Pune, March 09, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The global multi ovens market is anticipated to grow at a 4.5% CAGR over the forecast period (2020- 2025), reveals the current Market Research Future (MRFR) report. Multi ovens are made with multiple heating elements behind the oven walls, which include a bottom one, a top one, and one coiled around an electric fan along with a grill element in the cavity which is used in combination or separately to offer optimum performance as per what will be cooking.
Enhancing Features that Bolster Market Growth
According to the MRFR report, there are numerous factors that are propelling the multi ovens market growth. Some of these include the insatiable demand for the foodservice industry, need for faster and more efficient ways of cooking, rise in economy, rise in individual purchasing power, demand for energy-efficient appliances, the rising standard of living of customers, rise in nuclear families, growing need for ready to eat and frozen food, rise in working women and preoccupied schedules of people in urban cities, increasing catering contracts for seminars, large-scale functions, and other social gatherings, and several economic factors like increasing disposable income of consumers, and rising population. Besides, growing awareness about different cooking appliances like barbeques, grills, and microwave ovens and the growing need for stylish and convenient appliances to balance the buyer’s standards of living are also adding market growth.
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On the other hand, high power consumption, complex design of multi ovens, and high price are factors that may limit the global multi ovens market growth over the forecast.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the based on multi ovens market based on power source, end user, and product.
By product, the global multi ovens market is segmented into boilerless and steam generated. Of these, the steam generated segment will lead the market over the forecast period. The boilerless segment, on the other hand, is projected to grow at a high CAGR over the forecast period.
By end user, the global multi ovens market is segmented into commercial kitchens, domestic and institutional, retail outlets, bakery stores, and hotels and restaurants. Of these, the hotels and restaurants segment will dominate the market over the forecast period. The rising preference for various cuisine food products and increasing expenditure on food outside the home is adding to the the segmental growth.
By power source, the global multi ovens market is segmented into electric and gas. Of these, the electric power segment will spearhead the market over the forecast period.
Browse In-depth Market Research Report (107 pages) on Multi Ovens:
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Regional Analysis
APAC to Have Largest Share in Multi Ovens Market
Geographically, the global multi ovens market is bifurcated into Europe, the Asia Pacific (APAC), North America, South America, & the Middle East & Africa (MEA). Of these, APAC will have the largest share in the market over the forecast period. Low cost of production, availability of cheap labor in India and China, the growing need for energy-efficient kitchen appliances, demand for smart appliances, rise in trend of connected home appliances, the growing demand and popularity of multi ovens in India and China, increase in nuclear families and working women, and rise in consumer income are adding to the global multi ovens market growth in the region.
North America to Hold Second-Largest Share in Multi Ovens Market
The global multi ovens market in North America is predicted to hold the second-largest share in the forecast period. The presence of prominent restaurant, bakery/confectionery business, the growing demand for multi ovens, rising number of food business and hotels, increasing use of various types of kitchen appliances at commercial spaces, early adoption of technologically advanced equipment, and improving macro-economic condition are adding to the global multi ovens market growth in the region.
Europe to Have Favorable Growth in Multi Ovens Market
The multi ovens market in Europe is predicted to have favorable growth over the forecast period for the presence of several key players and the rising investments being made by the market players.
MEA to Have Sound Growth in Multi Ovens Market
The global multi ovens market in MEA is predicted to have sound growth over the forecast period. The rise in the tourist business, flourishing business of hotels and restaurants, growing tourism, fast food franchises adopting variation in the restaurant menu by including a diverse range of food items belonging to local culture, canteens, ferry, and cruise are adopting a menu which is suited to ethnic foods and other local cultures from various countries are adding to the global multi ovens market growth in the region.
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Competitive Landscape
The leading players profiled in the multi ovens market report include Panasonic, Haier, Media, SAMSUNG, Siemens, Bosch, KitchenAid, Kenmore, Frigidaire, Whirlpool Corporation, and GE, among others.
The global multi ovens market is highly fragmented and competitive with the presence of several international and domestic market players. These players have incorporated several strategies to stay at the forefront and also cater to the customers growing needs, such as contracts, collaborations, joint ventures, and partnerships, and others. Besides, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
Industry Updates
- February 2021- Bosch has revamped its wall oven. The latest wall ovens include convenience and style. The wall ovens from Bosch aim in taking multi-function to new heights, boasting functions like fast remote preheating, dough proofing, air frying on one’s smart device through a feature which the brand calls as Remote Start. It is compatible with other smart devices from Bosch, and more.
Summary
The global multi ovens market is predicted to touch USD 30 billion by 2025. A multi oven is an oven that has multiple functions. It means one can select the ideal cooking function for their meal. The exact functions one gets will vary resting on the manufacturer, beginning from grilling and fan oven to meat probes and steam cooking. These multi ovens are accessible in both styles- built-in appliances and free-standing cookers, thus whatever the layout of one’s kitchen, there will be a style to suit them. Commercial kitchens, domestic and institutional, retail outlets, bakery stores, and hotels and restaurants are some of its end users.
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