Microwave Oven Market

Market Overview

The global microwave oven market size was valued at USD 10.8 billion in 2022. It is projected to reach USD 16.47 billion by 2031, growing at a CAGR of 4.8% during the forecast period (2023–2031).

The term microwave oven refers to an electronic device that uses electromagnetic waves to cook and heat food and beverage products quickly. Heat tends to radiate from electromagnetic waves or microwaves in the form of microwave energy. As a result, the food is heated by a process known as dielectric heating, which causes the polar molecules there to rotate and produce heat energy. Food is heated more evenly in microwave ovens than in other cooking methods because excitation is relatively uniform in the outer 25–38 mm (1–1.5 inches) of a homogeneous, high water-content food item. The water molecules in food products are also exposed to this energy.

The growth of the microwave oven market is accelerated by the rise in the number of nuclear families, the high demand for frozen and ready-to-eat foods, and the rise in sales of smart kitchen appliances. The growth of the hospitality industry, the rise in catering orders for significant events, seminars, and other social gatherings, as well as the rise in appliance adoption for the home and kitchen due to urbanization all, have an impact on the market for microwave ovens. Rising consumer standards of living positively impact the market for microwave ovens, population expansion, increased consumer awareness of various cooking appliances, rising consumer spending on kitchen appliances, and rising consumer disposable income.

Market Dynamics

What Are The Driving Factors For Microwave Ovens?

Demand for Energy-Efficient Appliances Rises to Thaw Frozen Foods

It can be challenging for well-known restaurant chains, canteens, and cafeterias to prepare food for large crowds. Furthermore, it becomes impractical to satisfy these demands by maintaining a steady supply of fresh food. Thawing has become one of the most crucial procedures in the food service sector due to the rise in the consumption of frozen foods. To cook the food to the desired temperatures, it is essential to temper and thaws the food. Microwave ovens can thaw and temper food in a reasonable amount of time, preventing the loss of nutrients and moisture and preserving the food's quality. In addition, equipment like microwave ovens ensures the safe thawing of frozen foods by removing potential microbial hazards when the food melts and becomes unfrozen.

The use of Microwave-Friendly Packaging Containers is Growing

The most important advice for using microwave ovens is to choose the proper food containers because any metallic element inside the oven can cause an explosion during microwave radiation heating. Materials used to package ready-to-eat, or on-the-go food products have evolved to be microwave-friendly. Operators of food service establishments can keep raw foods packaged in such containers and microwave them without additional utensils, saving time. Although the only metallic substance that can be used to enclose food is aluminum foil, paper plates, parchment paper containers, and brown paper bags are encouraged in food service establishments to allow for microwave cooking.

What Are The Main Factors That Are Limiting The Market For Microwave Ovens?

High Power Usage Resulting From The Use Of These Products

You might be surprised at how quickly a microwave uses energy, despite many people relying on them to cook. Wattage and usage hours both affect how much electricity is used. The utility company bills you for each kilowatt-hour of energy you use up. The power consumption of the load multiplied by the number of hours of use results in a kilowatt-hour. Additionally, forcing consumers to choose energy-efficient appliances is the rising cost of electricity. The food quickly cools down when left outside for a while and needs to be heated again. This further raises power consumption.

What Are The Future Opportunities For Microwave Ovens?

Innovations of Product in Microwave Oven

New features are being added to new products entering the microwave oven market globally. Customers from residential and commercial settings are becoming increasingly interested in combi ovens, which combine grills and convection microwave ovens. Customers are gravitating toward multipurpose microwave ovens that can help with oil-free cooking due to the rising health risks associated with eating fatty foods. To serve a large customer base, well-known food service establishments are replacing conventional ovens and pressure cookers with multipurpose microwave ovens. Due to the favorable response, manufacturers are now including self-cleaning features in their microwave oven products. Microwave ovens are a necessary kitchen appliance because of their many features and affordable price. Customers from all walks of life continue to be drawn to them.

