India OTG Market to Grow with a CAGR of 8.35% through 2030
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 Region, Forecast & Opportunities, 2030F”,
the India OTG market stood at USD 479.12 Million in 2024 and is anticipated to
grow with a CAGR 8.35% through 2030. 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 can 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 fuelling
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. 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.
Browse XX Figures spread through XX Pages and an in-depth TOC on “India OTG Market”.
India OTG market is segmented into capacity, power,
distribution channel, application, regional distribution, and company. Based on
capacity, the 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. The 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. Manufacturers are increasingly
focusing on research and development processes 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.
Major companies operating in India OTG market are:
- Bajaj
Electricals Ltd
- Wonderchef
Home Appliances Private Limited
- LG Electronics India Private Limited
- Usha
International Limited
- TTK
Prestige Limited
- Panasonic
Life Solutions India Private Limited
- Philips
India Limited
- Universal
Corporation Ltd.
- Vandana
Trade Links Pvt Ltd (Skyline)
- Pigeon
India Private Limited
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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 FY2030” said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based
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, 2020-2030F” 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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