(MENAFN– EIN Presswire)
The ovenware market is seeing growth as companies adopt strategies to boost their market share.
The ovenware market was valued at $1.1 billion in 2021 and is expected to reach $2 billion by 2031, with a CAGR of 6.7% from 2022 to 2031. – Allied Market Research
Ovenware, used for cooking and serving food, is popular worldwide among consumers over 15 years old. It’s made from materials like stainless steel, copper, aluminum, plastic, and non-stick coatings, with various types available, such as baking sheets and pans for cakes and pizzas.
The rise in baking as a hobby has significantly fueled ovenware sales. Many people are baking for fun or considering it as a job. The growth in households buying multiple ovenware products also supports this market.
Increased numbers of hotels, restaurants, and commercial bakeries are driving demand for ovenware. The growing trend of baking as a hobby adds to this demand, as it allows for creativity and relaxation. The Australian Institute of Family Studies reports that 46% of Australians are likely to spend more time baking or doing crafts, further boosting market demand.
The growing female workforce is also contributing to market growth. Many women, balancing work and home, use ovens to prepare meals quickly. The World Bank reports high labor market participation among women in various regions adds to this trend.
Additionally, the recovering tourism and hospitality sectors create new opportunities for ovenware sales. For instance, 856,337 foreign tourists visited India in the first 10 months of 2021, suggesting strong potential demand.
However, bans on plastic and a trend towards dining out may limit market growth. Manufacturers are striving to make their products more eco-friendly.
The commercial segment led the ovenware market revenue in 2021, thanks to numerous restaurants and food chains. Yet, the household segment is anticipated to grow the fastest, fueled by the baking hobby trend and the increasing female workforce. The market is categorized by type, material, end-user, distribution channel, and region.
Stainless steel holds the largest market share and is expected to keep growing. Offline sales were more popular in 2021, but online sales are projected to increase due to convenience and variety. North America is the leading region for ovenware sales, especially in the U.S., while Asia-Pacific is expected to see the most growth.
Key players in the ovenware market include:
– Fissler GmbH
– Groupe SEB
– Meyer Corporation
– Motiba Silicone Pvt. Ltd.
– Nordic Ware
– The Vollrath Company, LLC.
– Tramontina
– USA PAN
– Vinod Cookware
– Wilh. Werhahn KG
For further inquiries, contact an analyst.
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