The global Microwave Market is estimated to reach USD 8 Billion in 2022. Sales of microwaves are expected to increase at a steady 4% CAGR, pushing the market size to USD 11.84 Billion by 2032, supported by:
During the period ranging from 2020 to 2022, microwave demand prospects appeared limited, attributed to the onset of the COVID-19 pandemic, which shook investor confidence amid cessation of all industrial activity. This blip was gradually overcome since mid-2021, leading to a resurgence in growth projections.
The microwave uses electromagnetic radiation for heating and cooking and heats food efficiently with safe radiation. Microwaves are popular for reheating previously cooked foods and cooking a variety of food.
Rising demand for fresh food and ready-to-eat foods coupled with growing sales of smart kitchen appliances is the key factor boosting the microwave market. Increased adoption of modern and contemporary kitchen equipment is promoting growth in the market.
Also, the increased spending on smart kitchen appliances is increasing, key players are focusing on product launches and the integration of advanced technologies in cooking gadgets to boost the microwave market.
| Data Points | Key Statistics |
|---|---|
| Microwave Market Value in 2022 | USD 8 Billion |
| Microwave Market Forecast Value in 2032 | USD 11.84 Billion |
| Global Growth Rate | 4% |
North America, is expected to be the most lucrative market for microwave, and is expected to hold a significant value share in 2022. Preference for smart home appliances such as smart microwave is surging as a result of IoT enabled kitchen appliances.
The growing food processing and food service industry in North America has propelled the sales of microwave ovens in the region.
In addition, manufacturers are developing technologically advanced products such as smart microwaves compatible with smartphones. Moreover, with increasing internet penetration, and surging adoption of wireless technologies, sales of microwaves in the region are expected to surge over the forecast period.
Based on the structure type, the countertop microwave holds the maximum share and is expected to have a significant market value share by the end of 2032. Growth in the segment is contributed to the compatibility of this microwave and its cost-effectiveness.
As compared to built-in microwaves the installation of countertop microwaves is easy, as they have zero installation cost, and only require a power plug.
These microwaves are easy to use and they are suitable for most household cooking needs. The convenience to move such microwaves to desirable places is also contributing to sales in the market.
Thus countertop microwaves have huge demand in the commercial sector as well. On the back of these aforementioned factors, the demand for countertop microwaves is surging over the assessment period.
Demand for microwaves is expected to grow at a 4% CAGR over the forecast period, in comparison to the moderate CAGR registered between 2017 to 2021. Various startups and global players are leveraging digital platforms to promote their products and increase sales.
Increasing number of nuclear households and rising demand for frozen and ready-to-eat food are expected to drive the market. Besides this, hectic schedules and increasing focus on healthy diets among consumers will boost the adoption of microwaves.
Expansion in the hospitality sector, as well as a rise in catering contracts for large-scale events, seminars, and other social gatherings is expected to spur demand for commercial appliances.
Increasing awareness of various kitchen equipment, such as grills, microwaves, and barbecue equipment is predicted to have a positive impact in the growth in the market.
Further, growing trend in home automation, which is characterized by inverter-based microwaves, is likely to create opportunities for growth for microwave manufacturers over the forecast period.
Increasing sales of frozen and ready-to-eat food is driving demand for microwaves among consumers. Growing population and increased understanding of different cooking mediums such as microwaves, grills, and barbeques are expected to propel sales of microwaves over the forecast period.
Increasing Focus on Home-cooking in the USA Will Fuel Sales of Microwaves
Sales in the USA microwave market are forecast to increase at a 1.1% CAGR over the forecast period. Increasing demand for smart appliances and growing preference energy-efficient kitchen appliances are some of the factors driving the USA market.
Furthermore, rising trend of home-cooking among millennials is spurring demand for affordable and energy efficient kitchen appliances among millennials in the USA will continue augmenting the growth in the market over the forecast period.
High Demand for Energy-Efficient Kitchen Appliances Will Fuel Sales of Microwaves
Demand for microwaves in China is forecast to grow at a 10.2% CAGR over the assessment period. Increasing consumption of frozen and packaged meat snacks in China is fueling sales of microwaves.
In addition to this, rapid adoption of technologically advanced equipment for the manufacturing of consumer goods and kitchen appliances in China will propel sales of microwaves over the assessment period.
Rising Demand for Convenient Kitchen Products Will Drive the India Microwave Market
The India microwave market is expected to expand at a CAGR of 8.0% during the forecast period. Consumers are preferring technology-driven kitchen appliances, such as microwaves, which is expected to boost sales in the market.
Rising electrification in rural areas and high adoption of online retail channels will drive the expansion in the market over the assessment period.
Demand for Countertop Microwaves Will Continue Gaining Traction
Based on structure, sales of countertop microwaves will grow at a CAGR of 3.3% during the forecast period. When compared with built-in microwave, the cost of countertop microwaves is less. The installation of countertop microwaves is also easy.
Furthermore, they have zero establishment costs and only require a power plug and space at the counter. Rising demand for energy-efficient and affordable kitchen appliances will drive sales in this segment.
Sales of Microwaves for Commercial Purposes to Remain High
By applications, demand for microwave in the commercial sector is expected to increase at a 4.1% CAGR over the assessment period. The cost of using microwave is less as it uses less energy than a cook stove. It is suitable for small portions of food, which is useful in places such as restaurants, hotels, schools, and offices.
Increased Product Availability on Internet Platforms Will Propel Sales of Microwaves
In terms of sales channels, the online segment will account for a dominant share in the market over the forecast period. Increased product availability on internet platforms, which allows for price, design, and feature comparisons, will boost sales through these channels.
Secure transaction/payment and doorstep delivery are also provided by online platforms. Refund and exchange policies that are friendly to customers are maintained. As a result, sales of microwaves through online channels will remain high.
Leading companies operating in the global microwave market are investing in research and development to introduce new products in the market. Manufacturers are also using brand other strategies to improve their brand awareness. For instance:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 8 Billion |
| Projected Market Valuation (2032) | USD 11.84 Billion |
| Value-based CAGR (2022 to 2032) | 4% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania & MEA |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Germany, the UK, France, Spain, Italy, Russia, Benelux, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand. |
| Key Segments Covered | Product Type, Application, Structure, Sales Channel and Region. |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global microwave market is projected to reach a valuation of USD 8 Billion in 2022.
The global microwave market grew at a 4.0% CAGR between 2022 and 2032.
The growing popularity of online stores, new product launches, and increasing usage of commercial microwaves are some of the key trends boosting the market.
Leading players operating in the global microwave market are Whirlpool, LG, Panasonic, Robert Bosch, and others.
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Microwave Market
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