Microwave Market to Grow at 4% CAGR through 2032 Amid Increasing Consumption of Frozen Foods – Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
6 min read
Future Market Insights Global and Consulting Pvt. Ltd.
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.
DUBAI, United Arab Emirates, July 13, 2022 (GLOBE NEWSWIRE) -- As per a recent market analysis by Future Market Insights (FMI), the microwave market is poised to reach a valuation of US$ 8 Bn in 2022. Sales are projected to increase at a 4.0% CAGR, with the market size reaching US$ 11.84 Bn by 2032.
Nuclear families are increasing, which has resulted in a rise in the number of people living in cities. The demand for microwaves is expected to be driven by hectic schedules of consumers, along with increasing sales of frozen foods.
In addition to this, expansion in the hospitality and foodservice sectors across the globe will augment sales of microwaves. Increasing contracts for catering events are also anticipated to spur demand for microwaves in the commercial sector.
Newmarket opportunities are likely to arise from the growing popularity of connected household appliances, such as the inverter-based microwave. The ongoing trend of smart household appliances will create opportunities for growth for microwave manufacturers over the forecast period.
"Increasing demand for smart home appliances, along with rising preference for home cooking among millennials across the globe will fuel sales of microwaves over the forecast period,” says and FMI analyst.
Key Takeaways:
Based on structure, sales of countertop microwaves will increase at a 3.3% CAGR over the forecast period.
In terms of applications, demand for microwaves in the commercial sector will grow at a 4.1% CAGR through 2032.
By sales channel, the online segment will hold a dominant share in the market over the assessment period.
Sales of microwaves in the U.S. will rise at a 1.1% CAGR over the forecast period.
China will emerge as a lucrative pocket, with sales growing at a 10.2% CAGR through 2032.
Demand for microwaves in India will increase at a 8% CAGR over the forecast period.
Competition Landscape
Aggressive promotional techniques, marketing, and new product launches are some of the key strategies being adopted by the leading microwave manufacturers.
Some of the key players in the global microwave market include Galanz Enterprise Group, Whirlpool Corporation, Hoover Limited, LG Electronics, AB Electrolux, Sharp Corporation, Illinois Tool works INC, Alto-Shaam INC, Panasonic Corporation, Haier group corporation, and Robert Bosch.
Future Market Insights, in its new offering, provides an unbiased analysis of the global microwave products market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the microwave market based on the product type (convection, grill, solo), Application (commercial, household), Structure (built-In, countertop), sales channel (hypermarkets/ supermarkets, multi-brand stores, specialty stores, online retailing, wholesalers/distributors, and others) across seven major regions.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
