Multi Ovens Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Product (Steam Generated and Boilerless); End-Users (Hotels & Restaurants, Bakery Stores, Retail Outlets, Domestic & Institutional, Commercial Kitchens); and Region/Country
Global Multi Ovens Market is expected to grow at a significant rate of around 5% during the forecast period. The increased per capita spending of consumers on food worldwide has inclined them towards fast, convenient, and healthy modes of cooking that require less cleaning time, which is contributing to the growth of the multi-ovens market. For instance, in 2019, Japan has the highest per capita spending on food that is USD 4417.5 per person followed by Australia, Canada, and France with per-person spending of USD 3,003.6, USD 2986.9, and USD 2983.4, respectively. This has been an increasing need for cooking equipment including multi ovens at restaurants, cafes, and hotels, as well as for residential use. Hence, boosting the commercial cooking equipment market.
Also, Processed foods occupy a significant share of many diets around the globe as these are widely available, cheap, and intensively marketed. The demand for multi ovens is rising dramatically across the globe owing to the growing consumption of processed food in many high-income countries leading to the increase in sales of processed and packaged food. For instance, the sales of packaged food across the globe were nearly USD 2,339.7 billion in 2015 and gradually increased to USD 2578.9 billion in 2017 and USD 2,644.1 billion in 2019. Furthermore, advancement in technologies used in the manufacturing of food and beverages to maintain and prolong the shelf life of products to enhance the quality of the food is also propelling the market growth.
General Electric, Whirlpool Corporation, AB Electrolux, Robert Bosch GmbH, Siemens AG, Samsung Electronics, Midea Group, Haier Group Corporation, Panasonic Holdings Corporation, and Breville are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, steam generated category to witness higher CAGR during the forecast period”
Based on product, the market is segmented into steam generated and boilerless. The steam-generated category is expected to witness a higher CAGR during the forecast period. team ovens push steam from a heated water tank into the oven in order to cook food, forgoing the traditional hot air used in common convection ovens. The biggest advantage to these ovens is their healthy cooking techniques. Overall, cooking with steam is a healthier alternative than baking or frying. Moreover, steam cooking brings out the natural colors, flavors, and textures of a dish without reducing its nutritional value.
“Amongst end-users, the hotels & restaurant to hold a significant share in the market in 2020”
On the basis of end-users, the market is categorized as Hotels & Restaurants, Bakery Stores, Retail Outlets, Domestic & Institutional, and Commercial Kitchens. Among these, the hotels & restaurant segment to hold a significant share in the market in 2020. This is mainly due to the Emerging hospitality sector, globally is one of the prominent reasons driving the market for commercial cooking equipment. According to the World Bank, the number of international departures more than doubled between 1997 and 2017, from 687 million to 1.57 billion per annum. Moreover, the number of hotel rooms globally had risen by 17.7% since 2008 to 17 million in 2018.
“Asia Pacific to hold a significant share in the market”
In 2020, Asia Pacific held a significant share of the global multi-ovens market. A rise in the café, hotels, and restaurants across the region coupled with the growing demand for processed and packaged food owing to the rising number of working coupled and adoption of western culture is leading to the growing demand for the multi ovens market. Moreover, the growth of the travel and tourism industry and the rising attractiveness of Quick Service Restaurants (QSRs) among millennials. As per Statista, the number of food service establishments worldwide varied greatly by region in 2020. Asia-Pacific had the most establishments at over 17 million. In comparison, the region with the second highest number of food service establishments was Latin America with over 2.3 million.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Multi Ovens Market|
|2.2.||Research Methodology of the Multi Ovens Market|
|5||IMPACT OF COVID-19 ON THE MULTI OVENS MARKET|
|6||MULTI OVENS MARKET REVENUE (USD BN), 2020-2028F|
|8.1.||Hotels & Restaurants|
|8.4.||Domestic & Institutional|
|9.1.3.||Rest of North America|
|9.2.6.||Rest of Europe|
|9.3.4.||Rest of Asia-Pacific|
|9.4.||Rest of World|
|11||MULTI OVENS MARKET OPPORTUNITIES|
|12||MULTI OVENS MARKET TRENDS|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|14||VALUE CHAIN ANALYSIS|
|15.1.1.||Porters Fiver Forces Analysis|
|16.4.||Robert Bosch GmbH|
|16.8.||Haier Group Corporation|
|16.9.||Panasonic Holdings Corporation|
Research Methodology for the Multi Ovens Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Multi Ovens market were the three major steps undertaken to create and analyze the adoption of multi ovens in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Multi Ovens market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Multi Ovens market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the multi ovens market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the multi ovens market. Further, we conducted factor analysis using dependent and independent variables such as product and end-users of multi ovens. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the multi ovens market across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global multi ovens market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Multi Ovens market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Multi Ovens market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global multi ovens market. Data was split into several segments & sub-segments post studying various parameters and trends in the product and end-user in the global Multi Ovens market.
The main objective of the Global Multi Ovens Market Study
The current & future market trends of the global multi ovens market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Multi Ovens market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product and end-user.
- Define and analysis of the regulatory framework for the Multi Ovens
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Multi Ovens market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Multi Ovens market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry