Microwave Oven Market Size, Share, Trends, Growth 2032

Microwave Oven Industry Prospective:

The global microwave oven market size was worth around USD 15.32 billion in 2023 and is predicted to grow to around USD 24.81 billion by 2032, with a compound annual growth rate (CAGR) of roughly 5.50% between 2024 and 2032.

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Microwave Oven Market: Overview

A microwave oven is a kitchen appliance used for heating or cooking food. It leverages high-frequency electromagnetic waves, also known as microwaves, to cook food.

As compared to traditionally used ovens, microwave versions are small and boxlike. They raise the food temperature with the aid of a high-frequency electromagnetic field. The microwaves generated by the compact oven are absorbed by certain molecules, sugars, and fat content of the food, consequently causing vibration, which further translates to heat.

One of the key advantages of a microwave oven is that the heating generally occurs inside the food and does not warm the surrounding air. Thus, baking and some of the other cooking-related tasks can be carried out within minutes, unlike conventional ovens. The radiation generated in a microwave oven is around the frequency of 2,450 megahertz, facilitated by magnetrons.

However, microwave ovens also have certain disadvantages since certain foods are unevenly heated. Moreover, the food heating equipment cannot crisp or brown food on the outside.

The use of certain materials, such as aluminum foil, to heat the food inside the microwave is prohibited due to the risk of safety hazards. The demand for microwave ovens is expected to register steady growth during the forecast period.

Key Insights:

• As per the analysis shared by our research analyst, the global microwave oven market is estimated to grow annually at a CAGR of around 5.50% over the forecast period (2024-2032)
• In terms of revenue, the global microwave oven market size was valued at around USD 15.32 billion in 2023 and is projected to reach USD 24.81 billion by 2032.
• The microwave oven market is projected to grow at a significant rate due to the growing demand for smart home kitchen appliances.
• Based on structure, the countertop segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on sales channel, the hypermarkets/supermarkets segment is anticipated to command the largest market share.
• Based on region, Asia-Pacific is projected to dominate the global market during the forecast period.

Microwave Oven Market: Growth Drivers

Growing demand for smart home kitchen appliances to drive market revenue rate

The global microwave oven market is expected to grow due to the rising demand for smart kitchen appliances. Some of the most common and widely popular smart kitchen devices include microwave ovens, dishwashers, smart refrigerators, and smart cookers.

The demand for intelligent kitchen solutions is especially high in urban areas since citizens seek solutions that can reduce manual work and save food preparation or cooking time.

In 2023, the global smart kitchen market was valued at over USD 18 billion and is projected to deliver exceptional results during the forecast period. The trend is driven by increasing disposable income, higher consumer awareness, and better product accessibility.

Furthermore, the availability of several financial schemes, such as equated monthly installments (EMIs) and access to credit cards, have further encouraged more people to opt for intelligent kitchen solutions.

Increases in demand for ready-to-eat and frozen food products will encourage more buyers in the industry

Frozen food products and ready-to-eat solutions have found several consumers across the globe. These food items do not take lengthy food preparation time and can be consumed easily.

Most packaged or frozen food items can be cooked in microwave ovens within minutes, which makes compact food cooking devices widely popular among younger generations or people with busy lives. The growing launch of a new and wide variety of ready-to-eat food products worldwide has been crucial in attracting more revenue in the packaged food category.

For instance, in October 2024, Daring Plant Chicken announced the launch of two novel vegetarian frozen entrees in the form of Queso Burrito Plant Chicken Bowl and Buffalo Mac & Cheese Plant Chicken Bowl.

The company has already established itself in the frozen entrée portfolio, especially for plant chicken. The increasing cohort of new frozen food solutions will promote higher adoption in the global microwave oven market.

Microwave Oven Market: Restraints

High cost of the devices may limit the industry’s growth rate in the long run

The global industry for microwave ovens is expected to be restricted due to the high cost of the equipment. The price range increases with the addition of new-age features.

For instance, a high-end model can cost more than USD 600. Compared to other smart kitchen appliances, microwave ovens are relatively affordable.

However, the devices may not appeal to people from low and middle-income groups. In addition to this, the industry dealing with the sale of microwave ovens has been highly competitive thus failing to sustain brand loyalty over multiple years.

