The global oven market is expected to simmer and sizzle its way to a projected value of USD 5,006.70 million by 2034. This represents a significant rise in temperature from its estimated value of USD 3,132.80 million in 2024, reflecting a steady growth rate of 4.80% CAGR by 2034. Changing consumer lifestyles and preferences, including an increasing demand for convenience and time-saving cooking solutions, are propelling the adoption of ovens with advanced features and functionalities.
Technological advancements, such as smart ovens equipped with connectivity features and voice control capabilities, are reshaping the market landscape and enhancing user experience. Moreover, rising health consciousness among consumers is driving demand for ovens that offer healthier cooking options, such as air frying and steam cooking, contributing to the expansion of the market.
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The oven industry faces certain challenges that may hinder its development. One significant restraint is the increasing competition from alternative cooking appliances, such as microwave ovens, air fryers, and countertop grills, which offer similar functionalities and may appeal to budget-conscious consumers. Additionally, economic uncertainties and fluctuations in raw material prices can impact manufacturing costs and profit margins for oven manufacturers. Furthermore, environmental concerns regarding energy consumption and carbon emissions associated with oven use are prompting regulatory pressures and consumer demands for more energy-efficient and eco-friendly oven models.
There is a rising demand for customizable and modular oven designs that cater to diverse cooking preferences and kitchen layouts, offering opportunities for niche market segmentation and product differentiation. Furthermore, collaborations with celebrity chefs, food bloggers, and culinary influencers can help oven brands enhance their brand image and appeal to food enthusiasts seeking premium cooking experiences.
Innovation and differentiation are driving the latest trends in the oven industry, with a focus on technology-driven features, design aesthetics, and sustainable practices. One prominent trend is the integration of artificial intelligence (AI) and machine learning (ML) algorithms into oven functionalities, enabling predictive cooking, automated temperature adjustments, and recipe optimization based on user preferences.
Minimalist and ergonomic designs are gaining popularity, with emphasis on sleek finishes, intuitive controls, and space-saving configurations to complement modern kitchen aesthetics. Moreover, there is a growing emphasis on sustainability and eco-conscious manufacturing practices, with oven brands adopting recycled materials, energy-efficient components, and eco-friendly production processes to reduce their environmental footprint and appeal to environmentally conscious consumers.
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“The oven industry presents various opportunities for innovation, diversification, and market expansion. Manufacturers can capitalize on the growing trend of smart home integration by developing ovens with IoT connectivity and smart features that enable remote monitoring, recipe suggestions, and energy optimization.” Says an FMI Analyst.
Key Takeaways from the Market Study
- Countertop ovens lead with a 76.30% market share in 2024, highlighting their compactness and affordability.
- Commercial ovens hold a 65.10% market share in 2024, driven by demand from businesses like restaurants and bakeries.
- The United States oven market exhibits a modest 2.40% CAGR until 2034.
- Australia’s oven market anticipates a 4.50% CAGR until 2034.
- Germany’s oven market expects a 1.50% CAGR until 2034.
- China’s oven market projects a 6.20% CAGR until 2034.
- India’s oven market anticipates a robust 7.00% CAGR until 2034.
Competition Outlook of the Oven Market
The oven industry is a well-established battleground between household appliance giants. Leading players like Whirlpool (parent company of brands like KitchenAid and Maytag) and Bosch maintain their dominance through brand recognition, reliable quality, and a wide range of oven options catering to various budgets and needs. They constantly innovate within their established product lines, focusing on features like improved energy efficiency, even cooking technologies like convection, and user-friendly control interfaces.
However, this stronghold is being challenged by a new wave of competitors. Tech-savvy startups like Tovala and June Oven are making inroads with their smart oven offerings. These companies prioritize features like app-controlled cooking, integration with recipe platforms, and automated meal preparation. They target a niche market of tech-savvy consumers who value convenience and a more interactive cooking experience. This contrasting approach by established brands and innovative startups highlights the industry’s shift towards catering to both traditional consumer preferences for reliability and new demands for technological integration and personalized cooking experiences.
Recent Developments:
- LG Electronics, located in South Korea, took steps toward sustainability in August 2023 by developing a series of household appliances aimed for the ‘Net-Zero House’. LG’s newest kitchen, laundry, and living solutions, which prioritize A-grade energy efficiency, seek to cut power consumption, operating expenses, and environmental impact, appealing to environmentally concerned clients.
- In August 2023, LG Electronics India formed a strategic relationship with ITC Foods to reinvent culinary experiences for Indian customers. Leveraging the knowledge of both industry giants, the alliance intends to provide Indian customers with more accessible, healthier, and diverse cooking options that satisfy changing culinary demands and tastes.
- Blue Apron and Panasonic Consumer Electronics Company established a strategic alliance in January 2022 to enhance consumers’ cooking experiences. Blue Apron’s effort will combine chosen recipes with unique cooking methods utilizing the Panasonic 4-in-1 Multi-Oven, giving consumers with simple and tasty meal alternatives.
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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)
Get More Valuable Insights
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.
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)
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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