In 2012, Sharp Electronics (UK) Ltd was the leading player in the United Kingdom microwaves market in 2012, with 22% volume share due to its longstanding brand presence in the UK. The company was closely followed by Panasonic UK Ltd and Pulse Home Products Ltd holding close to 16% volume share each in the year. Microwaves was thus highly concentrated, with these leading players accounting for 54% combined volume share. Consumers are attracted to the leading brands by their reliable reputation and wide distribution presence.
The increased presence of combination microwaves accounted for 21% retail volume share, growing by 4%. The greater cooking functionality offered by this product gives it a premium price tag averaging around £170 which is over £100 more expensive that a standard microwave. However, consumers managed to upgrade mainly because of the added advantages as some of the microwaves even have functionality of providing a roasted dinner that which typically is cooked in a grilled oven.
Microwaves is expected to recover gradually over the forecast period and predicted to report a retail volume CAGR of 1%. The ongoing economic uncertainty is expected to increase the demand for ready meals and convenience which is expected to partially revive microwaves.
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