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The global toaster market size was USD 3.83 billion in 2019 and is projected to reach USD 4.72 billion by 2027, exhibiting a CAGR of 4.2% during the forecast period.
These are the most commonly used kitchen appliances to cook bread slices for daily breakfast needs. These products and appliances are the most preferred choice of consumers, as they are ideal for cooking delicious food items such as sandwiches, pine nuts, crackers, and pizzas. Nowadays, companies are trying to educate the people about the features of various home appliances products through modes of communication such as live webinars and ads to convert the target audience into potential customers. For instance, in December 2019, Instant Brands Inc., a Canadian kitchen appliance major partnered with Drop, a kitchen appliance online platform to launch the ‘Instant Pot Recipe’ application & to educate new customers about newer recipes as well as their various products such as ovens, toasters, blenders, cookers, etc.
Unavailability of Domestic Workers to Encumber Market Growth During COVID-19
The scarcity of domestic workers such as maids, house cleaning workers, and others has uplifted the demand for advanced kitchenware products among upper and middle-income classes. Additionally, the sudden rise in E-commerce activities, especially for home appliances because of risks involved with physical exposure to the COVID-19 virus has thereby excelled growth of the market.
However, the decline in consumer’s purchasing power due to the consequences of employment loss or business loss has temporarily impacted the growth of the market. Additionally, the government has imposed various restrictions regarding the closure of cafés and restaurants during the COVID-19 outbreak for infection control purposes. This has severely impacted the businesses of cafés & restaurants and thereby the demand for the conveyor toaster items has decreased in such commercial settings.
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Growing Trend of Kitchen Decoration to Yield High Growth Rate
The rising consumer trends for home decoration has given rise to the demand for various luxurious kitchen appliances items such as refrigerators, mixer grinders & ovens, etc. Additionally, increasing consumer demand for premium kitchenware items is likely to accelerate market growth. According to the report ‘Retail Success Stories: Surviving the Pandemic’, presented by HomeStyle Canada’s Housewares Magazine, as of July 2020, Williams Sonoma Inc., a U.S. retail consumer company of the houseware products witnessed premium housewares online sales growth of 31.2% during the fourth quarter of 2019. Moreover, blooming consumer needs for energy-efficient home appliances has given rise to advanced devices among people for low electricity consumption.
Increasing Commercial Infrastructural Facilities to Bode Well for the Market.
Increasing commercial infrastructural settings such as cafés, restaurants, hotels, schools, etc. has fueled demand for toasters. According to the report ‘Hospitality, Tourism and Leisure in the UAE’, published by the US-UAE Business Council, as of 2018, Dubai had 703 hotels and apartment properties combined with a total number of 111,864 rooms, an increase of 6% over to that of 2017.
Moreover, the emergence of social media will consequently aid in the development of the market. For example, new food recipes by people on social media can catch the consumer’s attention for preparation of delicious breakfast dishes. This is likely to drive the consumption of toaster appliances. Additionally, positive governmental initiatives & policies regarding the development of the home appliances industry can further support the growth of the market. According to the annual report of 2018-19 presented by the Ministry of Electronics & Information Technology Government of India, for the year of 2018-19, the Government of India launched a policy to increase the basic customs duty on the various consumer electronic goods to encourage the local manufacturing sector to increase their production base in India by 4.7% in 2018-19.
Product Innovations to Foster Market Growth
Nowadays, consumers largely prefer to use multipurpose and highly automated electronic appliances for their daily kitchen cooking needs. Therefore, companies largely develop innovative kitchen products to cater to much higher demand. This is likely to provide ease in the growth of the market. For instance, in June 2020, Panasonic Corporation launched a multi-purpose (and user friendly) 4 in 1 toaster ovens where users can use versatile functions such as air frying, baking, traditional microwaving, and broiling.
Higher Cost of Repair & Maintenance to Restrain the Market Growth.
Repair & maintenance needs of the various kitchen appliances incur additional cost to the users, therefore large necessities of repair & maintenance for these items are expected to restrain the market growth. Additionally, the larger life cycle of such items results in the limited consumption volume of such items. Besides this, the wide availability of substitute products such as cooking pans, and other toasting utensils is anticipated to hamper the market growth.
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Conveyor Toaster Segment to Hold a Major Share Owing to Production Effectiveness
The conveyor toaster’s segment is expected to hold a major share of the market owing to the large demand for such multi-slot products for the preparation of the bulk number of toasted bread at the various café’s and quick service restaurants. Additionally, higher prices of such appliances over the other types result in the larger revenues generated from the conveyor segment.
However, the pop-up appliances market segment is anticipated to grow at a considerable rate owing to the introduction of the innovative domestic toast making appliances which attract the users to purchase such items. For instance, in September 2019, Sansui Electric Co. Ltd., in partnership with Jaina Group launched a wide range of the various innovative home appliances products such as smart TV’s, washing machines, refrigerators, speakers, AC’s, and some kitchen appliances such as toast & coffee makers in India.
