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COVID-19 will lead to a slowdown in retail volume growth of microwaves during 2020. Retail volume sales of built-in microwaves will decline for the first time in seven years, as the pandemic will lead to a reduction in the number of people moving home – many Koreans remodel their kitchen when they move to a new home.
The growing popularity of light fryers began to weigh on growth in retail volume sales of microwaves during the latter part of the review period. These are increasingly favoured by local consumers because they produce crispy food that is not oily and thus healthier.
Three domestic players – Samsung Electronics Co Ltd, SK Magic Inc and LG Electronics Inc – account for more than 80% of retail volume sales of microwaves in South Korea. However, all three are losing volume share, mainly to local retail chain E-Mart Inc, which began to sell no brand microwaves during the review period.
SK Magic Inc’s MWO-AF3A1 microwave automatically calculates how long it will take to properly cook frozen food, based on its weight, helping to reduce meal preparation times. It is also energy efficient and offers a slick design.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Microwaves industry in South Korea with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Microwaves industry in South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.
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This industry report originates from Passport, our Consumer Appliances market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.