Global microwave market set for growth, driven by rising demand for smart kitchen appliances, convenient cooking solutions, and increasing consumer preferences.

NEWARK, DE, UNITED STATES, January 17, 2025 /EINPresswire.com/ -- The global microwave market is projected to reach USD 8 billion in 2022, with expectations to grow at a 4% compound annual growth rate (CAGR), reaching a market value of USD 11.84 billion by 2032. This growth is primarily driven by increasing consumer demand for frozen and ready-to-eat food, the rapid rise in urbanization, and the growing inclination toward energy-efficient, smart kitchen appliances.

Key factors fueling this expansion include:

Demand for Ready-to-Eat and Frozen Foods: Consumers are increasingly seeking convenient cooking options, and microwaves offer an efficient way to heat frozen meals, boosting market demand.

Rising Urbanization and Changing Lifestyles: As urbanization continues to grow, the working population’s hectic schedules further encourage the need for time-saving appliances like microwaves.

Growth in the Food Processing and Food Service Industry: The continued expansion of food processing and food service industries has further increased microwave adoption for both residential and commercial use.

Smart Kitchen Appliances: The increasing adoption of IoT-enabled kitchen appliances and smarter cooking solutions is driving consumer interest in advanced microwave technologies.

Energy Efficiency: As environmental concerns rise, energy-efficient appliances are gaining traction, with microwaves being preferred for their ability to cook food using less energy compared to traditional methods.

Countertop Microwaves Set to Dominate Market

Among different types of microwaves, countertop models are expected to maintain a dominant market share. These models are cost-effective, easy to use, and require minimal installation, making them particularly appealing to both household consumers and businesses. The convenience and portability of countertop microwaves make them a popular choice, especially in commercial sectors such as hotels, restaurants, and schools.

Challenges Faced by the Global Microwave Market

Supply Chain Disruptions: Ongoing supply chain issues, worsened by the pandemic, continue to affect production schedules and increase material costs, impacting the overall market.

Intense Competition: The growing demand for smart microwaves and advanced features has led to increased competition, making it difficult for brands to stand out in a crowded market.

Rising Raw Material Costs: Fluctuations in the cost of raw materials, such as metals and electronics, are putting pressure on manufacturers to adjust their pricing strategies, which may affect consumer demand.

Energy-Efficiency Demands: As consumers increasingly seek energy-efficient appliances, manufacturers face the challenge of delivering high-performance microwaves that are both energy-efficient and affordable.

Market Saturation in Developed Regions: In mature markets like North America and Europe, microwave sales growth is slowing due to market saturation, leaving manufacturers to rely on replacement sales or innovation to drive further demand.

Regional Insights

United States: The U.S. microwave market is expected to grow at a 1.1% CAGR, driven by a rising interest in energy-efficient and smart home appliances.

China: The microwave market in China is forecasted to grow at an impressive 10.2% CAGR, fueled by a demand for energy-efficient kitchen appliances and the increasing consumption of frozen and packaged foods.

India: India’s microwave market is anticipated to expand at an 8.0% CAGR, with increased electrification in rural areas and a growing preference for technology-driven kitchen appliances.

Key Players

Galanz Enterprise group.; Whirlpool Corporation; Hoover Limited; LG Electronics; AB Electrolux.; Sharp Corporation; Illionis Tool works INC; Alto-Shaam INC; Panasonic Corporation; Haier group corporation; Robert Bosch

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Global Microwave Market by Category

By Product Type:

• Convection
• Grill
• Solo

By Application:

• Household
• Commercial

By Structure:

• Built-In
• Countertop

By Sales Channel:

• Hypermarkets/ Supermarkets
• Wholesalers/Distributors
• Specialty Stores
• Multibrand Stores
• Online Retailers
• Other Sales Channel

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

Author

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

Have a Look at the Related Reports of the Consumer Product Domain:

The Smart Kitchen Appliances Market size, valued at USD 1,450.8 million in 2023, is expected to reach USD 3,280.1 million by 2033, with a CAGR of 8.5%.

The demand for Small Kitchen Appliances is valued at USD 105.84 billion in 2023 and is projected to reach USD 145.0 billion by 2033, growing at a CAGR of 3.2%.

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