According to a new report published by UnivDatos Markets Insights, the Multi Ovens Market is expected to grow at a CAGR of around 4.5% from 2022-2028. The analysis has been segmented into Product (Steam Generated, Boilerless); End-Users (Hotels & Restaurants, Bakery Stores, Retail Outlets, Domestic & Institutional, Commercial Kitchens); Region/Country.
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The multi-ovens market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Multi Ovens market. The multi-ovens market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Multi Ovens market at the global and regional levels.
Market Overview
A rise in the number of restaurants, cafes, QSR, etc., is leading to the growing demand for multi ovens. According to ‘the Pizza Power Report 2021’ in the United States the total number of pizza locations increased from 77,724 to 78,092, a nudge of 0.47% in 2020. Also, in the same year, the number of independent pizzerias rose from 41,573 to 41,879, while the chains added a few stores, too, from 36,151 to 36,213. Such increase in the number of outlets is demanding the multi ovens. Furthermore, the rapidly emerging number of QSRs across countries is contributing to market growth. For instance, India’s QSR market is expected to clock a compound annual growth rate of 23% between now to the fiscal year 2025, as revealed by Edelweiss Securities
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The Multi Ovens Market is expected to grow at a steady rate of around 4.5% owing to increasing demand for these energy-efficient, and technologically advanced products. For instance, in 2019, the expenditure on food, drinks, and catering was USD 312 billion in the United Kingdom, as per the Department for Environment Food & Rural Affairs. Also, Canadian fast-food statistics reveal the Canadian fast-food industry is worth an impressive USD 27 billion in 2021. It is expected to grow by 0.8% compared to the previous year. Also, The fast-food industry Canada facts show up to 34% of Canadians report dreaming of opening a restaurant, in the coming years and 3.7% are thinking of quick service. Casual and family-style restaurants are the most popular choice, and up to 32.7% would choose that.
Some of the major players operating in the market include General Electric, Whirlpool Corporation, AB Electrolux, Robert Bosch GmbH, Siemens AG, Samsung Electronics, Midea Group, Haier Group Corporation, Panasonic Holdings Corporation, and Breville.
COVID-19 Impact
COVID year proved to be the most challenging year for the food industry in decades, significantly testing the resilience of food supply chains. Many of the industry’s challenges stemmed from the spread and aftermath of COVID-19, forcing food organizations to adjust in new ways to maintain their supply chain continuity, integrity, and overall resilience. Moreover, the effect of COVID-19 on multi ovens was witnessed due to disruptions in the supply chain and lower spending on cooking appliances. Furthermore, in April and May 2020, worker illnesses from COVID-19 led to the shutdown of several food manufacturing plants as roughly 40% of processing capacity was brought offline in the United States. Also, the shortages of food items and price hikes were registered.
The global Multi Ovens market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on product, the market is segmented into steam generated and boiler less. The steam-generated category witnessed a higher CAGR during the forecast period. team ovens push steam from a heated water tank into the oven in order to cook food, forgoing the traditional hot air used in common convection ovens. The biggest advantage to these ovens is their healthy cooking techniques. Overall, cooking with steam is a healthier alternative than baking or frying. Moreover, steam cooking brings out the natural colors, flavors, and textures of a dish without reducing its nutritional value.
· On the basis of end-users, the market is categorized as Hotels & Restaurants, Bakery Stores, Retail Outlets, Domestic & Institutional, and Commercial Kitchens. Among these, the hotels & restaurant segment to hold a significant share in the market in 2020. This is mainly due to the Emerging hospitality sector, globally is one of the prominent reasons driving the market for commercial cooking equipment. According to the World Bank, the number of international departures more than doubled between 1997 and 2017, from 687 million to 1.57 billion per annum. Moreover, the number of hotel rooms globally had risen by 17.7% since 2008 to 17 million in 2018.
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Multi Ovens Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. The rising number of working coupled and adoption of western culture is leading to the growing demand for multi ovens. Moreover, the growth of the travel and tourism industry and the rising attractiveness of Quick Service Restaurants (QSRs) among millennials. Also, a rise in the investment in the hospitality sector is leading to the growing number of hotels and restaurants which is gaining end-users’ tractions, and the market is blooming.
The major players targeting the market include
· General Electric
· Whirlpool Corporation
· AB Electrolux
· Robert Bosch GmbH
· Siemens AG
· Samsung Electronics
· Midea Group
· Haier Group Corporation
· Panasonic Holdings Corporation
· Breville
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Multi Ovens market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Multi Ovens market?
• Which factors are influencing the Multi Ovens market over the forecast period?
• What are the global challenges, threats, and risks in the Multi Ovens market?
• Which factors are propelling and restraining the Multi Ovens market?
• What are the demanding global regions of the Multi Ovens market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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