The global market for microwave-safe utensils market is estimated to be worth USD 7,521.6 million in 2021 and is anticipated to reach a value of USD 13,093.6 million by 2031. Sales are projected to rise at a CAGR of 5.7% over the forecast period between 2021 and 2031. The revenue generated by the microwave-safe utensils market in 2020 was USD 7,309.6 million. The industry is anticipated to exhibit a Y-o-Y growth of 2.9% in 2021.
Global Microwave-Safe Utensils Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 7,309.6 million |
| Estimated Size, 2021 (E) | USD 7,521.6 million |
| Projected Size, 2031 (F) | USD 13,093.6 million |
| Value-based CAGR (2021 to 2031) | 5.7% |
The target market is segmented under material type, application type, price, and sales channel. The market is further sub-categorized under these segments to provide a granular aspect that will benefit the businesses operating in the market, improve their products, gain a competitive edge over other players, and grasp a major portion of the market.
The microwave-safe utensils market is gradually growing as people are focusing on easy-to-use, safe and eco-friendly products for their kitchen. As people become increasingly conscious of food safety, these utensils are built to be heat resistant and non-reactive so they will not twist sag, or contaminate the food.
The microwave cooking and reheating methods also increased the demand for heat-proof or heat-resistant and long-lasting utensils. Also, with a focus on environment conservation, shoppers are looking for more recyclable, BPA products to cut on plastics. Advancements in material and design have made these utensils even more attractive to home and business consumers thus contributing to this market development.
The competitive landscape of the microwave-safe utensils market is characterized by a mix of established players and emerging brands, each vying to capture a share of this growing segment. Key players in the market include Fujian Singyee Group Co. Ltd., Instant Brand Inc., KINSHIP INDIA, and Femora, among others. Key companies compete on factors such as design innovation, material quality, and brand reputation.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 5,572.0 million and is predicted to rise approximately 1.7 times the current market value through 2031.
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Rapid urbanization and economic growth in the developing countries are the major factor driving the market. Moreover, changing lifestyle, rising income and growing number of households are surging the demand for the product from past few years and are expected to propel the market growth in the forecast period.
Furthermore, the growing trend of reusable and eco-friendly utensils is influencing the market growth as it leads to a change in the purchase pattern of the consumer group.
Robust growth of the hospitality sector and rising trend of travelling has led to an increase in the number of hotels and resorts in countries expected to stir up the demand for microwave appliances over the forecast period. In the case of the residential application, the most significant driver is food consumption preferences of people, with more consumers shifting towards ready-to-eat and frozen food.
However, due to the coronavirus pandemic, the market of microwave-safe utensils has witnessed sluggish growth in the year 2020. Many countries closed their foreign boundaries with the nearby countries that impacted the import and export activity of the utensils. Also, few countries have seen the differing effect of the situation in their demand for all customer needs that affects the sales of the utensils.
The microwave has gained momentum in the household. They are extensively being used to reheat food and to heat slow prepared food faster. As a result, microwave ovens are acting as a lifesaver for the working population around the world, which is increasing the demand for safe microwave utensils.
Moreover, many food items in the market are available which are ready to make and can be prepared in minutes.
But the food available in cans and plastic wraps cannot be directly reheated in the oven as the plastic used may not be microwave friendly and it also may lead to harming the food.
To avoid such danger happening microwave safe accessories such as microwave bowls and utensils made of environementally friendly material are used, which is influencing the market growth.
Principal Consultant
The microwave safe utensils market holds the largest share in North America and is expected to drive the market in the forecast period.
The reason for this growth is the changing lifestyle, increased use of different types of kitchenware and spending power of the consumer group, which is the major factor driving the market.
In addition, the number of women working in urban cities and busy routines are likely to increase the demand for microwave which in turn will increase the demand for microwave safe utensils.
The demand for microwave safe utensils in the European market is estimated to grow significantly in the upcoming years due to increasing number of hotels and resorts and increasing travelling locations across several countries, which is fueling the market growth in the region.
In addition, many startup companies as well as major manufacturers of environment friendly utensils are focusing on new product development and innovation in raw material.
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Some of the leading manufacturers of microwave safe utensils market include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Microwave-Safe Utensils Market
