The global microwave oven market size is expected to reach USD 12.70 billion by 2022, according to a new study by Grand View Research, Inc. The market is expected to witness a sluggish growth in North America and Europe as microwaves have entered the mature stage of the product life cycle.
Majority of the revenue is generated from the section of population exhibiting willingness to spend on premium kitchen appliances. Changing lifestyles of people, especially the working class, have increased the popularity of frozen and ready-to-eat packaged foods which has positively impacted market growth.
Inclination towards the use of traditional cooking equipment can be viewed as a hindrance for microwave ovens’ adoption, especially in developing countries. High electricity consumption and the costs associated with it are expected to challenge industry growth, which has led to manufacturers developing energy efficient microwaves.
Further key findings from the study suggest:
- Convection ovens accounted for over 45% of the market share in 2014, which can be primarily attributed to their ability to cook food faster. In addition, these microwave ovens facilitate the cooking of multiple items simultaneously. Vegetables, cookies, roasted meats and cookies can be effectively prepared in a convection microwave oven. Grill ovens also contributed to a significant portion of the market revenue. Increased emphasis on healthy eating habits has propelled the demand for grill ovens as they are used for roasting food in a very short duration.
- Household microwave ovens contributed to over 60% of the overall revenue in 2014. Demand for household oven primarily originates from the working segment owing to quicker food preparation times. A surge in the establishment of hotels and fast food centers has favorably impacted microwaves’ adoption in commercial applications as they enable the serving of a large volume of food in shorter durations.
- Built-in microwaves have gained prominence over the last few years owing to their compact nature which facilitates their accommodation in modular kitchens. They also enhance the aesthetics of the kitchen as they can fit in a wall or a cabinet, thereby offering some counter free space in the kitchen. Counter-top microwaves are available in various sizes and can be installed manually without the need of an expert, owing to which they occupied a majority of the revenue share.
- North America accounted for over 30% of the market in 2014 which can be attributed to high penetration of microwaves across households and commercial establishments. The industry has reached its maturity stage in the U.S. and also several European countries, resulting in a potentially sluggish growth rate over the forecast period. Most of the microwave sales in North America and Western Europe are expected to emerge from customers opting for premium microwaves. The microwave oven industry has substantial growth prospects in the Asia Pacific region as majority of sales are expected to originate from customers purchasing microwaves for the first time.
- Key industry participants include Samsung, LG Electronics, Panasonic, Electrolux, and Galanz. Companies focus on product differentiation and geographical diversification as key strategies to expand their presence and achieve higher market penetration. Manufacturers also emphasize on the development of energy efficient microwaves to lower electricity consumption.