The global double-stack oven market is expected to grow at a CAGR of 5% during the period 2023 to 2033. The market is valued at USD 3665 million as of 2023, and by 2033 the market is expected to reach a valuation of USD 5955 million.
Some of the factors that might contribute to the growth of the double-stack oven market are:
| Attributes | Value |
|---|---|
| Double Stack Oven Market Value (2022) | USD 3465 Million |
| Double Stack Oven Market Value (2023) | USD 3665 Million |
| Double Stack Oven Market Forecast Value (2033) | USD 5955 Million |
| Double Stack Oven Market Expected CAGR (2023 to 2033) | 5% |
The surging luxury hotel market in North America gives a gleam of opportunity to the double-stack oven market
Based on the statistics available with FMI, the double-stack oven market in North America has the highest market share as compared to other regions
The luxury hotel market in North America is expected to grow at a CAGR of nearly 9.2% during the period 2023 to 2033.
Luxury hotels have always been huge markets for double-stack commercial ovens because of the flexibility associated with their usage.
Apart from that, baked food items are ordered in large quantities luxury items. The double-stacked convection ovens save a lot of time, as they have the capacity to heat two, or in some cases even more cakes at a given point in time. This is well expected to increase the North American double-stack oven market share.
Not only the baked food items but the double stack ovens are also being used for heating other food items as well.
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Asia Pacific's double oven market is expected to be the fastest-growing market during the forecast period.
Rapid technological advancements coupled with infrastructural developments are expected to surge the growth of the double-stack oven market in the Asia Pacific. Of all the sectors, it is expected that the seafood market in the Asia Pacific is expected massively contribute to the growth of the Asia Pacific double-stack oven market.
Seafood restaurants across the Asia Pacific are increasingly making use of double-stack ovens to serve customers within no time, and this definitely shows positive trends pertaining to the Asia Pacific market.
Europe: One of the leading markets for quick service restaurants, which represents a lot of scope for the double stack oven market
The Europe quick service restaurant is valued at close to USD 62 billion as of 2023. The convenience, good taste, and growing focus on serving nutritious food are expected to surge the market going ahead.
However, if we talk in terms of Europe's double-stack oven market, the growth of quick-service restaurants is expected to surge the double-stack oven market in Europe.
The reason is that these provide heating solutions for food, and within a short span of time, the customer gets to consume fresh food owing to the adoption of double-stack ovens.
On comparing the historical CAGR with the anticipated CAGR, we get to see that the double-stack oven market is in for growth. While the historical CAGR for the double-stack oven market was 4.6%, the anticipated CAGR for the forecast period is 5%.
Increased consumption of fast food, coupled with rapid urbanization, which has led to lifestyle changes are some of the factors why the market is anticipated to grow during the forecast period.
Principal Consultant
Ability to cook two different dishes at different temperatures
The presence of a double-stack oven allows for cooking two different dishes at different temperatures. This gives the customers to use both stacks at their convenience.
High Capacity
As compared to single ovens, double-stack ovens provide a much higher capacity. This allows the customers to place even more than two dishes in certain cases. Additionally, the double-stack ovens also have the ability to skip the bottom storage stack for accommodating more items in a single go.
High price
The price of the double stack oven is quite high, as a result of which not many individuals can afford to buy them.
Difficulty in opening the bottom oven
The users are of the opinion that they generally experience difficulty in opening the bottom oven, and many of them also find it difficult to load dishes in the bottom oven. This might hamper the sales of the double-stack ovens.
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The China double stack oven market is expected to grow at a CAGR of 6.5% during the forecast period. The China market holds a valuation of USD 416.8 million as of 2023, and by 2033 the market is expected to reach a valuation of USD 893.25 million.
The historical CAGR (2017 to 2022) of the double-stack oven market in China was 4.6%. A jump from 4.6% to 6.5% shows that China market has a lot to offer.
The smart kitchen appliances market is expected to grow at a CAGR of around 22.3% during the forecast period. The double-stack oven forms a considerable share of the smart major kitchen appliances market. This is expected to surge the sales of double-stack ovens in China.
The USA double-stack oven market is expected to grow at a CAGR of 5.4% during the forecast period. In 2023, the double stack oven market in the USA is valued at USD 609.15 million, and by 2033, the market is expected to reach a valuation of USD 1488.75 million.
The historical CAGR (2017 to 2022) for the market was 5.3%, and the anticipated CAGR during the forecast period is 5.4%. Though there is hardly any difference, the surge in the growth rate of certain sectors which require double-stack ovens is something that the USA double-stack oven is optimistic about.
The fast food service market in the USA is valued at USD 100 billion as of 2022 and is expected to grow at a CAGR of 4.6% during the forecast period.
Fast food is something that is served as well as consumed on an immediate basis. In order to maintain the freshness of the food, the restaurant owners make use of double-stack ovens to accommodate more food at a given point in time. This is well expected to increase the sales of double-stack ovens in the USA.
The double-stack oven market in Japan is valued at USD 147.935 million as of 2023. The market is expected to grow at a CAGR of 5.1% during the forecast period, and by 2033, the market is expected to reach a valuation of USD 375.165 million. The historical CAGR (2017 to 2022) of the market was 4.6%.
The frozen desserts market in Japan is valued at around USD 4.3 billion as of 2022 and is expected to grow at a CAGR of nearly 6.2% during the forecast period.
Frozen desserts are meant to be consumed on an immediate basis, and there are a few desserts that need to be heated before consumption. The end users generally make use of ovens before consuming them. This is well expected to increase the application of double-stack ovens during the forecast period.
