| Report Code: A07064 | Pages: 225 | Oct 2021 | 5271 Views | ||
| Author(s) : Himanshu V , Roshan D | Tables: 130 | Charts: 63 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the High Speed Oven Market
Request Now !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. The built-in segment led in terms of the high-speed oven market share in 2020, and the countertop segment is expected to have the highest CAGR during the forecast period.
High speed ovens can cook food faster than conventional ovens. These ovens can reduce cooking times for food anywhere from 30% to 50%. Two main types of high speed ovens are built-in high speed ovens, which are built into kitchen walls; and countertop high speed ovens, which can be placed anywhere on kitchen counters. Most high speed ovens are used for commercial use, however, certain smaller high speed ovens can also be used for residential purposes.
The advent of food delivery apps is leading to a larger exposure for hotels, restaurants and cafes. Furthermore, the quick delivery model of food aggregators have resulted in grater adoption of high speed ovens by food establishments. In developing countries, where the hospitality and food industry is growing very rapidly, high speed ovens are becoming essential to stay ahead of the competition and to maintain a rigid service model. As a result, high demand for high speed oven can be witnessed in food service industry.
Manufacturers of high speed ovens are adding many new features in their products, which improves their functionalities. Addition of new features and functions in products is becoming a common practice to provide customers with additional value and to stand out from competition. Use of IoT in smart ovens to connect them with the internet and mobile applications enables users to remotely set up cooking times, temperatures, mode of heating, and other types of settings that ovens may include. In addition, use of steam cooking technology in several high speed ovens help in maintaining moisture in food, while also preventing food from accidentally burning. In addition, players are incorporating interactive control panel displays supporting multi-languages and connectivity via WiFi. For instance, Midea Group launched built-in scanners, which enable operation by scanning barcode on food packaging to set power levels and cooking time. Furthermore, customization options are now made available to the food establishments by the manufacturers of the high speed ovens. Novel innovations and customization drives the global market for high speed ovens.
The global high speed oven market is segmented on the basis of type, end user, sales channel, and region. By type, the market is bifurcated into built-in and countertop. By end user, it is segmented into residential and commercial. By sales channel, it is studied across hypermarkets/supermarkets, specialty stores, and online channels. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Depending on type, built-in high speed ovens are larger ovens that are either built into walls or are a part of a kitchen and cannot be moved around easily. Counter top high speed ovens are smaller ovens that can be placed on kitchen counters and are easy to relocate from one part of the kitchen to another.
According to end user, high speed ovens are most widely used commercially as they need to cook large quantities of food quickly to cater to large number of customers visiting for food. Residential use of high speed ovens is comparatively low, but its use is expected to increase in the future.
By sales channel, specialty stores are the most common mode of purchase of high speed ovens. However, online channels segment is witnessing high growth owing to high convenience, deliver to door services along with availability of large number of products from various brands.
The report focuses on the high speed oven market growth prospects, restraints, and opportunities. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the high speed oven market.
Some of the major players profiled for in the high speed oven market analysis include Bosch, Breville Group Limited, Cookkart, Electrolux AB, Kanteen India Equipments Co., Miele & Cie KG, Panasonic, SMEG S.p.A., The High Speed Oven Company, and Whirlpool Corporation. Other prominent players analyzed in the report are GE, Sharp, Siemens, Welbilt, TurboChef Technologies, Viking Range, Alto-Shaam, Ali Group (ACP Solutions), and MIT.
Covid-19 Impact Analysis
Key Benefits For Stakeholders
High Speed Oven Market Segments
By Type
By End User
By Sales Channel
By Region
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The use of high speed ovens has increased in the last few decades due to the growth in the fast food industry and proliferation of food service industry. The need for cooking food fast and maintaining the taste and freshness of the food primarily drives the demand for high speed ovens. Majority of the high speed ovens can be found in restaurants, hotels, cafes, food trucks, and fast food joints. These are mostly built in to save space in the kitchen and provide employees enough space to maneuver around the kitchen freely. For larger establishments, these ovens can be very big, having five or more racks of cooking area to enable bulk cooking. For residential use, mostly counter top high speed ovens are used.
The covid pandemic has revealed week links in supply chains. Depending on handful of vendors located at certain geographical area have been catastrophic for the manufacturers in the pandemic. With high disruption in supply chain during the pandemic, players are now investing heavily to diversify supply chains. In addition, players are identifying vendors to source components locally to mitigate associated risks. Nevertheless, the industry is at the cusp of transition and will see many initiatives to build resilient supply chains.
Innovations such as smart connectivity and app control are gaining traction in the market. Further research and developments into these technologies is likely to create new growth avenues for the market. In addition, players are now tapping residential segment as well to diversify its consumer base. With food service industry facing challenges amidst pandemic the players are tapping untapped potential in residential segment.
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