"Overview of Toaster market"
The Global Toaster Market was Valued at US$ 3.5 Bn in 2018 and it is Expected to Reach More than US$ 5.0 Bn by 2027, Likely to Register CAGR of 4.9 % Between 2019-2027.
Toaster can be defined as a small electric appliance which is used to expose a bread slice to a radiant heat. The global toaster market has shown moderate growth since last two decades and expected to gain momentum in future. Some of the major factors fuelling the growth of rising adoption of smart kitchen appliances, popularity of quick service restaurants, and rising concern for energy efficiency across the globe.
Rising Concern Regarding Energy Efficiency Across the Globe is Anticipated to Propel the Market Growth
Rising concern regarding energy efficiency and supportive government regulations for production of ovens is majorly fuelling the growth of global toaster market. These products consume almost 6% lesser energy as compared to the traditional ovens. Moreover, the manufacturers are engaged in product innovation with advanced and upgraded features in order to cater to the consumer’s demand. Moreover, introduction of smart toasters with facility to connect with user’s smartphone or other devices has become a major trend in global market. For instance, Griffin Technology’s Connected Toaster can be integrated with smartphones by using Bluetooth. The user can store, recall, and track user’s command for toasting preferences and ensure the end product as per the requirement. Also, some additional features that manufacturers are offering these days include sound alerts and alarms, heat setting, cancel function, LED display screens, push buttons, and multiple crumb trays. This is expected to surge in demand for these products across the globe.
Based on product type, the pop-up toaster led the global market by occupying maximum share in 2018
On the basis of product type, the pop-up segment held more than half of market share in 2018. The pop-up toasters offer the facility to adjust heat automatically and consume lesser energy as compared to other toasters. These features are anticipated to boost the demand graph of these products.
Furthermore, the conveyor toasters are projected to grow rapidly over the forecast period. These products registered high adoption from catering industry as these are able to handle large amount of food items.
Residential Segment is Estimated to Dominate the Global Market Whereas the Commercial Segment is Expected to Witness Rapid Growth Throughout the Forecast Period
Based on end-user the residential segment occupied maximum share in 2018. The segment is majorly propelled by rising working population across the globe who are inclining towards quick snacks and breakfast. The toasters provide easy, quick, and delicious breakfast which is resulting in increased popularity among households. Moreover, introduction of advanced products is creating growth opportunities for these products in residential sector. For instance, some of the newly developed toaster ovens can also cook several fish and chicken dishes, bake pizzas, biscuits, and cookies.
On the other hand, the commercial segment is projected to witness rapid growth over the forecast period. The manufactures are introducing innovative products for commercial sector which an perform multiple tasks at a time. Some of the available toasters enable toasting large batch of bread which is a great fit for restaurants and hotels. Conveyor toasters have registered huge demand from commercial sector including restaurants, buffets, and catering businesses.
North America is Anticipated to Witness Rapid Growth During the Forecast Timespan
By geography, Asia Pacific is anticipated to occupy prominent share throughout the forecast period. The rising number of fast food retailers and quick service restaurants is expected to boost the sale of these products in the region. Moreover, the rising disposal income, and working population in Asian continents favour the regional growth.
On the other hand, North America is projected to be the fastest growing region over the forecast period. Rising popularity of advanced kitchen appliances in commercial as well as residential sector is anticipated to fuel the regional growth. Also, the rising number of coffee shops serving bread based snacks is supporting the regional growth.
Key players operating in global Toaster market include Toastmaster, The APW Wyott, Waring Commercial, Star Manufacturing International, and Hatco.
Global Toaster Market by Product Type
- Conveyor Toasters
- Toaster Oven
- Pop-up Toasters
Global Toaster Market by End-User
Global Toaster Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America