The UK double-stack oven market is expected to reach a valuation of USD 416.85 million by 2033. The market is expected to grow at a CAGR of 6.6% during the forecast period, and as of 2023, the double-stack oven market in the UK is valued at USD 196.95 million.
The historical CAGR (2017 to 2022) was 4.6%. A jump from 4.6% to 6.6% truly reflects the potential of the market in the UK.
In 2021, the UK bakery products market was valued at nearly USD 146.2 billion. The growing bakery products market indicates the fact that the bakery business is thriving, and while preparing cakes, muffins, etc. the bakers do make use of double-stack ovens, thereby focusing on both taste and number of cakes.
The South Korean double-stack oven market is expected to grow at a CAGR of 3.4% during the forecast period. The double-stack oven market in South Korea is valued at USD 42.59 million in 2023, and by 2033, it is expected to reach a valuation of USD 148.875 million.
The historical CAGR (2017 to 2022) for the market was 3.9%.
The popcorn market in South Korea is valued at USD 126.2 million as of 2022. Be it multiplexes, restaurants, residential places, etc., the double stack oven are used for preparing popcorn. Apart from popcorn, these are used for a variety of other purposes as well like for heating fast food, sweet dishes, etc. This presents a huge opportunity for the South Korean double-stack oven market.
The electric segment is expected to have the highest market share. The segment is expected to grow at a CAGR of 5.3% during the forecast period, and the historical CAGR (2017 to 2022) for the segment was 5%.
The double-stack electric oven segment is expected to dominate the segment as the manufacturers are specifically into developing energy-efficient solutions in the electric segment. This would ensure that much less energy is consumed.
The commercial segment is expected to have the highest market share. The segment is anticipated to grow at a CAGR of 4.7% during the forecast period, and the historical CAGR for the segment was 4.4%.
The commercial segment usually involves bulk purchases. Apart from that, companies are frequently in need of these machines as there are frequent cases of companies expanding their offices to new regions, where the companies might be requiring more of these machines.
The start-up companies operating in the double-stack oven market are making the best use of technology as well as Research and Development for developing the best quality ovens to serve their customers.
Tovala is a food-tech company that was founded in 2015. It has been offering meal service combined with a countertop smart oven. The company has developed a meal system that combines an internet-connected countertop steam oven capable of multi-step cooking with meals, making dinner preparation simple, and enabling busy people to get access to an effortless way of eating delicious meals.
In February 2021, Tovala closed a Series C funding of USD 30 million. The funding round was led by Left Lane Capital, accompanied by Comcast Ventures, Finistere Ventures, and Pritzker Group.
The key players in the double-stack oven market are investing in activities pertaining to mergers and acquisitions. The steps are being taken to surge the market share and to make use of certain technologies, which were otherwise unavailable to them.
Apart from that, the key players are also developing strategic collaborations with players from other sectors, to focus more on manufacturing top-quality spare parts pertaining to double-stack ovens.
Some of the recent developments are:
GE Appliances has always believed in making good things for life. They create, think, and make by believing that anything is possible and that there is always a better way. The diverse background of employees working for GE Appliances introduces a vibrant culture in the organization.
Since 1907, the company has been delivering innovative quality products that are trusted in half of the USA. They have always maintained a ‘zero distance’ approach to be closer to the customers and business owners. The belief is to build great appliances and great communities.
Owing to its excellent work culture, on 23rd August 2022, GE Appliances earned the 2022 great place to work certification.
Samsung has always provided solutions that constantly reinvent the future. They have created a culture of infinite possibilities, where the company takes no time to convert a brilliant idea into a final electronic product.
The company has always committed to complying with local laws and regulations, as well as applying a strict global code of conduct to its employees. In the era of high competition among various players, Samsung continues to train its employees to follow ethical practices, and operate monitoring systems.
On 27th October 2022, Jay Y. Lee was appointed as the Executive Chairman of Samsung Electronics.
Bosch has adopted an ownership structure, which guarantees entrepreneurial freedom to each and every employee who works for the company. The company has mainly been into providing mobility solutions, industrial technology, consumer goods, and energy and building technology.
Rapid reactions, innovations, and the digital supply chain are becoming increasingly important. The company has been seizing the opportunities to position Bosch as a leader in the IoT.
On 19th July 2022, Bosch established a sector board for the Mobility Solutions business sector.
The double-stack oven market is valued at USD 3665 Million as of 2023.
The double-stack oven market is expected to grow at a CAGR of around 5% over the forecast period.
By 2033, the double-stack oven market is expected to be valued at USD 5955 Million.
Some of the challenges are: high price and difficulty in opening the bottom oven.
The main drivers are: ability to cook different dishes at different temperatures and high capacity.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Power Type 5.1. Electric 5.2. Liquid Propane 5.3. Natural Gas 6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Buyer Type 6.1. Commercial Buyers 6.2. Household Buyers 7. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 7.1. Food Equipment Specialty Retailers 7.2. Brand Franchised Stores 7.3. Modern Trade 7.4. eCommerce Platforms 7.5. Others 8. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. East Asia 8.5. Middle East and Africa (MEA) 8.6. Oceania 8.7. South Asia and ASEAN 9. North America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and ASEAN Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. GE Appliances 18.2. Samsung 18.3. Whirlpool 18.4. Bosch 18.5. LG 18.6. Sharp 18.7. Frigidaire 18.8. ITW Food Equipment Group LLC 18.9. Hobart 18.10. Event Source JBK Group, Inc 18.11. THERMADOR 18.12. Moffat (Ali Group Company) 18.13. Wells Manufacturing 19. Assumptions & Acronyms Used 20. Research Methodology
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Double Stack Oven Market