Regional Analysis

North America Dominates the Global Market.

The global microwave oven market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant global microwave oven market shareholder and is expected to grow at a CAGR of 4.2% during the forecast period.The U.S. and Canada are included in the analysis of the market in North America. The North American food processing and service industries have experienced explosive growth, boosting the microwave oven market. Due to the wealth of the nation, changes in younger generations' lifestyles, the popularity of modular kitchens, expansion of the restaurant industry, regulation of cooking times, presence of key global players, etc. Although countertop microwave ovens have long been a standard kitchen appliance for homes in the United States and Canada, there has been a growing demand for built-in microwave ovens and full-size combi ovens from major restaurant chains and food service establishments. Growing demand for modular kitchens and rising per capita income drive market expansion. The growth momentum is also increased by the rising use of microwave ovens in homes and restaurants.

Europe is expected to grow at a CAGR of 5.1% during the forecast period.The UK, Germany, France, Italy, Spain, and the rest of Europe are all included in the analysis of Europe's market.Given that appliances like microwave ovens handle the majority of food preparation in the region, European consumers demand high efficiency from electronic cooking systems. Since thawing is a common practice in the European food service industry, microwave oven manufacturers are primarily concerned with raising the quality of cooked food. Microwave ovens take up much room in commercial settings while providing high-performance cooking and reheating. However, many of the region's nations don't have energy labels on the goods they sell.

Segmental Analysis

The market is segmented by type, application, and structure.

Based on type, the global microwave oven market is bifurcated into convection, grill, and solo.

The convection segment is the highest contributor to the market and is expected to grow at a CAGR of 4.63% during the forecast period.This is majorly attributed to benefits such as allowing to put several dishes for cooking due to a more spacious room, minimizing time and energy and the price is also reasonable compared to others.Convection microwaves combine the features of microwaves and convection ovens into a single unit. They can bake, roast, grill, steam, heat, and defrost food like conventional microwaves. Convection oven technology uses powerful fans to force air movement and heat throughout the entire interior of the microwave oven to cook and brown food uniformly, just like a conventional oven.

Based on application, the global microwave oven market is bifurcated into commercial and household.

The commercial segment is the highest contributor to the market and is expected to grow at a CAGR of 4.91% during the forecast period. Commercial microwave ovens do not have the glass turntable feature, which reduces the typical cavity space. Most commercial kitchen ovens are frequently made of stainless steel and have separate sections for cabinets. As is common knowledge, stainless steel is the best material for a commercial kitchen's sanitary needs. It is crucial that the food heats evenly throughout and that rotating the larger dishes is not tricky. Commercial ovens, however, have a flat ceramic base that is easy to clean and does not restrict the use of the dish.

Based on structure, the global microwave oven market is bifurcated into built-in andcountertops.

The countertop segment is the highest contributor to the market and is expected to grow at a CAGR of 4.7% during the forecast period. Countertop microwaves are placed on kitchen countertops. It is considerably cheaper than other types of microwave ovens. These ovens gain significant popularity owing to their zero installation cost and can be placed anywhere in the kitchen.Microwaves that sit on your kitchen counter are freestanding appliances called countertop microwaves. They don't need any particular installation or venting hookups. These options are excellent for renters because they allow installation flexibility and are simple to move in your kitchen when necessary.

Recent Developments

• October 2022, The new line of 2022 MICROWAVE OVENS from LG Electronics, the top consumer durable brand in India, features elegant designs, clever features, and the newest technology. The all-new LG Charcoal Microwave line provides a healthier cooking method while maintaining the genuine smoky flavor.

• October 2022, The most popular consumer electronics company in India, Samsung, released a brand-new microwave with a pickle mode that allows users to make their preferred pickles without having to spend days manually drying them in the sun.

• December 2021, In a compact and adaptable design, the new Convection Microwave Oven from Haier, the top producer of consumer electronics and home appliances in the world for the past 12 years, has been launched. This appliance was created especially for modern Indian kitchens.