The global cookers & ovens market was valued at USD 9.5 billion in 2021 and is projected to expand at a CAGR of 3.2% from 2022 to 2029. The increasing disposable incomes, changing lifestyle trends, and the rising popularity of baking have significantly boosted the demand for cookers & ovens. Furthermore, advancements in technology have enabled the production of modern ovens, leading to the launch of innovative products. For instance, in 2021, Samsung launched a new range of ovens with the ‘SmartThings Cooker’ feature. This feature helps consumers to monitor their oven remotely and control its temperature and other settings.

The growing demand for microwave ovens is another major factor that is driving the growth of the market. Microwave ovens are becoming increasingly popular due to their ease of use, quick cooking times, and energy-saving capabilities. Furthermore, manufacturers are launching innovative products with new features such as convection baking, rotisserie, and steam cooking options. For instance, in 2021, LG Electronics launched its new range of ovens with advanced ProBake convection technology. This feature helps to evenly distribute heat for perfect baking results.

Moreover, the increasing demand for energy-efficient ovens is also contributing to the growth of the market. Energy-efficient ovens use less energy than conventional ovens, making them more economical. Furthermore, manufacturers are also introducing smart ovens with Wi-Fi connectivity to enable remote monitoring and control. For instance, in 2021, Whirlpool launched a new range of smart ovens with ‘Scan-to-Cook’ technology. This technology allows consumers to scan the barcode of their convenience food items and adjust the temperature and cook time accordingly.

The growing demand for commercial cookers & ovens is also driving the growth of the market. Commercial ovens are used in restaurants, hotels, bakeries, and other commercial establishments. Furthermore, commercial ovens come with advanced features such as temperature control, steam control, and others, which help to reduce cooking times and improve efficiency. For instance, in 2021, Rational launched a new range of ovens with ‘SelfCookingCenter’ technology. This technology helps to reduce energy costs and improve food quality and consistency.

Apart from that, the growing popularity of cooking shows and cooking classes is also driving the demand for cookers & ovens. Growing awareness about the importance of healthy eating and the emergence of new cooking styles have also boosted the demand for the market. Furthermore, the rising number of online sales channels is also providing an impetus to the market growth.

The electric cookers segment accounted for the largest market share in 2020 and is expected to maintain its dominance over the forecast period. This is attributed to the rising demand for electric cookers due to its low cost, convenience, and enhanced safety. According to a survey by Interbrand, in April 2020, electric cookers are preferred for small family meals. Additionally, increasing disposable income, rising urbanization, and changing lifestyles are some of the key drivers propelling the growth of the electric cookers segment.

The ovens segment is expected to expand at the fastest CAGR of 5.2% over the forecast period. This is attributed to the rising demand for ovens owing to its increasing usage in commercial space. According to a survey by Interbrand, in April 2020, ovens are preferred for large family meals. Furthermore, the increasing use of ovens in bakeries, restaurants, and other food outlets is expected to drive the market growth revenue. Additionally, increasing consumer demand for food with unique flavors and textures is another factor driving the growth of the market.

The department and specialty stores segment is estimated to hold a major share of the cookers & ovens market in 2022. The growth of this segment is mainly attributed to the high preference of customers for kitchen appliances, such as cookers & ovens, from department and specialty stores. Department stores provide customers with a wide range of products and the convenience of comparing the prices and features of various brands. Furthermore, the presence of knowledgeable staff in these stores further attracts customers towards them.

Online stores are estimated to be the fastest-growing distribution channel for cookers & ovens, expanding at a CAGR of 11.2% during the forecast period. Increasing internet penetration, along with the availability of easy payment options, has driven the growth of the online distribution channel. Furthermore, the presence of several e-commerce websites, such as Amazon, Flipkart, and eBay, has made it easy for customers to purchase cookers & ovens from the comfort of their homes.

The electric cookers segment accounted for the largest revenue share of 51.2% in 2022. The rising trend of energy-efficient cookers and ovens has increased the demand for electric cookers in the market. Additionally, the increasing demand for the electric cookers due to its hassle-free cooking and its capability to retain the nutrients of the food is also driving the segment. Furthermore, the growing trend of smart ovens with features such as Wi-Fi and Bluetooth connectivity and voice control is expected to attract consumers towards this segment.

