Our-in depth analysis of the global conveyor ovens market includes the following segments:
The global conveyor ovens market is further classified on the basis of region as follows:
Global conveyor ovens market is expected to grow at a CAGR of 3.5% during the forecast period i.e. 2017-2024. The market is expected to account for USD 116.2 Million by the end of 2024 from USD 86.4 Million in 2016. This growth can be attributed to the increasing consumption and demand for baked foods such as pizza and others across the globe. Moreover, various food companies are adopting advanced food preparation equipment to improve customer service. This factor is widening the demand for conveyor ovens.
Geographically, North America is anticipated to dominate the overall market of conveyor ovens during the forecast period. Further, North America conveyor ovens market is likely to grow at a significant pace owing to the rising demand for fast and baked foods. Likewise, Europe conveyor ovens market is expected to witness substantial growth over the forecast period. Growing reliance on modern commercial kitchen tools is likely to spur the demand for conveyor ovens in the Europe region over the forecast period i.e. 2017-2024.
Further, Asia Pacific region is expected to be the fastest growing market across the globe. The market of Asia Pacific region is mainly expanding on the back of the expansion of food chains in the region. Moreover, as of 2015, the number of KFC and Pizza hut outlets was estimated to be 4800 and 1300 respectively. Further, as per a press release, Yum! China, the parent organization of KFC and Pizza hut, announced that is planning to open 20,000 restaurants in China by 2020, which is likely to stimulate the growth of conveyor ovens market during the forecast period.
Based on oven mounting type, conveyor ovens market is segmented into countertop conveyor ovens and conveyor ovens with legs, out of which, conveyor ovens with legs is expected to dominate the overall conveyor oven market owing to high utilization in various end use industries.
Growing demand for baked food products is anticipated to be the dynamic factor behind the rapid growth of conveyor ovens market. Moreover, increasing acceptance of modern cooking practices in restaurants is substantially raising the demand for conveyor ovens in various food industries and restaurants. On the other hand, rapid urbanization coupled with changing lifestyle is further expected to spur the growth of conveyor ovens market in developing regions. Additionally, growth of restaurants market is swelling the demand for the conveyor ovens market. These conveyor ovens help the restaurants to prepare substantial amount of food in less time.
Wide scale application of conveyor ovens in various end use industries such as automotive, manufacturing and sporting goods industry is further opening a gateway of opportunities for the growth of the global conveyor oven market. In addition to this, strong growth of automotive industry in developing nations such as China and India is anticipated to positively impact the growth of the conveyor ovens market in the upcoming years.
However, availability of other ovens such as deck ovens is the major restraining factor for the growth of this market. Moreover, rising adoption of used conveyor ovens among small food service providers is also hampering the demand of conveyor ovens.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.