Microwave Oven Industry Emerging Trends, Size, Share and Growth Analysis, Market Insights and Development Trends
Olivia Thomas
Sr Research Expert | Travel and Tourism | Apparel & Fashion | Personal care and cosmetic | Home Products | Consumer and goods | Consumer Electronics | packaging | Sports, Fitness and Leisure
Microwave ovens have become a vital part of many households all over the world because of their convenience and technological advancements. Evolving lifestyles and the demand for fast and easy cooking options have fueled the sector's growth. In addition, the advertising campaigns of market players have attracted many consumers for modern kitchen appliances, including microwave ovens. The product has a wide range of advantages, such as reheating, roasting, cooking, and disinfection of kitchen items. Microwaves are also effective in terms of energy consumption and cost. In comparison to traditional ovens and gas burners, they consume less energy.?
According to a recent report published by Allied Market Research, the global microwave oven industry is expected to exhibit a notable CAGR of 4.6% from 2022 to 2031. The market for microwave ovens is experiencing growth due to several factors. Specifically, the rise in the number of nuclear families and the high demand for frozen and ready-to-eat foods have contributed to this growth. In addition, the sale of smart kitchen appliances has also contributed to the acceleration of the microwave oven sector.?
Furthermore, the increasing standard of living of customers, together with the growth of population, has influenced the microwave oven industry. Also, increased awareness of different cooking appliances, as well as an increase in consumer spending on kitchen appliances, has boosted market growth. Finally, the increase in disposable income among consumers has also played a positive role in the microwave oven industry.?
Increase in the consumption of frozen food and a higher expenditure on household goods to propel the growth of the microwave oven industry-?
The popularity of frozen food is increasing worldwide, as it contributes to speeding up the preparation process. Increased demand for frozen food is expected to positively impact the global use of microwave ovens and other rapid cooking appliances.?
Consumer spending in households is increasing in many countries. It is expected that household consumers will use a wide range of kitchen appliances, especially microwave ovens. The Organization for Economic Cooperation and Development (OECD) published statistical data indicating that consumer spending in the United States reached $15.9 trillion in 2021, an increase from $14.11 trillion in 2020. As a result, growth in household spending contributes to the microwave oven industry's expansion.?
Key trends in the global microwave oven industry-?
Smart microwave ovens:?
The integration of smart technologies into kitchen appliances, such as microwave ovens, is an emerging trend. Smart microwave ovens are often equipped with features like connecting with mobile devices, voice control, and enhanced programming capabilities. Some microwave ovens work on Wi-Fi with Alexa and Google Assistant. Furthermore, cooking presets, auto-cooking programs and smart diagnostic capabilities are valuable features that can greatly assist individuals in their busy daily lives. Here are some examples of smart microwave ovens:?
LG's smart microwave oven is compact and minimal, with a smart inverter with a capacity of 42 L and a 10-year warranty. This device can be used to prepare a wide range of recipes due to its 55 auto-cook menus. In addition, it is equipped with the latest troubleshooting technology known as Smart Diagnosis.?
The appliance comes with advanced HotBlast technology that significantly reduces cooking time. Moreover, SlimFry technology enables users to prepare fried foods without the need for a deep fryer. Despite the lack of network connectivity, it is equipped with an LED display and a glass touch interface. In addition, it offers a range of cooking modes and automatic programs.?
The Whirlpool MAGICOOK Pro Solo 30L is a reliable product with a wide range of features and capabilities. It includes pre-set cooking menus, fast cooking, seven power levels, and an enhanced LCD. The stylish and modern design adds a touch of elegance to any kitchen decor. In addition, the appliance is equipped with safety features such as a child lock function to provide additional security.?
Energy efficiency:?
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There has been an increase in the emphasis on sustainability, which has brought about a growing trend of developing microwave ovens that are energy efficient. Manufacturers have made efforts to increase energy consumption and contain environmentally friendly features.??
Healthy cooking features:?
Microwave ovens that have gained popularity are equipped with features like steam cooking and sensor-based cooking that encourage healthier cooking. These features preserve a higher amount of nutrients in the food and provide alternatives for people who wish to prepare a healthier meal.?
Compact and built-in models:?
The trend towards compact and built-in microwave ovens has been influenced by urban living spaces and kitchen designs, enabling better utilization of space and seamless integration with modern kitchens.?
Innovations in design and materials:?
Manufacturers have prioritized enhancing the visual appeal of microwave ovens through the introduction of innovative designs and the incorporation of novel materials. There is a high demand for stainless-steel finishes and modern, simplified designs.?
Significant advancements by top manufacturers-?
Top microwave oven manufacturers are actively pursuing strategic partnerships and joint ventures to exploit advanced technologies and expand their geographical expansion. Well-established companies invest drastically in marketing campaigns to increase market visibility. Leading players are now focusing on energy-efficient appliances with integrated IoT platforms that enable customers to operate their devices remotely. For instance, in August 2023, LG Electronics launched a variety of household appliances ensuring high energy efficiency in 'Net-Zero House'. These products are intended to promote a more sustainable lifestyle. LG's latest kitchen and living solutions aptly address the increasing need to minimize power consumption, expenses, and environmental footprints.?
Another key development, in October 2022, Samsung, India's leading consumer electronics company, introduced a brand-new microwave featuring a unique "pickle mode". This innovation makes it possible for users to create their favorite pickles without the traditional and time-consuming method of manual sun-drying, which adds a convenient twist to culinary practices.?
To conclude, the microwave oven industry is evolving through strategic partnerships and technological advancements. Features, such as inverter technology, sensor cooking, child safety locks, easy-to-clean interiors, and smart and voice control capabilities, are satisfying the needs of consumers. In addition, sustainability trends drive energy-efficient appliances with IoT integration, revolutionizing kitchen experiences globally.?
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Source of article: - ?https://www.alliedmarketresearch.com/microwave-oven-market?
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Author’s Bio: Harshada Dive is a computer engineer by qualification. She has worked as a customer service associate for several years. As an Associate Content Writer, she loves to experiment with trending topics and develop her unique writing skills. When Harshada's not writing, she likes gardening and listening to motivational podcasts.???