(MENAFN – EIN Presswire)
Companies in the ovenware market are using different strategies to grow and stay competitive.
The ovenware market was valued at $1.1 billion in 2021 and is expected to reach $2 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031. – Allied Market Research
According to a recent report, ovenware is popular worldwide for cooking and serving food. The main materials used include stainless steel, copper, aluminum, plastics, and non-stick coatings. Common types include baking sheets, loaf pans, and muffin pans, available in various sizes according to consumer needs.
The rise in baking as a hobby has significantly boosted the ovenware industry. Many people enjoy baking recreationally or as a potential career, leading to increased sales of ovenware.
The growth in hotels, restaurants, and bakeries also drives demand for ovenware. Many people have started baking during the pandemic, making it a lasting hobby. In Australia, 46% of the population is likely to spend more time on baking and crafts, further enhancing market demand.
More women are joining the workforce, which is increasing the use of ovenware as they prefer to prepare meals in advance and heat them later. According to the World Bank, over half of women aged 15-64 participate in the labor market in many regions.
The expanding travel and tourism industry presents new opportunities for ovenware sales, particularly in hospitality. Reports indicate a growing number of foreign tourists, which is expected to benefit the ovenware market.
However, restrictions on plastic use and the trend of dining out could limit growth in the ovenware market. Manufacturers are working to make their products more environmentally friendly.
The commercial segment dominated the ovenware market in 2021 due to the high number of restaurants and hotels, while the household segment is projected to grow due to rising baking enthusiasts and the working female population. The market is segmented by type, material, and distribution channel, with stainless steel being the most popular material.
North America leads in ovenware sales, followed by Europe, while Asia-Pacific is expected to see the highest growth rate. Major companies 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
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