Microwaves is expected to maintain slow and steady retail volume growth in the forecast period, despite the category’s maturity. A key driver of sales growth is expected to be consumers’ increasing consumption of HMRs and ready meals for convenience in their busy lives.
Multifunctionality is expected to become increasingly important to maintain growth in microwaves in the forecast period, as consumers welcome multifunctional appliances, as they have the benefits of saving money and space compared with purchasing multiple separate appliances. For instance, SK Magic has introduced a multiplex lightwave oven that includes microwave, oven, air fryer and grill functions.
Samsung Electronics, LG Electronics and SK Magic are set to retain their strong leading positions within microwaves in volume terms in 2022, together accounting for more than three quarters of value sales. These players are also likely to maintain their strong lead in the forecast period, by offering microwaves with an increasing number of functions.
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Microwaves use electromagnetic waves to heat food. When the waves are absorbed by water, fats or sugars, they‘re converted directly into atomic motion – or heat. Unlike conventional ovens, in which heat is conducted from the outside of the food towards the centre, the microwave‘s radio waves target the water and fat molecules evenly, throughout the food.See All of Our Definitions
This report originates from Passport, our Microwaves research and analysis database.
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