The global commercial microwave ovens market is positioned for significant success in the year 2023, with an anticipated value of USD 2,137 million. Future Market Insights projects substantial growth for this market, forecasting a steady Compound Annual Growth Rate (CAGR) of 4.3% between 2023 and 2033. This growth trajectory is expected to drive the market to an impressive valuation of approximately USD 3,263.3 million by 2033.
Commercial kitchens, prevalent across diverse settings such as full-service and quick-service restaurants, hotels, and hospitals, are known for their intensive energy consumption. Notably, their energy consumption is approximately three times higher per square foot compared to most other types of commercial buildings. Recognizing the significance of energy costs, which constitute a substantial portion—approximately 25%-30%—of the total operating expenses for these establishments, adds a critical dimension to the market landscape.
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Emerging Trends in Microwave-Compatible Packaging and Innovations in Commercial Ovens:
The adoption of microwave-friendly packaging is on the rise, emphasizing the importance of selecting appropriate food containers for use with commercial microwave ovens. It is essential to avoid metallic elements within microwaves, as they can cause explosions during radiation heating.
Materials used for packaging ready-to-eat and on-the-go food items are evolving to be microwave-friendly. Food service establishments can utilize these containers to microwave raw foods without additional utensils, saving time.
The utilization of such products results in higher power consumption, where both wattage and usage hours impact the electricity consumed. Energy utility companies charge based on the kilowatt hours used.
New features are being integrated into commercial microwave ovens entering the global market. Both residential and commercial customers are showing interest in combi ovens, which combine grills and convection microwave functionalities. The trend is shifting towards multipurpose microwave ovens that facilitate oil-free cooking due to rising health concerns.
Key Insights:
- The global commercial microwave ovens market reached a value of USD 1,126.3 Million by the end of 2022.
- Market demand grew at a Compound Annual Growth Rate (CAGR) of 3.4% from 2018 to 2022.
- Asia-Pacific is expected to witness the highest CAGR of 4.17%.
- North America’s microwave oven market is forecasted to achieve a CAGR of 4% during the projected period.
- Countertop models contribute significantly to the market, projected to grow at a CAGR of 4.7% throughout the forecast period.
- Bakeries are likely to account for the highest sales of commercial microwave ovens in the coming decade.
Competitive Landscape:
Some of the prominent players in the global market are:
- Tuxton
- CTDream
- SignMission
- Careform
- Amana Commercial Microwaves
- Galaxy
- Solwave
- Panasonic
- Vollrath
- Midea
- Menu Master
- Sentinel
- Waring
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Key Players’ Noteworthy Developments:
In January 2023, Panasonic showcased its range of energy-efficient lifestyle products, advancements in e-mobility for electric vehicles and roadways, and initiatives for creating carbon-neutral communities at CES 2023. The company’s exhibition at CES was organized into four main areas: Park, Town, Mobility, and Home.
The booth’s design aimed to depict a more intelligent, eco-friendly, and interconnected world, illustrating Panasonic’s role in addressing matters related to personal well-being, community safety, and the sustainable future of our planet. Each section highlighted how Panasonic is contributing to transformative change aligned with its GREEN IMPACT initiative, which aims to globally reduce CO2 emissions.
Key Segments Profiled in the Commercial Microwave Ovens Market:
By Category:
- Counter-Top Microwave Ovens
- Over-The-Range Microwave Ovens
By Usage Type:
- Light Duty (Upto 1200 Watts)
- Medium Duty (1200-2000 Watts)
- Heavy Duty (Above 2000 Watts)
By Control Type:
- Dial
- Touch Pad/Push Button
By Application:
- Hotel
- Restaurants
- Cafes
- Bakeries
- Others
By Distribution channel:
- Offline stores
- Hypermarkets / Supermarkets
- Multi brand store
- Specialty store
- Online retail store
By Regional:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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