The gas cookers segment is anticipated to expand at the highest CAGR of 10.4% over the forecast period. The increasing trend of gas cookers in the residential sector due to its low energy cost and its ability to retain the flavor of the food is expected to drive the growth of this segment. The availability of advanced gas cookers with features such as auto-ignition and flame failure device has made them more user-friendly and is expected to attract more customers. Additionally, the increasing trend of outdoor cooking activities such as camping and hiking is also expected to fuel the demand for gas cookers.

Europe accounted for the largest revenue share of over 43.2% in 2022. This growth is attributed to the increasing demand for energy-efficient cookers and ovens in the region. In addition, rising concern for healthier lifestyles among consumers has resulted in the emergence of cookers and ovens with advanced features such as programmable timers and temperature controls. For instance, in December 2021, Bosch Home Appliances launched a new range of ovens with advanced features such as automatic roasting and a full-touch interface in Europe.

The Asia Pacific region is expected to witness the fastest growth over the forecast period. Increasing disposable incomes in the region have led to a surge in the demand for advanced and energy-efficient cookers and ovens among consumers. In addition, the rising trend of nuclear families in the region is further contributing to the growth of the market. For instance, in May 2022, Panasonic launched a range of microwave ovens with advanced features such as rapid defrost and energy-saving features in the Asia Pacific region.

In this part of the cookers & ovens products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your cookers & ovens products. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a cookers & ovens products business comes from sales of the products, as well as from providing installation services, after-sales services, and maintenance services.

Projecting Expenses
In this section, all the regular expenses related to keeping the cookers & ovens products business running will be described. The list of operating expenses includes salaries for employees, rent for the premises, inventory costs, advertising and marketing expenses, utilities, insurance policies, and others.

Some of the key companies operating in the cookers & ovens market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In May 2022, LG Electronics Inc. launched their new range of ovens with advanced features such as Smart Inverter Technology, which improves energy efficiency and cooking performance.

– In June 2022, Whirlpool Corporation launched their new series of ovens with advanced features such as True Convection cooking, which helps to maintain even temperature throughout the oven.

– In July 2022, Samsung Electronics Co. Ltd launched their new range of cookers with advanced features such as Dual Cook technology, which allows you to cook two dishes at the same time.

Some of the prominent players in the cookers & ovens market include:

– LG Electronics Inc.
– Whirlpool Corporation
– Samsung Electronics Co. Ltd
– Panasonic Corporation
– Electrolux AB
– Haier Group Corporation
– Midea Group Co. Ltd
– Bosch Home Appliances
– GE Appliances
– Kenwood Ltd.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global cookers & ovens products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Cookers
– Ovens
– Microwave Ovens
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Built-in
– Freestanding
– Portable

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation?
[A]: Innovations in cookers and ovens are continuously changing the market landscape. Smart ovens are gaining popularity as they offer advanced features such as Wi-Fi connectivity, voice control, and automatic temperature settings. Manufacturers are also focusing on energy-saving technologies for cookers and ovens, such as steam ovens, combi ovens, and induction cooktops. In addition, cookware manufacturers are introducing new materials, such as ceramic and stainless steel, to improve the performance and aesthetics of cookers and ovens.

[Q]: Who are the Key Players in the Cookers & Ovens Products Market?
[A]: The key players in the Cookers & Ovens Products Market are Whirlpool Corporation, BSH Home Appliances Corporation, Midea Group, Electrolux, Samsung Electronics Co., Ltd., Haier Group Corporation, Panasonic Corporation, and Hisense Group.

[Q]: Which Region Offers the Largest Opportunity for Sales of Cookers & Ovens?
[A]: The Asia Pacific region is expected to be the largest market for cookers and ovens, due to the increasing demand from countries such as India, China, and Japan. The increasing disposable income levels and changing lifestyles of the population have increased the demand for advanced kitchen appliances.

[Q]: What are the factors driving the Cookers & Ovens market?
[A]: The increasing trend of nuclear families, the increasing number of women in the workforce, and evolving lifestyles are some of the factors driving the cookers and ovens market. In addition, the rising trend of food delivery services and the increasing demand for smart kitchen appliances are some of the other factors driving the market.