A rise in disposable income, a rising number of working couples, and the growing number of food service outlets and restaurant, etc. is one of the prominent reasons driving the multi-ovens Market. Furthermore, the growing demand for junk and processed food among millenniums is also a key reason which is contributing to the growth of the market. For Instance: In 2020, the number of pizza restaurants established was 78,092 in the United States alone. Even after the year-on-year fluctuations, the number of pizza restaurants increased by roughly 6,000 units over the past 9 years. Thus, there has been intense competition among the independent chains of pizza and restaurants as they offer the same products. Furthermore, the rising consumer spending on food delivery and the need to deliver their orders in time is also fueling the demand for multi ovens across the globe.
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The Multi Ovens Market is expected to grow at a steady rate of around 5% owing to the growth in disposable income, the rising number of working women, and the rise in the tourism industry. Also, a rise in the millennial working population with changing preferences for ready-to-eat foods and changes in taste preferences coupled with the growing need for customized and newer food options has fueled the growth of the multi-ovens market.
According to UnivDatos Market Insights (UMI)’ research report “Global Multi Ovens Market”, the market is expected to witness robust growth during the forecast period (2022-2028). A growing number of food service outlets across countries is contributing to the growth of the market. As per the U.S department of agriculture, the food service and food retailing industries supplied about US$1.79 trillion worth of food in 2019. In 2020, the food service and food retailing industries supplied about US$1.69 trillion worth of food.
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Based on product, the market is segmented into steam generated and boilerless. The boiler less category to witness higher CAGR during the forecast period owing to the several benefits over boiler less. Steam ovens utilize hot steam instead of hot air to cook and bake and most are equipped with water tanks with built-in boilers that siphon the water and release steam into the oven. Also, the Steam ovens keep more nutrients in food, keep its color better, and eliminate the need for oil.
Based on the end-users, the market is categorized into Hotels Restaurants, Bakery Stores, Retail Outlets, Domestic Institutional, and Commercial Kitchens. Among these, the hotels and restaurants to hold a significant share in the market in 2020. The demand for hotels and restaurant segments is attributed to the rising number of hotels and restaurants. The number of hotel rooms globally had risen by 17.7% from 2008 to 17 million in 2018. These rooms were in more than 184,000 hotels, a rise of 8.4% from 2008.
APAC to witness extensive growth
For a better understanding of the market adoption of the Multi Ovens industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period owing to the growing number of food and beverage manufacturing establishments. However, the North America region would witness considerable growth during the forthcoming years.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Multi Ovens market are General Electric, Whirlpool Corporation, AB Electrolux, Robert Bosch GmbH, Siemens AG, Samsung Electronics, Midea Group, Haier Group Corporation, Panasonic Holdings Corporation, and Breville.
“Global Multi Ovens Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Product (Steam Generated, Boiler less)
- By End-User (Hotels Restaurants, Bakery Stores, Retail Outlets, Domestic Institutional, Commercial Kitchens)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (General Electric, Whirlpool Corporation, AB Electrolux, Robert Bosch GmbH, Siemens AG, Samsung Electronics, Midea Group, Haier Group Corporation, Panasonic Holdings Corporation, and Breville)
Key questions answered in the study:
- What are the current and future trends of the global Multi Ovens industry?
- How the industry has been evolving in terms of type, drive type, and application?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global Multi Ovens industry?
- What is the customer orientation, purchase behavior, and expectations from the global Multi Ovens suppliers across various region and countries?
