The global oven market is estimated to achieve a valuation of US$ 2,801.4 million in 2022, with projections indicating a rise to over US$ 4,519.9 million by 2032. This growth translates to a compound annual growth rate (CAGR) of 4.9% from 2022 to 2032. The oven market’s share within the broader kitchen appliance market ranges approximately between 1% to 2%.
The function of ovens is to cook and reheat food and baked items faster. The market is driven by demand because it is becoming more difficult to find the time to cook fresh food every time because of irregular work hours and hectic schedules.
The market will also be driven by rising kitchen equipment expenditure and the use of smart kitchen appliances. Over the course of the projection period, manufacturers will also benefit from the growing trend of connecting household appliances like the range, oven and hob.
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Business Growth Drivers in the Oven Market:
- Technological Advancements: Continuous innovation in oven technology, including the development of smart ovens, energy-efficient models, and advanced cooking features, drives consumer interest and market growth.
- Changing Consumer Lifestyles: Shifts in consumer lifestyles, such as busy schedules and increased focus on convenience, lead to higher demand for ovens with features like faster cooking times, pre-programmed settings, and remote accessibility.
- Rising Foodservice Industry: Growth in the foodservice sector, including restaurants, cafes, and bakeries, increases the demand for commercial ovens, driving overall market expansion.
- Health and Wellness Trends: Consumer awareness of health and wellness leads to a demand for ovens that support healthier cooking methods, such as steam cooking or air frying, contributing to market growth.
- Home Renovation and Remodeling: Increasing home renovation and remodeling activities, coupled with the trend of kitchen upgrades, result in higher sales of built-in and luxury ovens, driving market growth in certain segments.
Industry Restraints in the Oven Market:
- Economic Instability: Fluctuations in the economy, including changes in disposable income and consumer spending patterns, can impact consumer willingness to invest in new ovens, leading to market uncertainty and slower growth.
- Supply Chain Disruptions: Disruptions in the global supply chain, such as raw material shortages, transportation challenges, or geopolitical issues, can lead to production delays and increased costs, hindering market growth.
- Sustainability Concerns: Growing concerns about environmental sustainability may drive demand for eco-friendly ovens, but stringent regulations, higher production costs, and limited availability of sustainable materials can pose challenges for manufacturers, affecting market growth.
- Competition from Alternative Cooking Technologies: Alternative cooking technologies, such as microwave ovens, induction cooktops, and air fryers, present competition to traditional ovens, impacting market growth as consumers have more options to choose from.
- Market Saturation in Mature Regions: In mature markets, such as North America and Europe, the oven market may experience saturation, making it challenging for manufacturers to achieve significant growth without innovative product differentiation or expansion into emerging markets.
Key Takeaways from the Ovens Market Study
- In terms of product type, countertop ovens are expected to dominate the global oven market through 2022 & beyond.
- Based on application, the commercial segment will witness fastest growth during the assessment period (2022-2032)
- Sales of oven via online retailer sales channel are expected to burgeon over the forecast period on the back of growing expansion of e-commerce sector
- India is expected to spearhead the growth in South Asia oven market backed by rising adoption of smart kitchen appliances.
- China is expected to dominate the East Asia market owing to the expansion of manufacturing capacities.
“Kitchen appliance manufacturers are introducing various electronic and technological features in several categories to meet consumer demand for ovens. Development of built-in ovens and modular kitchens is another factor boosting the growth in the global oven market”, says an FMI analyst.
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Who is winning?
Appliances are progressively being integrated into Internet of Things (IoT) platforms by market participants. Apps for mobile and desktop devices allow smart kitchen equipment such as ovens to work remotely and wirelessly, in real-time. Manufacturers of ovens are also working intensively to create ENERGY−STAR qualified models in response to growing consumer interest in energy saving.
Some of the major players present in the ovens market are
- Hawkins Cookers Limited
- Stove Kraft Limited
- TTK Prestige Limited
- Somany Home Innovation Limited (SHIL)
- Franke-Faber
- CATA Electrodomesticos India
- Sunflame Enterprises Private limited
- Whirlpool Limited
- Others (on request)
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Future Market Insights, in its new offering, provides an unbiased analysis of the global ovens market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the ovens market based on the product type (countertop and built-in), application {commercial (restaurant, hotels, schools, bakery and others) and residential}, sales channel (wholesalers/distributors, multi-brand stores, specialty stores, hypermarket/supermarkets, online retailers, and other sales channel) across seven major regions.
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Oven Market By Category
By Product Type:
- Countertop
- Built-in
By Application:
- Commercial
- Restaurants
- Hotels
- Schools
- Bakery
- Others
- Residential
By Sales Channel:
- Hypermarkets/Supermarkets
- Wholesaler/Distributer
- Specialty Stores
- Multi-brand store
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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