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Global Toaster Market it is anticipated to reach at market value of US$ 5.0 Bn by 2027
Bizizz Market Research has recently published a research report, “Toaster Market by Product Type (Conveyor Toasters, Toaster Oven, and Pop-Up Toasters) by End-User (Residential and Commercial) and Region-Global Industry Trends, Estimation & Forecast, 2019 - 2027”.
As per the report, Global Toaster Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 5.0 Bn by 2027, witnessing a CAGR of 4.9 % during the forecast period. Key drivers of the market are rising number of quick service restaurants and cafes, popularity of kitchen appliances, and rapid urbanization and modernization.
Toasters are gaining popularity among since last few years due to substantial features associated with these products. Toasters consumes 6% lesser energy than traditional ovens. Moreover, introduction of advanced products is expected to poise a positive impact on the market growth.
The Toaster Market Is Anticipated To Register A CAGR Of Over 4.9 % During The Forecast Period.
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By Product Type, Pop-Up Toasters Segment Held A Prominent Share In Global Toaster Market In 2018
Based on product type, the pop-up toasters segment held prominent share in global market. These products offer the facility to adjust heat automatically without human intervention and are energy efficient which makes it preferable among large consumer base. Some of the products available in market offer feature of auto-close lid which does not allow heat to release from the appliance and retain within itself. This results in quick process while consuming very less energy.
North America is Projected to Grow Rapidly Between 2019-2027
North America is projected to grow at a CAGR of 5.1 % during the forecast period of 2019-2027. The growth of the region can be credited to rising food service industry in U.S. and Canada. Moreover, strong presence and expansion of quick service restaurants and coffee shops is expected to favor the regional growth.
Asia Pacific is anticipated to lead the global market by holding prominent market share throughout the forecast period. The region accounted for 36.1 % market share in 2018. Rising working population and preference of bread based breakfast is anticipated to surge the demand for these products across the region.
Global Toaster market is highly fragmented with several local and global players. The manufacturers are engaged with strategic alliances in order to expand their global presence and customer base.
Prominent players operating in the Global Toaster Market are: Toastmaster, The APW Wyott, Waring Commercial, Star Manufacturing International, and Hatco., among others.
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