Microwave Oven Market: Opportunities

Increasing the launch of new devices with advanced features and commercial applications will generate expansion possibilities

The global microwave oven market is expected to grow due to the rising innovation rate in the industry. The trend can be witnessed in the form of increased introductions of new tools with varying features.

For instance, in 2024, LG Electronics India announced the launch of a new range of microwave ovens equipped with modern designs and advanced technology.

The new range includes 9 novel models, with two belonging to the premium Objet series and 7 from the Scan to Cook series. Each variant is specially designed to meet the cooking needs of modern consumers.

The 32L Scan to Cook Wi-Fi Charcoal Microwave Oven supports 31 Indian Tobacco Company (ITC) frozen meals and 401 Auto Cook Menu.

Furthermore, the increased demand for energy-efficient and high-performance commercial-grade ovens is expected to aid the generation of significant revenue in the long term.

In July 2024, d Chef Ken Megarr of Midea Commercial and Steve Stohrer, who is an industry veteran, announced a partnership for the launch of a new range of commercial microwaves. Market players are also investing big in AI-powered home appliances, including microwaves, which could open new avenues for excellent growth.

Microwave Oven Market: Challenges

Concerns over excessive use of energy and safety concerns remain crucial challenges for market players

The global microwave oven industry is projected to be challenged by growing concerns over excessive use of energy when compact ovens are put to use.

The rising demand for energy-efficient solutions will require market players to innovate and deliver products that meet modern energy needs. Additionally, microwave ovens pose a safety risk especially if the precautionary guidelines are ignored.

Microwave Oven Market: Segmentation

The global microwave oven market is segmented based on structure, product type, sales channel, application, and region.

Based on the structure, the global market segments are countertop and built-in. In 2023, the highest growth was witnessed in the countertop segment, driven by excellent compatibility and versatility.

Furthermore, the easy installation of countertop ovens further helps the segment generate significant revenue. They are easily available and cost-effective.

Built-in microwave ovens may be considered ideal for custom-made kitchens since they are directly installed on a wall or a cabinet. A high-end built-in microwave oven can cost over USD 2500.

Based on product type, the global microwave oven industry is divided into solo, grill, and convention.

Based on the sales channel, the microwave oven industry segments are online retailers, hypermarkets/supermarkets, multi-brand stores, wholesale/distributors, and others.

In 2023, the highest demand was listed in the hypermarkets/supermarkets segment. The growing footfall across major supermarkets globally is fueling the segmental demand.

Additionally, these units tend to offer several financial schemes, such as incentives and discounts, to attract a larger group of buyers. According to official reports, over 260 million are reported to visit Walmart clubs, stores, and online channels per week.

Based on application, the global market divisions are commercial and household.

Microwave Oven Market: Report Scope

Microwave Oven Market: Regional Analysis

Asia-Pacific to lead with the highest revenue during the forecast period

The global microwave oven market is expected to be led by Asia-Pacific during the projection period. Countries such as China, India, Japan, and South Korea will lead the regional market growth.

According to market research, China is anticipated to register a CAGR of more than 10% during the forecast period. The presence of several affordable microwave oven makers with presence across the global landscape is fueling the regional drive.

In addition, Chinese makers are actively focusing on innovation-led approaches, helping them thrive among competitors. In June 2023, Chinese consumer electronics company Xiaomi announced the launch of MIJIA smart home appliances. It is a Multipurpose Oven steamer with a modern design.

In April 2024, South Korean company Samsung announced the launch of a new range of AI-powered home appliances including microwave ovens.

In November 2023, Panasonic Corporation announced the launch of a power supply and demand management demonstration project at Panasonic Manufacturing UK Ltd, a producer of microwave ovens and other devices. The company aims to accelerate energy efficiency and promote carbon neutrality.

Microwave Oven Market: Competitive Analysis

The global microwave oven market is led by players like:

• Samsung
• Panasonic
• Hamilton Beach
• Toshiba
• LG
• Frigidaire
• Cuisinart
• Sharp
• Whirlpool
• Magic Chef
• KitchenAid
• Breville
• BLACK+DECKER
• GE Appliances
• Daewoo.

The global microwave oven market is segmented as follows:

By Structure

• Countertop
• Built-In

By Product Type

• Solo
• Grill
• Convection

By Sales Channel

• Online Retailers
• Hypermarkets/Supermarkets
• Multi Brand Stores
• Wholesale/Distributors
• Others

By Application

• Commercial
• Household

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa