Latin America and the Caribbean: Microwave Oven Market 2025

Microwave Oven Market Size in Latin America and the Caribbean

In 2022, after five years of growth, there was decline in the Latin American microwave oven market, when its value decreased by -1.2% to $X. In general, consumption showed a slight decline. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Microwave Oven Production in Latin America and the Caribbean

In value terms, microwave oven production expanded to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 31% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Microwave Oven Exports

Exports in Latin America and the Caribbean

In 2022, microwave oven exports in Latin America and the Caribbean contracted rapidly to X units, falling by -37.8% compared with the previous year's figure. Over the period under review, exports saw a sharp downturn. The most prominent rate of growth was recorded in 2021 with an increase of 54% against the previous year. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, microwave oven exports declined remarkably to $X in 2022. In general, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 93%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Panama (X units) was the largest exporter of microwave ovens, achieving 47% of total exports. Guatemala (X units) took the second position in the ranking, distantly followed by Brazil (X units). All these countries together held near 38% share of total exports. The following exporters - Chile (X units) and Ecuador (X units) - together made up 5.3% of total exports.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +50.5%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest microwave oven supplying countries in Latin America and the Caribbean were Guatemala ($X), Chile ($X) and Panama ($X), with a combined 85% share of total exports. Brazil and Ecuador lagged somewhat behind, together comprising a further 9.6%.

Ecuador, with a CAGR of +47.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, waning by -18% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, microwave oven export price increased by +13.7% against 2019 indices. The pace of growth was the most pronounced in 2017 when the export price increased by 57%. Over the period under review, the export prices attained the maximum at $X per unit in 2021, and then dropped notably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per unit), while Panama ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+9.5%), while the other leaders experienced mixed trends in the export price figures.

Microwave Oven Imports

Imports in Latin America and the Caribbean

In 2022, the amount of microwave ovens imported in Latin America and the Caribbean reduced to X units, which is down by -10.9% compared with 2021. In general, imports continue to indicate a noticeable curtailment. The growth pace was the most rapid in 2021 when imports increased by 72% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, microwave oven imports contracted modestly to $X in 2022. Over the period under review, imports saw a slight downturn. The growth pace was the most rapid in 2021 when imports increased by 60%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Mexico (X units) represented the main importer of microwave ovens, achieving 46% of total imports. It was distantly followed by Chile (X units), Peru (X units) and Colombia (X units), together generating a 24% share of total imports. Guatemala (X units), Ecuador (X units), Costa Rica (X units), Honduras (X units), the Dominican Republic (X units), Uruguay (X units) and Venezuela (X units) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +3.1% from 2012 to 2022. At the same time, the Dominican Republic (+11.3%), Honduras (+9.4%), Costa Rica (+1.8%), Guatemala (+1.7%) and Chile (+1.7%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +11.3% from 2012-2022. By contrast, Uruguay (-1.5%), Ecuador (-1.7%), Peru (-2.0%), Colombia (-5.2%) and Venezuela (-14.2%) illustrated a downward trend over the same period. While the share of Mexico (+21 p.p.), Chile (+4.4 p.p.), the Dominican Republic (+1.6 p.p.) and Honduras (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Colombia (-1.6 p.p.) and Venezuela (-4.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported microwave ovens in Latin America and the Caribbean, comprising 46% of total imports. The second position in the ranking was held by Chile ($X), with a 9.8% share of total imports. It was followed by Peru, with a 5.1% share.

In Mexico, microwave oven imports expanded at an average annual rate of +3.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Chile (+0.3% per year) and Peru (-3.3% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, with an increase of 7.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2016 an increase of 9.6% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per unit), while Honduras ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+3.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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