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Asked: January 2, 20202020-01-02T00:21:09+00:00 2020-01-02T00:21:09+00:00In: Consumer Products & Retail

What is the size of the global microwave oven market?

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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?

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    1. Haseeb Level 6
      2020-01-02T00:24:08+00:00Added an answer on January 2, 2020 at

      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.

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    2. Electronics Guru Level 5
      2020-01-02T00:26:29+00:00Added an answer on January 2, 2020 at

      Some of the prominent factors driving the global market of microwave ovens are:

      • Household microwave ovens demand has become one of the main drivers behind the global microwave oven market. 
      • The growth of the bakery sector will also open up new market opportunities for the market. 
      • Its compact design and easy portability will keep the demand growing.
      • The growing use of new technologies in kitchen appliances and high rise demand for elegant kitchens and intelligent appliances is expected to drive the market growth globally.
      • The hospitality sector is also anticipated to grow, with large conference contracts and other social gatherings will fuel demand for commercial microwave ovens. 
      • North America and Europe are the leading markets where a high consumption of frozen food and ready meals will continue driving the rapid growth of the industry.
      • It is anticipated that the Asia Pacific will be the fastest-growing region in the coming years. 
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