Yahoo Finance Toaster Market is expected to grow from USD 4.01 billion in 2021 to USD 5.89 billion by 2029 : GreyViews
Toaster Market Size by Product (Pop-up Toasters, Toaster Oven, and Conveyor Toasters), Application (Commercial and Residential), Distribution Channel (Offline and Online), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 02, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Toaster market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Toaster market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product, bristles, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Toaster market are The APW Wyott, Hatco, Star Manufacturing International, Waring Commercial, Toastmaster, Hamilton Beach, Cuisinart, Kitchenaid, Friedr. Dick GmbH & Co., and Samsung Electronics Co., Ltd. among others. To achieve a substantial market share in the worldwide Toaster market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, The APW Wyott is one of the most significant manufacturers and distributors present in the global Toaster market.
A toaster is a small, simple, and user-friendly electric appliance use for cooking and toasting bread slices in a matter of seconds. Toasting of bread slices helps in extending a life of bread. Also, the process of toasting makes crispy and browned pieces of bread by heating them briefly with the help of electric current. In these appliances, heating elements is usually located either on top or bottom to heat the food. Pop-up toasters and convection are the major types of toasters available in the global market. Pop-up toasters are most common toaster which is found in about every kitchen; while, convection type of toaster is similar to a microwave with a fan circulating the hot air around.
Ongoing rapid urbanisation around the globe has a significant potential boost growth of the global toaster market. For instance, the urbanization has led to upsurge in demand for energy-efficient kitchen appliances that are cost effective and helps in minimising utility bills. In addition, hectic schedules and lifestyles have enabled consumers to heavily rely on electric toasters and ensure quick and easy preparation of their food.
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Scope of Toaster Market Report
Report Metric | Information |
Study Period | 2021-2029 |
Base Year | 2021 |
Forecast Period | 2022-2029 |
Market Share Unit | USD Billion |
Segments Covered | Product, Application, and Distribution Channel |
Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
Major Players | The APW Wyott, Hatco, Star Manufacturing International, Waring Commercial, Toastmaster, Hamilton Beach, Cuisinart, Kitchenaid, Friedr. Dick GmbH & Co., and Samsung Electronics Co., Ltd. among others |
Segmentation Analysis
Conveyor toasters segment is expected to be the fastest growing segment in 2021.
The product segment includes pop-up toasters, toaster ovens, and conveyor toasters. Conveyor toasters segment is expected to witness highest growth rate during the forecast period. Rise in demand for energy-efficient commercial conveyor toasters has mainly driven growth of this segment. Moreover, the market players are offering advanced products to meet demand for commercial conveyor toasters. For instance, recently, The Vollrath Company, LLC, a manufacturer of equipment for the foodservice industry launched its range of high-quality, American-made conveyor toasters. According to the company, this product is operator friendly with compact and durable design.
Commercial segment is expected to be the fastest growing segment in 2021.
The application segment includes commercial and residential. Commercial segment is expected to witness highest CAGR during the forecast period. Rapidly growing number of commercial spaces including coffee shops, fast-food chains, clubs, cafes, hotels, and restaurants among others has mainly boosted growth of this segment. In addition, the worldwide commercial kitchens depends on innovative kitchen appliances to ensure faster processing of food products. This has further fuelled demand for toaster in commercial segment.
Furthermore, vendors associated with commercial toaster industry are incorporating advanced technologies in their offering to improve productivity and efficiency. This has created lucrative growth opportunities of growth of commercial segment.
Online segment is expected to be the fastest growing segment in 2021.
The distribution channel segment includes offline and online. Online segment is expected to witness highest growth rate during the forecast period. Ongoing trend of online shopping among worldwide population is the primary contributor to growth of this segment. High convenience is the major factor contributing to the online sales of home appliances. Also, stretched work-from-home policies during the COVID-19 has played considerable role in growth of online sales of toaster appliances.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Toaster include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region witnessed a major share. The Toaster market is anticipated to increase significantly in this area, due to growing number of fast food retailers and quick service restaurants. In addition, the working population in the region are preferring bread as one of the most convenient breakfast meal. However, North America is expected to witness considerable growth rate during the forecast period. Rapid demand kitchen appliances with advanced features, need for convenient options in breakfast meals, and increased awareness & demand for energy-efficient toasters mainly drives growth of the North America toaster market.
Country Analysis
Germany
Germany Toaster market size was valued at USD 0.40 billion in 2021 and is expected to reach USD 0.59 billion by 2029, at a CAGR of 5.1% from 2022 to 2029. In the Europe region, Germany is one of the leading shareholders in the Toaster market. In addition, the huge spending power of the population in this country has been a major contributor to the market growth. Moreover, steady GDP per capita growth coupled with the low inflation in the country has led to the proliferation of kitchen appliances industry in this country.
On the other hand, increased sales of luxurious homes in this country is expected to create demand for high-quality premium kitchen as well as household appliances. This factor is opportunistic for growth of the toaster market.
China
China Toaster market size was valued at USD 0.80 billion in 2021 and is expected to reach USD 1.16 billion by 2029, at a CAGR of 5.0% from 2022 to 2029. The factors such as increasing consumer income and rising awareness on energy efficient kitchen appliances in this country is mainly driving growth of the toaster market. In addition to this, China has become largest manufacturing hub for home appliance products.
In addition, during the COVID-19 pandemic, more number of Chinese people has started making their own desserts, fruit blends, coffee, and light meals using smart home appliances. Hence, ongoing usage trend of environmentally-friendly, smart, and standardized products in China has further created lucrative growth opportunities for the China toaster market.
India
India Toaster market size was valued at USD 0.20 billion in 2021 and is expected to reach USD 0.31 billion by 2029, at a CAGR of 5.8% from 2022 to 2029. India is one of the highest growing economies in Asia. Increasing population, rising middle class population, rapid urbanization, and changing lifestyle in the country is driving growth of the Toaster market. Also, the global market players are introducing a range of Toaster products in this country due to wide variety of consumers in this country.
Furthermore, there is growing influence of western culture in this country, which has enabled increased consumption of food products such as toast, bread, and bagels among people. Also, hectic schedules of working population has led to the increased use of toasters to prepare their food with ease and more quickly.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as electronics, semiconductors, manufacturing, and, automobile, etc. Also, the demand for toaster has decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of electric toaster were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for flat glass significantly decreased.
Hence, the pandemic has a significant impact on the Toaster market, owing to the closure of manufacturing facilities. However, increased sales of Toaster on e-commerce platforms has fuelled growth of the market.
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