The worldwide microwave oven market crossed over USD 10 billon in 2014. Accessibility of numerous ranges of ovens has led consumers to cook in a variety of dishes without any inconvenience. Furthermore, Changing food consumption preferences and lifestyle is anticipated to boost frozen and ready to eat food industry demand further. Furthermore, rising busy schedule and female working position are expected to impact the industry growth further. The market is likely to go through rapid development due to impact of socio economic factors and macro-economic factors coupled with changing consumer preferences.
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Solo, grill and convection ovens are the key products in microwave oven market. In 2014, convection oven contributed over 45% of the overall market demand. These ovens are basically used in commercial businesses such as hotels& restaurants and for catering purposes. Availability of healthy cooking options coupled with rising health consciousness are aspects estimated to augment the market demand. People are increasingly opting for roasted as well as grilled food having less oil content which can be prepared in lesser time, which is escalating the grill ovens market demand.
Based on structure, worldwide microwave oven market has been segmented into cook top and built –in. Built –in provide aesthetic appearance and can be easily fit in kitchen’s customized spaces. Compared to counter top ovens, these appliances are expensive, while built-in ovens offer easy cooking and they save counter space.
Based on geography, North America contributed over 35% of the worldwide microwave oven market demand in 2014.Cost of the commercial establishments and household are equipped with these appliances, hence microwave ovens industry in North America is well established. Less demand for new products and lack of replacement activities are primary factors for sluggish market growth in the region.
Expanding working class population coupled with significant rise in disposable income is projected to boost the market demand in Asia Pacific region. Rising inclination of consumers to invest more on premium kitchen appliances is also expected to impact the global product demand in regions like Bangladesh, India and China. Leading players in overall microwave oven market are Slto-Shaam Inc., AB ELECTROLUX, Panasonic Corporation and Sharp Corporation. The product launches and acquisition &partnerships are the major strategies for expanding the worldwide market demand of microwave ovens.
Information Source: Grand View Research