High Speed Oven Market Expected to Hit $3.6 Billion by 2030, Growing at 4.8% CAGR

According to a new report, "High Speed Oven Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, End User and Sales Channel : Global Opportunity Analysis and Industry Forecast, 2021-2030." The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market. 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.

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High speed ovens are special ovens that are designed to cook food faster than regular ovens. These ovens use two or more than two heat transfer methods such as microwaves, contact heating, convection, air impingement, and steam cooking to reduce the cooking time of food by 20-50%. Commercial establishments like cafes, hotels, and restaurants require appliances like high speed ovens to efficiently perform their daily operations. Proliferation of food service establishments is leading to an increase in the purchase of high speed ovens. Many entrepreneurs are setting up new cafes and restaurants as a way to convert their passion or hobbies in to livelihoods.

Over the past few decades, the utilization of high-speed ovens has surged, propelled by the expansion of the fast-food and food service industries. The imperative to swiftly cook food while preserving its taste and freshness predominantly fuels the demand for these ovens. Predominantly found in restaurants, hotels, cafes, food trucks, and fast-food outlets, high-speed ovens are often built-in to optimize kitchen space and allow employees ample room for movement. In larger establishments, these ovens can be substantial, boasting five or more cooking racks to facilitate bulk cooking. Conversely, for residential purposes, countertop high-speed ovens are more commonly employed.

Similarly, many hotels are also being set up, or large chains of hotels are expanding their businesses into new locations. As such establishments require constant cooking operations that need to be quick, adoption of high speed ovens is high in order to increase operational efficiency. These appliances also help smaller food outlets and cafes in maintaining the balance between orders and delivery time. With expansion of such establishments, the demand for high speed oven is likely to increase in coming years.

The high speed oven industry is majorly dependent on the hospitality sector for its revenue generation. The declaration regarding the shutdown of notable proportion of the hospitality industry, including full service restaurants, pubs & bars, and quick service restaurants has dramatically hampered the sale of ovens. Moreover, the supply chains today are far more complex as compared to what they were a decade ago. The COVID-19 pandemic has not only hampered the production facilities but has also disrupted the supply chains such as material suppliers and distributors of the kitchen equipment market globally resulting in the loss of the business in terms of value sales.

In addition, many players were facing financial pressure, as their payment of debts is on hold due to the pandemic, hampering the smooth operation of their businesses. The increasing residential adoption of high speed ovens due to reduction in the time consumers stay home as well as due to easy availability through online channels in also going to highly positively impact the high speed oven market in the post covid scenario.

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The global high speed oven market is segmented on the basis of type, end user, sales channel, and region. Based on type, the global market is bifurcated into built in and countertop ovens. By end user the market is segmented into residential and commercial. Based on sales channel the global market is studied across hypermarkets/supermarkets, specialty stores, and online channels.

The global high speed oven market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe leads in terms of market share for 2020, while Asia-Pacific is forecasted to grow with significant growth during the forecast period.

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.

Exploring Growth Opportunities and Demand Trends in the High Speed Oven:

Increased Demand for Convenience Foods: As consumers seek convenient meal solutions that fit into their busy lifestyles, the demand for high-speed ovens is expected to rise. These ovens offer quick cooking times, allowing consumers to prepare meals faster without compromising on taste or quality.

Rise in Quick-Service Restaurants (QSRs) and Fast-Casual Dining: Quick-service restaurants and fast-casual dining establishments are increasingly adopting high-speed ovens to expedite order fulfillment and enhance customer satisfaction. These ovens enable restaurants to serve freshly prepared food with shorter wait times, improving overall efficiency and throughput.

Expansion into New Applications: High-speed ovens are not limited to traditional foodservice settings. There is growing interest in utilizing these ovens in non-traditional environments such as convenience stores, grocery delis, gas stations, and even in-home kitchens. Manufacturers are expanding their product offerings and developing specialized models to cater to these diverse applications.

Technological Advancements: Ongoing advancements in high-speed oven technology are driving market growth. Manufacturers are investing in research and development to enhance cooking performance, energy efficiency, and user interface design. Features such as programmable recipes, touchscreen controls, and ventless operation are becoming standard offerings, appealing to both commercial and residential users.

Focus on Energy Efficiency and Sustainability: With increasing emphasis on sustainability, there is a growing demand for energy-efficient appliances. High-speed ovens that incorporate innovative cooking technologies, such as microwave, impingement, and convection heating, are gaining popularity due to their reduced energy consumption compared to conventional cooking methods.

Customization and Personalization: Consumers are increasingly seeking customizable dining experiences. High-speed ovens offer the flexibility to customize cooking settings based on individual preferences, dietary restrictions, and food trends. Manufacturers are responding to this demand by offering customizable cooking programs and accessories tailored to specific culinary applications.

Key Findings Of The Study:

○ By type, built in high speed ovens are more popular as compared to countertop high speed ovens. However, countertop high speed ovens segment expected to grow with the highest CAGR during the forecast period
○ By end user, commercial segment leads in terms of high speed ovens market share and is expected to retain its dominance throughout the forecast period.
○ By sales channel, the specialty stores segments leads with about four-fifth market share in the global high speed oven industry.
○ By region, the Europe dominates the global market however, Asia Pacific region is likely to witness highest CAGR growth in the upcoming years.

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