LAMEA Microwave Oven Market

LAMEA Microwave Oven Market Size, Share & Industry Trends Analysis Report By Product Type (Convection, Grill, and Solo), By Application (Household, and Commercial), By Structure (Counter Top, and Built-In), By Country and Growth Forecast, 2023 - 2030

Report Id: KBV-18849 Publication Date: December-2023 Number of Pages: 143
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Market Report Description

The Latin America, Middle East and Africa Microwave Oven Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 3,738.0 thousand units, showcasing a growth of 8.6% (2023-2030).

An oven that utilizes the microwave to defrost, roast, and heat food. Using a microwave oven to reheat food is viable due to its ability to maintain vital nutrients and avert the food from becoming wet or soft. The product's rising popularity can be linked to its growing use in various applications, including baking, cooking, rehydrating stale bread, disinfecting household goods, and heating beauty products. Furthermore, an additional element contributing to the surge in demand for frozen food products is the expansion of their manufacturing capacity. Because frozen foods are typically only intended for consumption once they have been defrosted and reheated, a microwave appliance that reheats food in a few minutes is useful in this situation. As a result, frozen food is one of the main elements propelling the market's expansion.

The development of smart ovens that employ radiofrequency technology to heat, bake, boil, and steam food has made them more appealing to consumers and will fuel the market's expansion. Furthermore, IoT ovens are rapidly gaining popularity since they can be connected to the internet and smartphones, allowing users to modify cooking settings. Therefore, demand for microwave appliances is anticipated to increase. The increasing prevalence of ready-to-eat foods is a significant factor propelling the market demand for microwave ovens. As the number of working-class women grows globally, and most people have less time to prepare a proper meal, ready-to-eat items become their go-to food. And because these items require heating to cook, ready-to-eat items are one of the primary driving drivers for market growth. The exponential increase in the utilization of portable microwave appliances presents a tremendous opportunity for market expansion. A portable microwave oven with a long battery life and a reduced-price increase demand for microwave ovens, fostering market expansion.

Microwave ovens equipped with steam cooking features allow users in Saudi Arabia to prepare healthier meals. Steam cooking helps preserve the nutritional content of food, aligning with the growing trend of health-conscious eating in Saudi Arabia. Microwave ovens with baking and grilling capabilities enable Saudi consumers to explore innovative recipes. From baking desserts to grilling meats, these functions expand the culinary possibilities for home cooks in Saudi Arabia. Microwave ovens equipped with precise defrosting features allow users in Saudi Arabia to thaw frozen ingredients with control and accuracy. This innovation contributes to efficient meal preparation. The factors mentioned above will drive the regional market growth.

The Brazil market dominated the LAMEA Microwave Oven Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $393.2 million by 2030. The Argentina market is experiencing a CAGR of 7.8% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 6.9% during (2023 - 2030).

Based on Product Type, the market is segmented into Convection, Grill, and Solo. Based on Application, the market is segmented into Household, and Commercial. Based on Structure, the market is segmented into Counter Top, and Built-In. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.

Free Valuable Insights: The Worldwide Microwave Oven Market is Projected to reach USD 16.8 Billion by 2030, at a CAGR of 5.4%

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Panasonic Holdings Corporation, Whirlpool Corporation, LG Corporation, Samsung Electronics Co. Ltd. (Samsung Group), Alto Shaam, Inc., AB Electrolux, Techtronic Industries Co., Ltd., Illinois Tool Works Inc., Hon Hai Precision Industry Co., Ltd., Sharp Corporation

Scope of the Study

Market Segments Covered in the Report:

By Product Type (Volume, Thousand Units, USD Billion, 2019 to 2030)

  • Convection
  • Grill
  • Solo

By Application (Volume, Thousand Units, USD Billion, 2019 to 2030)

  • Household
  • Commercial

By Structure (Volume, Thousand Units, USD Billion, 2019 to 2030)

  • Counter Top
  • Built-In

By Country (Volume, Thousand Units, USD Billion, 2019 to 2030)

  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Panasonic Holdings Corporation
  • Whirlpool Corporation
  • LG Corporation
  • Samsung Electronics Co. Ltd. (Samsung Group)
  • Alto Shaam, Inc.
  • AB Electrolux
  • Techtronic Industries Co., Ltd.
  • Illinois Tool Works Inc.
  • Hon Hai Precision Industry Co., Ltd.
  • Sharp Corporation
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