Microwave Ovens Global Market Report 2024

The microwave ovens market size has grown steadily in recent years. It will grow from $47.17 billion in 2023 to $48.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth observed in the historical period can be attributed to several key factors, including the demand for time-efficient cooking solutions, changing lifestyles, the affordability and accessibility of microwave ovens, an increasing number of working women seeking convenient cooking methods, and rising disposable incomes.

The microwave ovens market size is expected to see steady growth in the next few years. It will grow to $54.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The anticipated growth in the forecast period can be attributed to various key factors, including the integration of smart and connected features in appliances, advancements in cooking technology, a focus on energy efficiency and sustainability, growing emphasis on health and wellness, and the demand for compact and space-saving solutions. Significant trends expected in the forecast period encompass the development of multi-function microwave ovens, control via voice commands and mobile apps, attention to aesthetics and design, a focus on healthy cooking and nutrition, as well as an increasing use of sustainability and eco-friendly materials in microwave oven production.

The microwave ovens market is expected to witness growth due to the rising demand for frozen and ready-to-eat food, influenced by increasingly busy lifestyles. These ovens offer a quick and efficient solution for cooking frozen or prepared meals, which often closely resemble the taste of freshly prepared food. For example, a report by the American Frozen Food Institute in November 2022 highlighted a significant surge in sales of frozen fruits and vegetables in the US, reaching $7.1 billion in a 52-week period ending June 26, 2022. Notably, sales of plain vegetables, potatoes, onions, and fruit were particularly high, reflecting the growing appeal of these items at $2.9 billion, $2.3 billion, and $1.5 billion, respectively. Thus, the market for microwave ovens is being driven by the increasing demand for frozen and ready-to-eat food due to the contemporary fast-paced lifestyle.

The primary product types of microwave ovens include grill, solo, and convection. Grill microwaves feature radiant heating elements on top, ideal for grilling or roasting, though it may result in a combination of raw and burnt areas due to the microwave's heating pattern. Microwave ovens find applications in both commercial and household settings. Additionally, microwave ovens are categorized based on their design, with options including countertop or built-in models. These appliances are distributed through various channels, including specialty stores, supermarkets/hypermarkets, online sales, and other distribution methods.

The microwave ovens market research report is one of a series of new reports that provides microwave ovens market statistics, including microwave ovens industry global market size, regional shares, competitors with a microwave ovens market share, detailed microwave ovens market segments, market trends and opportunities, and any further data you may need to thrive in the microwave ovens industry. This microwave oven market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The microwave ovens market is poised for growth as a result of the expanding working-class population. This demographic, often involved in manual or routine jobs, faces time constraints and relies on appliances offering quick meal solutions. Microwave ovens stand out for their swift and convenient cooking abilities, aligning well with the busy schedules of this population segment. A December 2022 report by the Bureau of Labor Statistics in the US indicated a rise in the employed population to 166.8 million in 2021, with full-time year-round employment increasing to 69.8 percent of the workforce. Both men and women, with 68.5 percent and 58.4 percent participation rates, respectively, contributed to the workforce in that year. Hence, the surge in the working-class population is a driving force behind the growth of the microwave oven market.

Increased tariffs on crucial raw materials like steel and aluminum act as constraints on the microwave ovens market. As materials like galvanized or stainless steel are primary components in manufacturing these appliances, rising import tariffs on these raw materials hinder the market. An example of this impact was observed on October 31, 2021, when the United States and the European Union reached an agreement to lift US tariffs on steel and aluminum imports, previously imposed at 25% and 10%, respectively, under Section 232 of the Trade Expansion Act of 1962.

Businesses in the household cooking appliance sector are responding to the growing demand for multifunctional devices by introducing technologically advanced, versatile ovens that offer added benefits. These multifunctional ovens incorporate a variety of techniques to facilitate customized and user-friendly cooking experiences. They are equipped with guidance features to assist users during the cooking process and are furnished with catalytic and pyrolytic self-cleaning functions. The catalytic self-cleaning feature utilizes chemically treated liners to absorb grease, while the pyrolytic function uses high temperatures to eliminate dirt and grease. For example, Electrolux's EOY5851AAX oven utilizes different programs and functions, including pyrolytic cleaning technology for effortless self-cleaning and a tailored cooking experience.

Major companies in the microwave oven market are innovating and launching new products like multi ovens to target larger customer bases, drive increased sales, and boost revenue. These multi ovens are equipped with multiple heating elements and offer a diverse range of settings to employ these elements in various combinations for cooking food. For instance, in January 2022, Panasonic, a Japan-based electronics company, introduced the Panasonic HomeCHEF 7-in-1 Compact Oven (NUSC180B). Notably, this product features an expanded 800 ml water tank and a robust boiler that collaboratively support a potent steam function, ensuring the retention of food nutrients, moisture, and flavor. Users can select between two Steam Modes, catering to different types of cuisine preparation, such as Steam-High for meat, root vegetables, and seafood for up to 30 minutes, and Steam-Med(ium) for shrimp and chicken breast for up to an hour. Additionally, the HomeCHEF 7-in-1 Compact Oven offers an increased interior capacity of 0.7 cubic feet / 20L*, allowing for larger food quantities to be cooked while still fitting in compact spaces. It is equipped with a powerful LED bulb, a user-friendly Control Panel, and multiple accessories, including two metal trays and two wire racks for convenience and versatility in cooking.

Major companies operating in the microwave ovens market include Sharp Corporation, LG Electronics Inc., Electrolux AB, Alto-Shaam Inc., Panasonic Corporation, Samsung Electronics, Dongbu Daewoo Electronics, Whirlpool Corporation, SMEG, Haier Group Corporation, AB Electrolux, Hoover Limited, Illinois Tool Works Inc., Galanz Enterprise Group, Amana, Bosch, Cuisinart, Frigidaire, GE Appliances, Kenmore, KitchenAid, Ali Group, Midea Group, Vulcan-Hart, Bakers Pride Oven Co. Inc., Kenwood Limited, IFB Industries Ltd., Toshiba Corporation., Breville Group Limited, Cuisinart, Hamilton Beach Brands Holding Company, Morphy Richards, Moulinex, Philips, Russell Hobbs, Sunbeam Products Inc., Tefal, Black & Decker, Daewoo Electronics, Gorenje Group, Hitachi, Indesit Company

Asia-Pacific was the largest region in the microwave ovens market in 2023. Western Europe was the second-largest region in the microwave ovens market. The regions covered in the microwave ovens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the microwave ovens market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The microwave ovens market consists of sales of convection microwave ovens, grill microwave ovens, and solo microwave ovens. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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