Sales of microwaves continue to decline in 2020, as consumers avoid what they deem to be non-essential purchases, instead preferring multifunctional appliances such as multicookers and air fryers. The decline of non-essential purchases has been further exacerbated by reduced consumer spending power due to COVID-19, placing further pressure on the category.
In order to improve the image of microwaves, it is important that players continue with technological developments. Technology such as inverter and sensor technology, as well as the aforementioned multifunctional cooking features, have already been embraced by large brands in Colombia, such as LG (LG Electronics Colombia Ltda) and Panasonic (Panasonic de Colombia SA); while others such as Samsung (Samsung Electronics Colombia SA) are enhancing ceramic interiors with antibacterial agents, to assist with maintaining cleanliness of the models.
Industrias HACEB SA maintains its lead in microwaves in 2020, with its namesake brand holding a strong lead on its closest competitors, despite losing shares. Its top place is thanks to an extensive portfolio which covers all price ranges and consumers consider the company's products to be of good quality, recognising HACEB as a traditional and increasingly environmentally-friendly brand.
Microwaves will continue to face challenges over the forecast period, on a number of levels. From a technological perspective, ongoing innovation will be required to attract the attention of consumers who are desirous of multifunctional appliances which offer greater flexibility and a must-have appeal for modern kitchens.
Whilst the leading brands in microwaves did continue to lose shares, private label brands continue to grow thanks to their lower cost offerings. In fact, despite the expected premiumisation trends with new technologies, the future success of microwaves does depend on products being sufficiently low-cost for consumers who perceive and use them for only fundamental functions.
Microwaves also continues to face ongoing competition from small appliances, such as multicookers and air fryers, which are expected to continue to gain in popularity over the forecast period. As such technological advances ramp up in alternative categories, this will place extra pressure on microwaves’ ability to compete.
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Understand the latest market trends and future growth opportunities for the Microwaves industry in Colombia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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