The global Toaster Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global toaster market is estimated to reach USD 4.5 billion, by 2025, and is projected to grow at a CAGR of 4.8% from 2019 to 2025, according to a new report by Million Insights. The increasing demand from hotels, coffee shops, restaurants, and cafés is a key factor driving market growth. Product innovation, and advanced technology are encouraging manufacturers to develop new products to meet consumer needs. Top players are launching smart toaster which are user friendly and easy to operate. This trend is expected to increase the demand for the product in the next few years.
Key Players:
- De’Longhi S.p.A.
- Hamilton Beach
- Cuisinart
- kitchenAid
- Black & Decker
- Toastmaster
- West Bend
- Breville USA, Inc.
- Dualit Limited
- Waring Commercial
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Growth Drivers:
Product innovation and advanced technology are encouraging manufacturers to develop new products to meet consumer needs. Top players are launching smart toasters which are user-friendly and easy to operate. Nowadays, companies are introducing products that can be easily integrated with connected devices such as smartphones. For instance, Griffin technology offers a toaster that supports the integration with the mobile via Bluetooth. These factors are expected to influence consumers to look after smart toasters for their convenience.
Application Outlook:
- Commercial
- Residential
The residential segment dominated the market with the majority of market share, in 2018. Toaster offers convenience with easy and quick breakfast. This segment is leading because of the growing working population especially in the developing countries across the globe.
The commercial segment is projected to grow at a CAGR of over 6.0% during the forecasted period. This segment is heavily influenced by the increasing demand for toasters owing to customization in the product. Owing to the toasters ability to perform multiple tasks at a time and use of advent technologies inside the product is boosting the segmental growth.
Product Outlook:
- Pop-up
- Oven
- Conveyor
The toasters market is bifurcated into pop-up, conveyor, and oven depending upon the product. In 2018, the pop-up toaster type held the highest share of over 54.0% in the overall market. Pop-up toasters are highly efficient and consume less energy in comparison with stove or oven types. It also offers to defrost options and an auto heat adjustment feature.
The conveyor segment is projected to grow at the fastest CAGR of 6.0% over the forecasted period. This toaster offers large container sizes for food items. The product has high demand from hotels and restaurants owing to its large size & food carrying capacity.
Regional Outlook:
In 2018, Asia Pacific held the largest market share of 30.4% in the overall market. The increasing adoption of fast foods and quick-service restaurants in the region is boosting the demand for the toaster. In addition, the increasing income levels and growing purchasing power of the consumer are anticipated to positively impact the market growth.
Asia Pacific region is anticipated to grow at a CAGR of over 6.0% during the forecasted period. The growing adoption of advanced appliances in the kitchen in the U.S. and Canada is expected to support market growth. In the commercial sector, due to the rising number of café shops and restaurants which provide baked bread products, the demand for the toaster is expected to spur in the coming few years.
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