High speed countertop ovens are gaining traction for residential use and small scale cafes and restaurants, which is helping the market grow
According to a new report published by Allied Market Research, titled, “High Speed Oven Market by Type, End User, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global high speed oven market size was valued at $2.3 billion in 2020, and is projected reach $3.6 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030.
Demand for high speed oven is likely to increase in coming years :-
High speed ovens are special ovens that are designed to cook food faster than regular ovens. These ovens use two or more than two heat transfer methods such as microwaves, contact heating, convection, air impingement, and steam cooking to reduce the cooking time of food by 20-50%. Commercial establishments like cafes, hotels, and restaurants require appliances like high speed ovens to efficiently perform their daily operations. Proliferation of food service establishments is leading to an increase in the purchase of high speed ovens. Many entrepreneurs are setting up new cafes and restaurants as a way to convert their passion or hobbies in to livelihoods. Similarly, many hotels are also being set up, or large chains of hotels are expanding their businesses into new locations. As such establishments require constant cooking operations that need to be quick, adoption of high speed ovens is high in order to increase operational efficiency. These appliances also help smaller food outlets and cafes in maintaining the balance between orders and delivery time. With expansion of such establishments, the demand for high speed oven is likely to increase in coming years.
The high speed oven industry is majorly dependent on the hospitality sector for its revenue generation. The declaration regarding the shutdown of notable proportion of the hospitality industry, including full service restaurants, pubs & bars, and quick service restaurants has dramatically hampered the sale of ovens. Moreover, the supply chains today are far more complex as compared to what they were a decade ago. The COVID-19 pandemic has not only hampered the production facilities but has also disrupted the supply chains such as material suppliers and distributors of the kitchen equipment market globally resulting in the loss of the business in terms of value sales. In addition, many players were facing financial pressure, as their payment of debts is on hold due to the pandemic, hampering the smooth operation of their businesses. The increasing residential adoption of high speed ovens due to reduction in the time consumers stay home as well as due to easy availability through online channels in also going to highly positively impact the high speed oven market in the post covid scenario.
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Some of the major players profiled for in the high speed oven market :-
Breville Group Limited
Kanteen India Equipments Co.
Miele & Cie KG
Panasonic, SMEG S.p.A.
The High Speed Oven Company
Key Findings Of The Study :-
By type, built in high speed ovens are more popular as compared to countertop high speed ovens. However, countertop high speed ovens segment expected to grow with the highest CAGR during the forecast period
By end user, commercial segment leads in terms of high speed ovens market share and is expected to retain its dominance throughout the forecast period.
By sales channel, the specialty stores segments leads with about four-fifth market share in the global high speed oven industry.
By region, the Europe dominates the global market however, Asia Pacific region is likely to witness highest CAGR growth in the upcoming years.
Get detailed COVID-19 impact analysis on the High Speed Oven Market :- https://www.alliedmarketresearch.com/request-for-customization/7429?reqfor=covid
TABLE OF CONTENT :-
1.1.1.High speed oven market snapshot
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.1.Top impacting factors
2.1.2.Top investment pockets
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Porter’s five forces analysis
3.2.1.Bargaining power of suppliers
3.2.2.Bargaining power of buyers
3.2.3.Threat of substitution
3.2.4.Threat of new entrants
3.2.5.Intensity of competitive rivalry
3.3.Parent market overview
184.108.40.206.Rise in demand for fast food
220.127.116.11.Proliferation of food service industry to aid in market growth
18.104.22.168.New features and functionalities to provide growth impetus
22.214.171.124.Availability of alternatives and lack of awareness
126.96.36.199.Big size, difficulties in cleaning, and certain difficult operations of high speed ovens to negatively affect market
188.8.131.52.Rise in awareness regarding high speed ovens in developing countries
184.108.40.206.Increase in sustainability and improvement in energy consumption
3.5.2.Impact on consumer goods sector
3.5.3.Impact on high speed oven market
3.6.Supply chain analysis