Global High Speed Oven Market By type (built-in and counter-top), By Sales Channel (Specialty stores, Hypermarket/Supermarket, and Online Stores), By End User (Commercial and Residential), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the High Speed Oven Market
Market Report Description
The Global High Speed Oven Market size is expected to reach $4,300.5 million by 2027, rising at a market growth of 8.7% CAGR during the forecast period.
High speed oven also called quick cook oven or accelerated cooking unit, is a lightweight, reliable and strong professional cooking equipment. It helps in making various food items like bread, cake, pasta and many others. In addition, high speed oven accomplish the cooking process without affecting the taste and texture of the food. Additionally, modern quick cook ovens also permit infrared or radiant cooking.
In the developing countries, rising disposable income of people is also a factor responsible for growth of high speed oven market as the increased income would allow the consumer to afford such products.
COVID-19 Impact Analysis
High speed oven market faced a negative impact of the pandemic because of shut down of various food and commercial establishments. This pandemic resulted in low production of high speed ovens due to lesser availability of resources. Additionally, it has also disrupted the supply chain due to imposed restrictions over import and export. Also, COVID has badly affected the economy due to which most of consumers would not be able to afford investing in such appliances.
In addition, people have developed cooking habits during the lockdown period, baking was one of the major trends observed in the pandemic, which would fuel the demand for high speed over in the post COVID-19 period.
Market Growth Factors:
Increasing number of hotels and restaurants
Rapid increase in food service outlets is resulting in rising demand for high speed ovens. Various businessmen are opening new restaurants and cafes in order to make their hobbies or passion into income. The arrival of food delivering apps is leading hotels, cafes and restaurants toward publicity. Additionally, the faster delivery feature offered by food delivery apps is leading to increase in adoption of high speed ovens by restaurants and cafes.
Reduction in time taken for cooking
Time consumed in cooking is the major issue for almost everyone because of the hectic schedule. The high speed ovens can reduce the time taken for cooking as it combine two or more heat sources that is infra-red, microwave, and high impinged hot air which is the reason of adopting this device with latest cooking technologies. In addition, high speed ovens enable restaurants to do on time delivery of food by reducing the time consumed in cooking. The hectic life schedule of the consumers has motivated them to adopt appliances and gadgets that help in reducing their time investment on household activities.
Market Restraining Factor:
High Cost involved
High speed oven offers various advanced features due to which it include more cost than that of other cooking appliances. This factor may result in a slowdown of the demand for high speed ovens in the market because of availability of various alternates to high speed ovens with competitive features and low prices. Additionally, high speed ovens need proper maintenance which would also include cost. It is not possible for all the consumers to afford such expensive products and due to which they end up choosing an alternate with some same features that ultimately decrease the demand of high speed ovens in the market.
Based on type, the market is segmented into built-in and counter-top. Countertop ovens offer broiling to convection by offering more versatile cooking for routine. Also, these ovens cover very limited space which allow customer to get enough space for performing other activities of cooking process.
Sales Channel Outlook
Based on Sales Channel, the market is segmented into Specialty stores, Hypermarket/Supermarket, and Online Stores. High speed ovens are in huge demand and are also easily available at the supermarkets/hypermarkets which allow buyers to know about existence of the product along with its advanced features, which ultimately result in the high demand of the product.
End User Outlook
Based on End User, the market is segmented into Commercial and Residential. Many people are adopting high speed oven for residential use to save time for their other routine tasks. Also, the feature of internet connection may be a reason to adopt high speed ovens for residential use as people are interested in trying new recipes but don’t have proper knowledge about how to cook.
|Market size value in 2020||USD 2.1 Billion|
|Market size forecast in 2027||USD 4,300.5 million|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 8.7% from 2021 to 2027|
|Number of Pages||169|
|Number of Tables||328|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Type, Sales Channel, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is estimated to witness a significant growth rate in the high speed oven market over the forecast period. This growth is attributed to the high pace of westernization and urbanization along with the maturing fast food sector across developing nation of the region.
Free Valuable Insights: Global High Speed Oven Market size to reach USD 4,300.5 million by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Whirlpool Corporation, Panasonic Corporation, Robert Bosch GmbH, Breville Group Limited, Cookkart, Electrolux AB, SMEG S.p.A., and Miele & Cie. KG.
Recent Strategies Deployed in High Speed Oven Market
- Jun-2020: Panasonic introduced Versatile NN-CD87KS Home Chef 4-in-1 Countertop Multi-Oven. This product is developed to deliver the versatile function of air frying, baking, broiling, and traditional microwaving for the busy lifestyles of cooking experts and beginners.
- Jul-2019: Panasonic launched NN-GN68KS Microwave Oven with Inverter Technology + FlashXpress Broiler. This oven aimed to provide the dual infrared Flash Xpress Broiler that can effortlessly make a variety of frozen and fresh foods, plus cook, reheat and broil at the same time whereas other brands need to switch between microwave and grill settings to cook and brown.
- Oct-2018: Breville, a global leader in the latest kitchen devices, introduced Smart OvenPizzaiolo(BPZ800; $799.95), the world’s first indoor countertop pizza oven. This oven can cook to an unmatched 750° F and can cook an appropriate Neapolitan-style pizza in two minutes.
- Nov-2017: Whirlpool Corporation expanded its business in the Middle East and Africa by launching its Indesit brand. Under this expansion, the company aimed to offer the Indesit product portfolio in the region with a full complement of advanced home appliances of freestanding and the built-in cooking Aria range that includes washing machines, refrigerators, ovens, dishwashers, and microwaves.
Scope of the Study
Market Segments Covered in the Report:
By Sales Channel
- Specialty Stores
- Online Stores
By End User
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Whirlpool Corporation
- Panasonic Corporation
- Robert Bosch GmbH
- Breville Group Limited
- Electrolux AB
- SMEG S.p.A.
- Miele & Cie. KG
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What would be the value of the global high speed oven market by 2027?
The high speed oven market size is projected to reach USD 4,300.5 million by 2027.
What are the key driving factors and challenges in the high speed oven market?
Increasing number of hotels and restaurants are driving the market in coming years, however, high cost involved limited the growth of the market.
Who are the top market players in the high speed oven industry?
Whirlpool Corporation, Panasonic Corporation, Robert Bosch GmbH, Breville Group Limited, Cookkart, Electrolux AB, SMEG S.p.A., and Miele & Cie. KG.
At what CAGR is the high speed oven market estimate to grow in the forecast period?
The expected CAGR of the high speed oven market is 8.7% from 2021 to 2027.
Which segment dominated the high speed oven market in 2020?
The Specialty Stores market dominated the Global High Speed Oven Market by Sales Channel in 2020 thereby, growing at a CAGR of 8.4% during the forecast period.
Which region dominated the high speed oven market in 2020?
The Europe market dominated the Global High Speed Oven Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,528 million by 2027.