The global toaster market size was USD 3.76 billion in 2022 and is projected to grow from USD 3.90 billion in 2023 to USD 5.71 billion by 2030, exhibiting a CAGR of 5.61% during the forecast period.
Toasters are a kitchen essential, serving as an everyday solution for crisping up bread slices for breakfast. The market is expected to rise due to the growing demand for luxurious kitchen appliances such as mixer grinders, toasters & ovens, and refrigerators.
Fortune Business Insights™ provides this information in its research report, titled “Toaster Market, 2023-2030”.
List of Key Players Mentioned in the Report:
- Panasonic Corporation (Japan)
- LG Electronics (South Korea)
- Samsung Electronics Co. Ltd. (South Korea)
- Gorenje (Slovenia)
- Haier Group Corporation (China)
- De’Longhi S.p.A. (Italy)
- Severin Elektrogerate GmbH (Germany)
- BSH Hausgeräte GmbH (Germany)
- HAEGER (U.S.)
- Walton Hi-Tech Industries Ltd. (India)
Segmentation:
Product Segment to Lead Driven by Soaring Demand for Multi-Slot Toasters
On the basis of product, the market is divided into oven, conveyor, and pop-up. The conveyor toaster segment is expected to lead the market due to the substantial demand for multi-slot toasters in settings such as cafes and quick-service restaurants.
Commercial Segment to Dominate due to Improving Living Standards of the Global Population
In terms of application, the market is fragmented into commercial and residential. The commercial segment is expected to dominate due to the busy lifestyles and improving living standards of the global population.
Online Segment to Maintain its Leadership owing to Shifting Consumer Preference Toward Online Shopping
Based on the distribution channel, the market is divided into offline and online. The online segment is poised to dominate with the largest market share, as a significant number of consumers prefer the convenience of shopping for home appliances through digital platforms.
On the basis of geography, the market has been studied across Asia Pacific, Europe, South America, the Middle East & Africa, and North America.
Report Coverage:
The report provides a detailed analysis of the leading factors favoring the industry growth over the coming years. The report offers insights into the latest market trends and highlights key industry developments. Other aspects of the report include the impact of COVID-19 pandemic on the growth of the market.
Drivers and Restraints:
Rising Number of Commercial Infrastructural Settings to Impel Industry Growth
Rising number of commercial infrastructural settings such as hotels, schools, cafes, and restaurants has driven the demand for the toasters. For instance, the Dubai government’s initiatives in 2021, facilitated the establishment of over 1000 commercial and industrial activities. The demand for these products in these settings contributes to the overall growth of the market. Other factors such as supportive government policies and social media influence have propelled the toaster market growth to a great extent.
However, the availability of substitute products such as cooking pans could hinder the industry expansion to some extent.
Regional Insights:
Asia Pacific to Emerge as Key Region Owing to High Consumption of Premium Kitchenware Products
The Asia Pacific is likely to hold a prominent toaster market share. This is driven by the high consumption of premium kitchenware products in countries such as India and China.
The North American market is expected to grow at a strong growth rate over the analysis period due to the rising disposable income of consumers.
Competitive Landscape:
Companies Focus on Strategic Investments to Boost Electronic Appliance Sales
Companies are relentlessly innovating in the kitchen appliance sector to boost revenue. Robust online marketing efforts target electronic appliance sales through digital channels. Simultaneously, a commitment to energy-efficient home appliances enhances market competitiveness.
Key Industry Development:
- December 2022 – Chinese home appliance company, Haier Group Corporation, joined hands with Waterline Ltd., to distribute its series of home appliances globally.
Reference Link:
https://www.fortunebusinessinsights.com/toaster-market-103851