The Microwave Ovens Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Microwave Ovens Global Market Report 2024, The microwave ovens market size has grown steadily in recent years. It will grow from $47.17 billion in 2023 to $48.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to time-efficient cooking, changing lifestyles, affordability and accessibility, increasing number of working women, rising disposable incomes.
The microwave ovens market size is expected to see steady growth in the next few years. It will grow to $54.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The growth in the forecast period can be attributed to smart and connected appliances, cooking technology advancements, energy efficiency and sustainability, health and wellness, compact and space-saving solutions. Major trends in the forecast period include multi-function microwave ovens, voice and app control, aesthetics and design, healthy cooking and nutrition, sustainability and eco-friendly materials.
The increasing demand for frozen and ready-to-eat food owing to busy lifestyles is expected to drive the microwave ovens market growth during the forecast period. Frozen and prepared meals can easily be cooked in microwave ovens and taste similar to that fresh food. For instance, in November 2022, according to a report published by the American Frozen Food Institute, a US-based trade association, over the 52-week period ending June 26, 2022, sales of frozen fruits and vegetables in the US reached $7.1 billion, while the volume of the product was 271 million pounds higher than pre-pandemic levels at 3.9 billion pounds. Plain vegetables, potatoes onions, and fruit were the segment’s top-selling products, with sales of $2.9 billion, $2.3 billion, and $1.5 billion, respectively. Therefore, the increasing demand for frozen and ready-to-eat food owing to busy lifestyles drives the growth of the microwave oven market.
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The microwave ovens market covered in this report is segmented –
1) By Product: Grill; Solo; Convection
2) By Structure: Counter Top; Built-In
3) By Distribution Channel: Specialty Stores; Supermarkets/Hypermarkets; Online Channel; Other Distribution Channels
4) By Application: Commercial; Household
The microwave ovens market report table of contents includes:
1. Executive Summary
2. Microwave Ovens Market Characteristics
3. Microwave Ovens Market Trends And Strategies
4. Microwave Ovens Market – Macro Economic Scenario
5. Global Microwave Ovens Market Size and Growth
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26. South America Microwave Ovens Market
27. Brazil Microwave Ovens Market
28. Middle East Microwave Ovens Market
29. Africa Microwave Ovens Market
30. Microwave Ovens Market Competitive Landscape And Company Profiles
Top Major Players:
- Sharp Corporation
- LG Electronics Inc
- Electrolux AB
- Alto-Shaam Inc
- Panasonic Corporation
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