Microwave Oven Market
The value of the global microwave oven market is expected to increase from US$ 10.91 billion in 2023 to US$ 15.52 billion by 2032. Renub Research projects that the global microwave oven market will expand at a compound annual growth rate (CAGR) of 3.99% from 2024 to 2032 Microwave Oven Market The market for microwave ovens may expand significantly as a result of the growing rate of portable microwave oven usage. Because it can operate like a regular microwave oven and has a longer battery life, the portable model is more affordable and may increase demand for microwave ovens, which will accelerate the expansion of the microwave oven market.
Microwave Oven Market Trends
Household Application is Dominating the Market
The primary factor driving the household application category is the shift in consumer preferences for ready-to-eat and frozen food items due to changing lifestyles and eating habits. The household application category contributed significantly to revenue share in the previous year and is anticipated to grow at a solid CAGR going forward. A major part of new homes comprises working singles who choose to dine out rather than set up their kitchens. This could be detrimental to the market’s household sector. On the other hand, it is anticipated that this tendency would strengthen the quick-service restaurant, cafe, and small eatery cultures, which will benefit the market.
Type:
1. Grill
2. Solo
3. Convection
Application:
1. Commercial
2. Household
Structure:
1. Built-In
2. Counter Top
Samsung eyes 40 percent share of Indian microwave oven market in the year 2018:
By the end of 2018, consumer electronics giant Samsung has grown its market share to 40% in India’s microwave oven industry thanks to the introduction of a new line of devices. Samsung held a 35.5% market share by value and a 33.3% market share by volume in the nation in 2017. Its market share by volume was 22% in 2013 and by value it was 23.5%.
Samsung wants to increase its market share, and by the end of the first half of 2021, the business will have reached 41.8%. With its innovations specifically tailored to India, the company is solidifying its position in the market and is now gaining traction outside of the well-established metro areas in tier II and tier III locations. The market for microwaves is expected to grow to Rs 900 crore, and there are now 12 to 15 businesses in this industry.
Does microwaving food destroy nutrients?
Microwaving veggies might cause some of their nutritional value to be lost. For instance, it has been discovered that 97% of the flavonoids—plant chemicals that have anti-inflammatory properties—in broccoli are destroyed by microwave cooking. That is a third more harm than boiling would cause.
However, the microwave might have more competition from the conventional oven. A 2020 study compared the nutritional contents of a frozen ready meal cooked in the microwave, with the same dish cooked in a traditional oven. The researchers discovered that the microwaved dinner had “slightly” more vitamin C retained than the other prepared meal. However, the researchers did not offer a possible explanation for this.
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Aluminium Foil Packaging Market
Structure:
1. Built-In
2. Counter Top
Power:
1. Up to 700 W
2. 701 W TO 900 W
3. 901 W TO 1000 W
4. Above 1000 W
Distribution Channel:
1. Online
2. Offline
Country:
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
All the Key players have been covered from 3 Viewpoints:
• Overview
• Recent Development
• Revenue Analysis
Company Analysis:
1. Illinois Tool Works Inc.
2. Sharp
3. LG Electronics
4. Whirlpool Corporation
5. GE Appliances
6. Panasonic Corporation
7. Samsung Electronics
8. Midea Group
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