A microwave oven is an electrical appliance used for heating and cooking food by putting it in the microwave frequency range under electromagnetic radiation. It generates polar molecules in a dielectric heating process in the food to rotate and generate thermal energy.
What are the key factors impacting the growth of the microwave oven market?
The global microwave oven market was valued at US$ 6.5 billion in 2018. The market growth is expected to continue to grow at a modest pace in the future, reaching approximately US$ 9 billion by 2025.
The improving consumer living standards along with food consumption patterns, strict timetable and growing consumer demand for frozen and ready-to-eat food in urban cities are key factors driving growth in the market.
Most people in urban areas in developed countries tend to dine outside, which could be a drawback to the demand for home appliances. However, this can also increase the demand for fast-food chains, takeaways, restaurants, cafes, which will also benefit the microwave oven market.
Macroeconomic factors such as growing population and rising consumer disposable income will have a positive impact on the market in the coming years. Changes in the modern consumers’ eating behaviour will also support the microwave oven market to grow.
Some of the prominent factors driving the global market of microwave ovens are: