Toaster Market- Global Industry Analysis and Forecast (2023-2029)

Toaster Market was valued at US$ 3.72 Bn. in 2022. The global Toaster Market size is expected to grow at a CAGR of 5% through the forecast period.
Toaster Market Overview:
A toaster is an electronic kitchen gadget that converts electrical energy into heat and is used to toast and grill bread pieces, muffins, and waffles. When various forms of sliced bread are exposed to heat, they become toasted slices. Modern toasters can do more than just toast bread; they can also cook pizza, cookies, and other protein-based foods.

Toasters use 6 times less energy than conventional ovens, according to research. The auto-close lid on most current toasters is an innovative feature that helps to preserve heat within the device and, as a result, reduces total electricity consumption. Most toasters are used in households, but commercial locations such as hotels, diners, cafes, and coffee shops, among others, are also having a beneficial impact on the global toaster market.To know about the Research Methodology :- Request Free Sample Report
Toaster Market COVID-19 Impact Insights:
The COVID-19 pandemic is expected to have a significant impact on the Toaster Market growth. Even though the introduction of COVID-19 has had an impact on all key industrial sectors, the toaster market is expected to increase in the last two quarters of 2020, because the lack of domestic employees such as maids, house cleaners, and others has boosted demand for advanced kitchenware products among the upper and middle classes. Furthermore, because of the COVID-19 virus risk, there has been an increase in E-commerce activity, particularly for kitchen appliances, and this has accelerated the growth of the Toaster Market. However, the decline in consumers’ purchasing power due to unemployment or business loss resulted in a decrease in the growth of the market. In addition, because of the COVID-19, a lockdown has been imposed in many countries which significantly affects the business of cafes & restaurants. As a result of this, the sales of Toaster Market decreased.
Toaster Market Dynamics:
Market Drivers:

Advancements in Technology: Nowadays, consumers are attracted to multipurpose and highly automated electronic appliances for their daily kitchen work. The primary drivers driving the market growth include rapid urbanization and rising consumer demand for electric kitchen appliances. Therefore, companies are working on kitchen development products to cater to such high demand. Consumers are increasingly embracing electric toasters to prepare food fast and easily as their lifestyles have been changed and their schedules are getting more hectic. Furthermore, the market's outlook is fueled by strong growth in the foodservice and hotel industries. To serve new and innovative cuisine to their consumers, hotels, restaurants, fast-food outlets, and cafés are widely using a range of toasters.

Smart toasters are likewise in high demand in the market. Smartphones and other linked devices can be used with these goods. Griffin Technology's Connected Toaster, for example, connects to a smartphone app through Bluetooth. Users' toasting preferences can be saved, tracked, and recalled, ensuring the desired end product. Other growth-inducing elements include the introduction of modern models with Bluetooth connectivity, as well as automatic cutoff and lid-on functions. Hence, an increase in advancements in technology can increase the growth of the Toaster Market during the forecast period 2022-2029.

The increasing Number of Cafes, Cake Shops, and Restaurants: The emerging trend of dining and outing among Generation Y and Generation Z has significantly increased the popularity of various bakery products such as Pizza, Muffins, Waffles, novel varieties of bread, and biscuits are expected to grow the Toaster Market during the forecast year 2022-2029. Because the toaster is used by many bakery products manufacturers to toast and grill the products.

The toaster market is being driven by an increase in the number of food joints and fast-food restaurants around the world. The number of coffee shops, fast service restaurants, and cafés has increased dramatically. Food establishments are buying toasters because they can help to cook food rapidly. Furthermore, firms are developing user-friendly toasters that cook quickly and are simple to use. Furthermore, the increasing number of quick-food/fast-food restaurants opening throughout the world, as well as increased demand from various commercial applications such as restaurants, coffee shops, hotels, diners, and other end-users, are expected to increase the growth of the Toaster Market.

The manufacturers are investing in research and development activities of newer toasters with advanced technology to increase and strengthen the product portfolio of their bakery products. The increasing popularity of desserts such as cakes, pastries, muffins, waffles, and other products increases the demand for toasters which will boost the toaster Market.

Growing Trend of Kitchen Decoration: Individuals' increasing disposable income, resulting in increased purchasing power, is one of the primary reasons driving the market growth. The rising customer trend for kitchen decoration has increased the demand for luxurious kitchen appliances such as toasters, ovens, and refrigerators. Nowadays, people are influenced by various social media influencers. Moreover, the social media channels consequently support the Toaster Market. Food bloggers and various cooking YouTube channels holder use various types of the toaster for cooking food and their followers get motivated to use the toasters. Hence, the Growing trend in kitchen decoration can boost the growth of the Toaster Market during the forecast period.

