Indian Microwave Industry to Grow at a CAGR Of 15% By 2017

1,330 views

microwaveOnce upon a time making coffee was a long tedious process. In boiling hot water put the coffee powder, and add sugar + milk and stir to mix everything this would take exactly 7 minutes. Now in a cup just add all the ingredients and in less than 7 seconds your coffee is done. And all thanks to microwave. Microwave is like a blessing in disguise. Time strapped youngsters all fully depended on the microwave for heating, cooking, grilling and baking; thawing to pre heating everything is done in the microwave in a matter of seconds.

Traditional big- box like oven was used in 24000 BC. From earthen molds to microwave the oven industry evolution is commendable. Microwave had an accidental birth after the World War II, but today most of the population is grateful for that accident.

The Indian population is heavily dependent on microwave like others. The microwave market in India household has been growing at a remarkable growth rate and a market research analysis estimated the market to grow at a Compound Annual Growth Rate (CAGR) of around 15% in revenues from 2012-2017. The analysts forecast that around 50 million households will enter into the middle income group from a lower group by the year 2017.

Microwaves have become sleeker and the technological improvement has resulted in more demand. Seeing the rate at which the Indian microwave industry is growing, we could easily conclude that soon each and every household will have a microwave in the near future.