Commercial Segment to Hold a Dominant Share of the Global Marketplace
A major share of the commercial segment is attributed to the busy working lifestyle and increasing standard of living of the global population which has resulted in the larger demand for consuming breakfast food items in various commercial settings such as café’s & restaurants (coffee shops). Additionally, increasing corporate infrastructural facilities is further driving the demand for these items and smart toasters among offices.
According to the report ‘National Infrastructure Delivery Plan 2016-2021’, published by Infrastructure & Projects Authority, as of December 2019, the Government of the U.K., launched an infrastructural plan to provide 1,000 new houses for the commercial settings of nearly 1,500 businesses across the U.K. The residential segment is expected to propel and to grow at a considerable rate owing to the rising adoption of the breakfast culture among households & residencies which give rise to the demand for the various cooking appliances items.
Online Segment to Hold a Major Share Owing to the Rising Consumer Demand for Online Shopping Activities.
The online segment is expected to exhibit the largest toaster market share because large people prefer to shop home appliances items through online stores. According to the survey report ‘Consumer’s Online Buying Behaviour: A study about Home Appliances in Kolkata’, published by International Journal of Business and Management Invention, as per the survey conducted by over 100 respondents in Kolkata, India, 52% of the respondents are interested in buying home appliances products through online mode. Additionally, consumer shopping interest has shifted from physical shopping to the online mode of shopping as it is very convenient to shop through online stores with just a few clicks.
However, the offline segment is expected to witness considerable growth owing to the increasing infrastructural facilities of the specialty & brand home appliance stores that largely support the segmental growth. For instance, according to the article ‘AJ Madison Appliance Company Opens New Showroom in Tysons’, published by Northern Virginia Magazines, in July 2020, AJ Madison Inc., a major U.S. based home appliances retailer expanded its presence in the U.S. by opening newer appliance stores in Tysons, Virginia.
Asia Pacific Toaster Market Size, 2019 (USD Billion)
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Asia pacific to Cover the Major Share Owing to the Presence of Several Recognized Companies
Asia Pacific market size was USD 1.40 billion in 2019. The region is expected to hold the largest share of the global market owing to the large consumption volume of the premium kitchenware products in countries such as India, and China. According to the data presented by the China Household Electrical Appliances Association, on 18 August 2020, single-day transaction sales value of the home appliances items has reached to USD 38.79 billion in China during the JD.com festival session. Additionally, the large presence of the prominent toaster makers such as Hebei AOCNO Baking Machinery Co. Ltd., Haier Group Corporation, Samsung Electronics Inc., Panasonic Corporation, and others. in countries such as China, India, and Japan result in the larger demand for the items in the region.
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South America is anticipated to grow at a faster rate for the global market owing to the increased revenues from the home appliances items which result in the growth of the market in countries such as Brazil, and Argentina. According to the data presented by the Brazilian Electrical & Electronics Industry Association, Brazilian revenues from the home appliances items have increased from USD 19.92 billion in 2018 to USD 21.99 billion in 2019 accounted for an increase of 10%. Additionally, the growing standard of living as well as the purchasing power of the population in such countries is further driving the consumer demand for the home appliances items.
The European market is projected to witness strong CAGR growth during the forecast period due to high preference from the young and working population.
Product Innovation with Adequate Marketing Spending Help Players to Penetrate into the Market Competition
Companies are constantly focusing on developing custom & innovative kitchen appliances products to drive the revenues from the respective appliance product category. For instance, in October 2019, Sansui Electric Co. Ltd. launched a new range of smart television sets, washing machines, ACs, and other small domestic appliances such as toasters, and coffee maker products from its newer manufacturing facility situated at Gurugram, India to cater the wide consumer demand from the Southeast Asia region.
Additionally, they are largely focusing on investing in various online marketing campaigns to drive online sales of electronic appliances. Besides this, the development of the energy-efficient home appliance items by the prominent companies largely helps them to provide energy-saving (energy efficiency) appliances solutions to the user and to penetrate the market competition.
An Infographic Representation of Toaster Market
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The market research report provides a detailed analysis of the market and focuses on key aspects such as competitive landscape, applications, distribution channels, and leading product type areas. Besides this, the report offers insights into the various Toaster market trends and highlights key industry trends with developments. In addition to such factors, the market report encompasses several other factors that have contributed to the growth of the market in recent years.
Value (USD Billion)
By Product, Application, Distribution Channel, and Geography
By Distribution Channel
Fortune Business Insights says that the global market size was USD 3.83 billion in 2019 and is projected to reach USD 4.72 billion by 2027.
In 2019, the Asia Pacific market value stood at USD 1.40 billion.
Growing at a CAGR of 4.2%, the market will exhibit a steady growth rate during the forecast period (2020-2027).
The conveyor is expected to be a leading segment during the forecast period (2020-2027).
The growing commercial infrastructural facilities is a key driving factor for the market.
Panasonic Corporation, Haier Group Corporation, Gorenje, are the few major key players in the global market.
Asia Pacific dominated the market share in 2019.
A growing trend towards kitchen decoration is expected to drive the adoption of these products.
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