What are the latest figures on the microwave ovens market’s size and projected CAGR?
The microwave ovens market size has grown steadily in recent years. It will grow from $12.72 billion in 2024 to $13.24 billion in 2025 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to time-efficient cooking, changing lifestyles, affordability and accessibility, increasing number of working women, rising disposable incomes.
The microwave ovens market size is expected to see steady growth in the next few years. It will grow to $15.21 billion in 2029 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to smart and connected appliances, cooking technology advancements, energy efficiency and sustainability, health and wellness, compact and space-saving solutions. Major trends in the forecast period include multi-function microwave ovens, voice and app control, aesthetics and design, healthy cooking and nutrition, sustainability and eco-friendly materials.
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Which Market drivers have played a significant role in driving the microwave ovens market?
The increasing demand for frozen and ready-to-eat food owing to busy lifestyles is expected to drive the microwave ovens market growth during the forecast period. Frozen and prepared meals can easily be cooked in microwave ovens and taste similar to that fresh food. For instance, in November 2022, according to a report published by the American Frozen Food Institute, a US-based trade association, over the 52-week period ending June 26, 2022, sales of frozen fruits and vegetables in the US reached $7.1 billion, while the volume of the product was 271 million pounds higher than pre-pandemic levels at 3.9 billion pounds. Plain vegetables, potatoes onions, and fruit were the segment’s top-selling products, with sales of $2.9 billion, $2.3 billion, and $1.5 billion, respectively. Therefore, the increasing demand for frozen and ready-to-eat food owing to busy lifestyles drives the growth of the microwave oven market.
What are the key segments within the microwave ovens market?
The microwave ovens market covered in this report is segmented –
1) By Product: Grill, Solo, Convection
2) By Structure: Counter Top, Built-In
3) By Distribution Channel: Specialty Stores, Super markets/Hyper markets, Online Channel, Other Distribution Channels
4) By Application: Commercial, Household
Subsegments:
1) By Grill: Solo Grill, Convection Grill
2) By Solo: Basic Solo Microwave, Advanced Solo Microwave
3) By Convection: Countertop Convection Microwave, Built-in Convection Microwave
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Which key players are shaping the microwave ovens market?
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
How will industry trends affect the trajectory of the microwave ovens market?
Companies in the household cooking appliance market are increasingly launching technologically advanced multi-functional ovens to cater to the rising demand for multi-functional appliances with additional benefits. These multi-functional ovens use a wide range of methods to provide customized and easy cooking. These ovens use devices to guide and instruct users in the process of cooking. Apart from these, they also come with catalytic and pyrolytic self-cleaning functions. The catalytic self-cleaning feature allows the use of special chemically installed liners to absorb grease, while the pyrolytic self-cleaning function of these ovens allows them to clean the dirt and grease using high temperatures. For instance, Electrolux’s EOY5851AAX oven uses different programs and functions to make the cooking process easy and customized. It has pyrolytic cleaning technology that allows self-cleaning.
Which geographic trends are shaping the microwave ovens market, and which region has the highest market share?
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
What Does The Microwave Ovens Market Report 2025 Offer?
The microwave ovens market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Microwave ovens are kitchen appliances that use electromagnetic radiation, specifically microwaves, to heat and cook food. The microwaves cause water molecules in the food to vibrate, generating heat that cooks the food from the inside out. Microwave ovens are popular due to their speed and efficiency, enabling a wide range of cooking tasks, from reheating leftovers to preparing full meals.
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