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Microwave oven uses a microwave to heat, defrost and cook a food item. A microwave oven can be used for reheating food as it has the ability to maintain vital nutrients and doesn’t make food wet and soft. Some other applications of microwave oven include baking, cooking, disinfected kitchen item, heating beauty products, re-hydrating stale bread, and others are responsible for the increasing demand for the product.
Furthermore, increasing the production of frozen food item act as one of the propelling factors for increasing the demand of the product. As frozen food items are usually not made to be consumed without first defrosting and heating it, here microwave oven comes into play as it can heat food items in a few minutes. So due to this frozen food item act as one of the major driving factor for the growth of the market.
The innovation of smart ovens which uses radiofrequency technology can be used for heating, baking, boiling, and steaming of food, which has become more attractive to consumers and will propel the growth of the market. Additionally, IOT ovens are now increasing at a high pace as it has the ability to get connected with the internet and smartphones which allows users to change cooking settings this, in turn, is expected to increase the demand for the microwave ovens.
Rising trend of ready to eat food is one of the major driving factors which helps in generating more demand for microwave oven in the market. According to The British Journal on Nutrition, consumption of ready-made food, such as, pre-packed meal, existence at fast-food restaurants, and convenience stores is a habit linked to our current fast-paced live style.As the number of working-class women is increasing globally and as most people have lesser time to cook a proper meal and ready to eat food items becomes their go-to food. And these food items requires heating to get cooked and thus ready to eat food item act as one of the major propelling factors for the growth of the market.
The increasing adoption rate of portable microwave ovens can act as an immense opportunity for the growth of the market. The portable microwave oven has the ability to function as a normal one with good battery life and is available at a lower price which could contribute to a higher demand for microwave oven is boosting the market growth.
Microwave oven consumes a large amount of electricity, this, in turn, is expected to hamper the growth of the global microwave oven market.
Key Market Driver -
Increasing growth of ready to eat food products owing to foster the demand of microwave oven.
Key Market Restraint -
High power consumption act as one of the major restraining factor for the growth of the market.
The key players which is operating in the microwave market include LG Electronics Inc., Alto-Shaam Inc., Panasonic Corp, Samsung Electronics Co., Ltd., IFB Industries Ltd.,
These key-players are aiming to manufacture the best possible quality product with durability, stylish design, and the latest technology that could draw more customers to drive more sales to propel the growth of the market.
The global microwave oven market is segmented into by type, by application, by distributional channel, and by region.
Based on type, the global microwave oven is segmented into grill, solo, and convection. Solo microwave oven is anticipated to hold the major share in the market this is because it is the simplest and cheapest type of microwave oven. And also the majority of microwave oven users used it for reheating food items.
On the basis of application, the global microwave oven is divided into commercial and residential. Residential is projected to be larger segment due to the increase in consumption of fast food and ready to eat food items which needed to be reheated.
Moreover, based on the distribution channel the market is segmented into online and offline. An online distribution channel is estimated to be a greater segment as compare to offline distribution channels because consumers can buy it at a lower price, have more variety, more convenience, and save time. According to the United Nations Conference and Trade, Global e-commerce sales rise to 13% in 2017, reaching a projected $29 trillion.
Geographically, the global microwave oven is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
North America is expected to be the major dominating region in the microwave oven market and is anticipated to continue its dominance during the forecast period 2020–2027. Adopting fast-food culture is one of the major driving factors which is fostering demand of microwave oven. According to the United States Bureau of Labour Statistics, 90 percent of American households have at least one microwave oven.
Europe is projected to be the second dominating and some of the factors contributing to this are the promotion of home/local baked cookies and cakes, the necessity of microwave in preparation of European meals, and others. Since, Europe is the home of the world’s best cookies, bread, and cakes which requires heating to prepare them so due to this microwave oven is in great demand. Furthermore, most European food like pizza, waffles, pasta, lasagne, spaghetti requires heating in its preparation which is why the demand for a microwave oven is high in this region.
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