Market Restraints:

High Cost for Repair & Maintenance: Nowadays, companies are moving towards electronic kitchen appliances. A toaster is a heating appliance and heating appliances convert electrical energy into heat. In many homes, toasters malfunction more than any other small appliances this is because malfunction is usually not the fault of the toaster itself but the food particles that interfere with its performance. Pieces of excess bread cut off from the cart movement fall to the base of the toaster and accumulate, blocking the cart movement, reducing the temperature features, connecting the latch release, and disrupting solenoid operation. Because of this the chance of getting damage increases and the cost of repair & maintenance increases for consumers. Hence, the Repair and maintenance cost of Toaster can hamper the growth of the Toaster Market during the forecast period.
Toaster Market Segment Analysis:
Based on Type, the Toaster Market is segmented into Pop-up, oven, and conveyor toasters. Pop-up toasters were the most popular variety in 2022, accounting for 56% of all toasters sold. These gadgets use less energy than toasting bread in the oven or on the stove, which is inefficient. Furthermore, automatic heat changes and defrost settings are available with these toasters. This feature makes it simple to thaw bread before toasting it. This feature not only saves time but also makes your job easier, allowing you to produce a plateful of toasts even when you're short on time. Different browning options are available on pop-up toasters, allowing you to achieve the desired color of toast without burning it. The toaster can also regulate the heat to your liking without the need for user involvement and also pop-up toasters are easy to clean. Because of these advantages, the Pop-Up toaster segment is expected to increase the growth of the Toaster Market.

Conveyor toasters, on the other hand, are expected to grow at the fastest rate in the market, with a CAGR of over 6% during the forecast period. Because of its ability to handle big numbers of food, the product is in high demand at restaurants, hotels, and catering events.

Based on the Application, the Toaster Market is segmented into Residential and Commercial. The residential sector dominated the market with a 68% share in the toaster market in 2022, owing to an increase in the working population. The convenience given by toasters for a quick, easy, and delicious breakfast will continue to be a crucial driver in maintaining product demand high in the residential segment, with bread being a vital breakfast component for the consumer. Modern appliances can also fulfill many functions. Toaster ovens, for example, may make pizza, various chicken and fish dishes, and bake cookies and biscuits in addition to toasting bread. Consumers are always looking for user-friendly and highly efficient home appliances and culinary equipment. Manufacturers have responded by introducing innovative, energy-efficient products that cater to the changing consumer.

During the forecast period, the commercial segment is expected to grow at a CAGR of 6.5 %. Changing industry demand from generic toasters to customized appliances that can meet individual tastes in varied application scenarios at foodservice outlets has a big impact on the segment. The sector is defined by the introduction of toasters with enhanced functions, such as the capacity to execute numerous jobs at once and toast big amounts of bread. A crucial aspect driving the industry is technological developments for increased efficiency. Conveyor toasters are among the most common commercial appliances, particularly in catering enterprises, buffets, and busy restaurants.
Toaster Market Regional Insights:
The Asia Pacific region dominated the market with a 48 % share in 2022. The Asia Pacific region is expected to witness significant growth at a CAGR of 8 % during the forecast period. Leading quick-service restaurants and fast-food shops, that employ toasters for quick meals, are driving the industry. Bread is one of the quickest and most convenient morning foods, and with the region's growing working population, demand for toasters to create quick breakfast items will remain steady. Consumer spending power is also fueling product demand and sales, thanks to rising disposable incomes.

Because of the increased use of modern kitchen appliances in the foodservice industry as well as in homes across the United States and Canada, North America is expected to grow with a CAGR of 6.4 % during the forecast period. Due to the strong presence and proliferation of coffee shops that also serve a variety of baked bread-based goods, North America has been a prominent market for commercial toasters.

The objective of the report is to present a comprehensive analysis of the global Toaster Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Toaster Market dynamic, and structure by analyzing the market segments and projecting the Toaster Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Toaster Market make the report investor’s guide.
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Toaster Market


Base Year
2022
Forecast Period
2023-2029


Historical Data
CAGR
Market Size in 2022
Market Size in 2029


2018 to 2022
5%
US$ 3.72 Bn
US$ 5.24 Bn


Segments Covered


by Product
Pop-Up Toasters
Toaster Ovens
Conveyor Toasters
by Application
Commercial
Residential
by Distribution Channel
Offline
Online
by Type
2 Slice Toasters
4 Slice Toasters
Others


Regions Covered


North America
United States
Canada
Mexico
Europe
UK
France
Germany
Italy
Spain
Sweden
Austria
Rest of Europe
Asia Pacific
China
S Korea
Japan
India
Australia
Indonesia
Malaysia
Vietnam
Taiwan
Bangladesh
Pakistan
Rest of APAC
Middle East and Africa
South Africa
GCC
Egypt
Nigeria
Rest of ME&A
South America
Brazil
Argentina
Rest of South America



Toaster Market Key Players are:
1. The APW Wyott
2. Hatco
3. Star Manufacturing
4. Waring Commercial Toastmaster
5. Hamilton Beach
6. Cuisinart
7. Kitchenaid
8. Philips
9. Panasonic
10.De’Longhi Appliances
11.Spectrum Brands, Inc
12.Breville, Inc
13.Dualit
14.Morphy Richards
15.BELLA HOUSEWARES
16.Krups
17.Sunbeam Products, Inc
18.Haier Inc. Corporation
19.Whirlpool Manufacturing
20.Star Manufacturing
21.Eveready Industries India Ltd.

Frequently Asked Questions:

1] What segments are covered in the Global Toaster Market report?
Ans. The segments covered in the Toaster Market report are based on Product, Distribution Mode, Application, and Type.

2] Which region is expected to hold the highest share in the Global Toaster Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Toaster Market.

3] What is the market size of the Global Toaster Market by 2029?
Ans. The market size of the Toaster Market by 2029 is expected to reach US$ 5.24 Bn.

4] What is the forecast period for the Global Toaster Market?
Ans. The forecast period for the Toaster Market is 2023-2029.

5] What was the market size of the Global Toaster Market in 2022?
Ans. The market size of the Toaster Market in 2022 was valued at US$ 3.72 Bn.