Commercial segment to dominate India OTG market through FY2027
Cost-effectiveness of OTG
and rising awareness is expected to drive the demand for India OTG market for
the forecast period.
According to TechSci Research report, “India
OTG Market By Capacity (Small, Medium, Large) By Power (Below 1,200 Watts,
1,200 to 2,000 Watts, 2,000 to 5,000 Watts, and Above 5,000 Watts) By
Distribution Channel (Hypermarket/Supermarket, Multi-branded Electronic Stores,
Online, Others) By Application (Residential, Commercial) By Company, By Region,
Forecast & Opportunities, FY2027”, India OTG market is expected to witness
steady growth for the next five years. OTG is short for oven, toaster and grill
and it is a versatile electronic device and can be used for baking, toasting,
and grilling. OTG uses heated coil to cook meals and requires less amount of
time for setting-up. Thermostat installed in OTG ensures uniform heating of
food for cooking purpose. The biggest benefit of using an OTG is that it
consumes lower time as compared to microwave or a regular oven. Due to careful
considerations by key players in developing OTG, they are able to improve the
flavor of the food by maintain crispiness of food and reducing moisture at the
same time. Also, OTG are light in weight thus it can be moved around according
to requirements of consumers. OTG have higher capacity than microwave ovens and
therefore it is more suitable to cook large batches of food such as in fast-food
chains or restaurants. OTG consumes less electricity which is major reason for
preference of buying by consumers for their households and commercial spaces.
Increasing demand for ready-to-eat and frozen foods is fueling the market of
OTG in India. Rise in number of working women and busy schedules of consumers
in urban areas is expected to fuel the demand of OTG ovens in India. A major
part of new households consists of singles who prefer to dine out than
preparing food as its time consuming which is paving the way for the growth of
OTG in India. Growth of hospitality sector and rise in marriages, functions, or
seminars due to presence of large population in India is augmenting in increase
the demand for OTG market. OTG are preferred by bakers as it gives more freedom
and flexibility to bakers in preparing bread, pasta, cookies, and cupcakes.
Due to the ongoing pandemic COVID-19, lockdown was
imposed all over the country. Complete shutdown was observed, and people
started practicing social distancing and started following the precautionary
guidelines. Imposition of strict regulations and policies by leading
authorities led to huge losses bore by manufacturers. Manufacturing units were
shut down and loss of availability of skilled labors led to market decline.
Number of units imported or exported to other countries were restricted. After
the ban on lockdown was lifted, companies become operational again thereby
supporting the growth of the OTG market for the forecast period.
However, presence of several control and setting
features installed in OTG confuses consumers which may hamper the growth of the
OTG market for the forecast period.
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India
OTG market is segmented into capacity, power, distribution channel,
application, regional distribution, and company. Based on capacity, OTG market
is further divided into small, medium, and large. Small OTG is generally less
than 20 litres, medium is between 20 to 40 litres and large OTG lies above 40
litres. Consumers are preferring to buy OTG according to needs of their
residential and commercial spaces. Large OTG segment is expected to witness
growth in the forecast period due to high demand from commercial spaces due to
availability of space in OTG and capability to prepare large food batches at a
single time.
Bajaj
Electricals Ltd, Wonderchef Home Appliances Private Limited, Morphy Richards
Ltd, Usha Industries India, TTK Prestige Limited, Panasonic India Private
Limited, Philips India Limited, Universal Corporation Ltd. (AGARO), Vandana
Trade Links Pvt Ltd (Skyline Home Appliances), Pigeon India Private Limited are
the leading players operating in India OTG market. Manufacturers are
increasingly focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several OTG manufacturers are coming up with their
technologically advanced offerings.
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“High-end
investments by key players for technological advancements to upgrade the
existing infrastructure by increasing the efficiency and performance in
addition innovations to reduce the energy consumption of OTG is fueling the
market demand. Also, adoption of attractive industries by players to promote
their products by hiring celebrities and social media campaigns to expand the
product reach and promote the product globally is expected to propel the growth
of the market until FY2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India OTG Market By
Capacity (Small, Medium, Large) By Power (Below 1,200 Watts, 1,200 to 2,000
Watts, 2,000 to 5,000 Watts, and Above 5,000 Watts) By Distribution Channel
(Hypermarket/Supermarket, Multi-branded Electronic Stores, Online, Others) By
Application (Residential, Commercial) By Company, By Region, Forecast &
Opportunities, FY2027” has evaluated the future growth potential of India OTG
market and provided statistics & information on market size, shares, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of India OTG market.
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