, urbanization, and a growing inclination toward renewable energy products. Beyond their core cooking functions, electric cookers boast features like timers and adjustable heat settings. Their advantages extend to hassle-free cooking without fire, making them ideal for travelers and hostel residents.
The electric cookers market is increasingly leaning toward multifunctionality and energy efficiency. Vendors are rolling out advanced electric cookers, some equipped with LCDs and voice navigation for added user-friendliness. The market is also seeing a trend of product premiumization and an expansion of company portfolios. For example, certain vendors are launching smart electric cookers with integrated Wi-Fi, enabling users to manage settings via smartphone apps. Such innovations enhance customer interaction and are poised to propel the growth of the electric cookers market over the coming years.
Electric Cookers Market Trends
Increasing Numbers of Working Women and Busy Lifestyles are Driving the Market
Women's growing workforce presence and demanding lifestyles are significantly driving the electric cookers market. With more women taking on professional roles, the demand for time-saving cooking solutions has surged. Electric cookers, boasting functionalities like pressure cooking, slow cooking, steaming, and sautéing, offer time-efficient meal preparation. This versatility enables working women to prepare nutritious meals swiftly, even on their busiest days. Furthermore, as modern life becomes increasingly fast-paced, traditional cooking methods often fall by the wayside due to their time-consuming nature.
Electric cookers streamline meal preparation, allowing users to set cooking times and temperatures, often enabling unattended cooking. This is especially beneficial for working women balancing work, family, and personal commitments. As consumers become more health-conscious, there is also growth in the demand for home-cooked meals. Electric cookers support healthier methods, like steaming and pressure cooking, which preserve nutrients and reduce the need for added fats. This resonates with health-conscious individuals, especially working women, who prioritize their families' well-being. Technology integration in home appliances has further fueled the electric cookers market. Many contemporary electric cookers feature intelligent capabilities, such as app connectivity and programmable settings, enabling remote cooking control. This technological advancement resonates with tech-savvy working women who value the added convenience and flexibility. As more women step into professional roles, the demand for appliances that simplify household tasks, especially cooking, continues to rise.
Asia-Pacific to Emerge as the Strongest Regional Market Over the Forecast Period
Asia-Pacific spearheaded the electric cookers market, with Europe and other regions trailing behind during the study period. Forecasts indicate that Asia-Pacific will maintain its dominant position in the market. This dominance is attributed to various factors, notably the surging population and escalating disposable income in nations like China, India, and Japan. Key drivers for the uptick in electric cooker sales in the region include urbanization, aggressive promotional strategies by companies, and the rising disposable incomes of consumers. Moreover, the growing inclination toward healthy cooking and the popularity of electric pressure cookers further bolster the market's expansion. Electric cookers are increasingly favored over traditional ones, owing to their efficient cooking capabilities, ease of cleaning, and enhanced safety features.
The burgeoning working population in developing countries, particularly India and China, also catalyzes market growth. These consumers are gravitating toward premium kitchen products boasting multifunctional attributes. There is also a heightened awareness regarding the benefits of low-emission cooking appliances, a trend poised to amplify the demand for electric cookers in the region.
Electric Cookers Industry Overview
The electric cookers market is fragmented, with several players occupying significant market shares. Major players in the market include Newell Brands, Spectrum Brands, Electrolux, and Koninklijke Philips. Product innovation and portfolio extension are driving the premiumization and multifunctionality of electric rice cookers. These factors are likely to provide considerable growth opportunities for electric rice cooker manufacturers.
Electric Cookers Market Leaders
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Newell Brands
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Spectrum Brands
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Electrolux
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Koninklijke Philips
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Smeg
*Disclaimer: Major Players sorted in no particular order
Electric Cookers Market News
- May 2024: Smeg collaborated with Vitesy to integrate food shelf life extension technology into its refrigerators. Vitesy garnered attention with the debut of 'Shelfy,' an innovative smart device to combat the escalating food waste problem. Beyond merely extending food shelf life, Shelfy actively diminishes bacteria and eliminates unwanted odors.
- January 2024: Electrolux Professional Group finalized its acquisition of Tosei Corporation. The announcement of the acquisition was made public on December 22, 2023. With the successful completion of this transaction, Electrolux Professional now holds ownership of all shares and associated assets of Tosei Corporation.
Electric Cookers Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Popularity of Smart Kitchen Appliances
4.2.2 Rise in the Number of Nuclear Families
4.3 Market Restraints
4.3.1 Low-quality Electric Rice Cookers
4.4 Market Opportunities
4.4.1 Addition of Innovative Features
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Consumer Buying Preferences
4.7 Industry Value Chain Analysis
4.8 Insights into Technological Innovations in the Market
4.9 Insights into the Impact of the COVID-19 Pandemic on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Low Volume
5.1.2 Medium Volume
5.1.3 Large Volume
5.2 By Application
5.2.1 Household
5.2.2 Commercial
5.3 By Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Specialty Stores
5.3.3 Online Platforms
5.3.4 Other Distribution Channels
5.4 By Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 South America
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Market Competition Overview
6.1.1.1 Philips
6.1.1.2 Newell Brands
6.1.1.3 Spectrum Brands
6.1.1.4 Smeg
6.1.1.5 Electrolux
6.1.1.6 Panasonic
6.1.1.7 Toshiba
6.1.1.8 Hitachi
6.1.1.9 Cuchen
6.1.1.10 Midea
6.1.1.11 Tiger
6.1.1.12 Conair
6.1.1.13 Enaiter
6.1.1.14 Sinbo
6.1.1.15 Supor*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER AND ABOUT US
Electric Cookers Industry Segmentation
Electric cookers utilize integrated electrical heating elements for cooking and baking. They became popular as convenient alternatives to traditional solid-fuel stoves, like those fueled by wood or coal, which require more labor for operation and maintenance.
The electric cookers market is segmented by product type, application, distribution channel, and geography. By product type, the market is segmented into low volume, medium volume, and large volume. By application, the market is segmented into household and commercial. By distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, online platforms, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report offers sizes and forecasts for the electric cookers market in terms of value (USD) for all the above segments.
| By Product Type | |
| Low Volume | |
| Medium Volume | |
| Large Volume |
| By Application | |
| Household | |
| Commercial |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Stores | |
| Online Platforms | |
| Other Distribution Channels |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East and Africa |
Electric Cookers Market Research Faqs
How big is the Electric Cookers Market?
The Electric Cookers Market size is expected to reach USD 5.35 billion in 2024 and grow at a CAGR of 4.89% to reach USD 6.79 billion by 2029.
What is the current Electric Cookers Market size?
In 2024, the Electric Cookers Market size is expected to reach USD 5.35 billion.
Who are the key players in Electric Cookers Market?
Newell Brands, Spectrum Brands, Electrolux, Koninklijke Philips and Smeg are the major companies operating in the Electric Cookers Market.
Which is the fastest growing region in Electric Cookers Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electric Cookers Market?
In 2024, the Asia Pacific accounts for the largest market share in Electric Cookers Market.
What years does this Electric Cookers Market cover, and what was the market size in 2023?
In 2023, the Electric Cookers Market size was estimated at USD 5.09 billion. The report covers the Electric Cookers Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Electric Cookers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electric Cookers Industry Report
Statistics for the 2024 Electric Cookers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Cookers analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
