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Microwave Ovens Market Research, Size, Share And Growth Report 2024-2033 | Sharp Corporation, LG Electronics Inc., Electrolux AB, Alto-Shaam Inc., Panasonic Corporation
Microwave Ovens Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Microwave Ovens industry. This report on Microwave Ovens market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The microwave ovens market size has grown steadily in recent years. It will grow from $47.17 billion in 2023 to $48.79 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. 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 $54.94 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%
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Key Market Players:
Sharp Corporation, LG Electronics Inc., Electrolux AB, Alto-Shaam Inc., Panasonic Corporation are prominent players in the Microwave Ovens industry.
Market Drivers:
According to the Microwave Ovens Market Report 2023 by The Business Research Company, 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.
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Market segments for Microwave Ovens include:
1)By Product: Grill, Solo, Convection
2)By Structure: Counter Top, Built-In
3)By Distribution Channel: Specialty Stores, Supermarkets/Hypermarkets, Online Channel, Other Distribution Channels
4)By Application: Commercial, Household
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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