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Toaster Market Size, Share & Industry Analysis, By Product (Pop-up, Oven, and Conveyor), By Application (Residential and Commercial), By Distribution Channel (Online and Offline), and Regional Forecast, 2024-2032

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI103851

 

KEY MARKET INSIGHTS

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The global toaster market was valued at USD 3.90 billion in 2023 and is projected to grow from USD 4.07 billion in 2024 and reach USD 6.54 billion by 2032, exhibiting a CAGR of 6.12% during the forecast period. Asia Pacific dominated the toaster market with a market share of 36.41% in 2023.


Toasters 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 people about the features of various home appliance products through modes of communication such as live webinars and ads to convert the target audience into potential customers. These factors are expected to drive the overall toaster market growth in the long run. Moreover, increasing usage of pop up oven and conveyor toasters in commercial and residential places, is also forecasted to drive the market share in the long run.


The unavailability of domestic workers such as maids, house cleaning workers, and others 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 due to risks involved with physical exposure to the COVID-19 virus, increased the growth of the market. However, the decline in consumer purchasing power due to the consequences of employment loss or business loss temporarily impacted the growth of the market. Additionally, the government imposed various restrictions regarding the closure of cafes and restaurants during the COVID-19 outbreak for infection control purposes. These measures severely impacted the businesses of cafes & restaurants and subsequently reduced the demand for conveyor toasting ovens in commercial settings. 


Toaster Market Trends


Growing Kitchen Decoration Trend to Increase the Product Adoption


The rising consumer trends for home decoration have given rise to the demand for various luxurious kitchen appliances such as refrigerators, mixer grinders, and toasting ovens. Additionally, increasing consumer demand for premium kitchenware items is likely to accelerate market growth. For instance, in April 2021, JennAir, a luxury kitchen appliance brand, implemented its inaugural trend report, covering exhaustive luxury and premium kitchen trends, which influenced home design and renovation trend worldwide. Moreover, thriving consumer needs for energy-efficient home appliances have given rise to adoption of advanced devices consuming low electricity.


The rising popularity of kitchen decoration is driven by the increasing adoption of kitchen appliances equipped with smart technology, including toasters. Smart toasters are available with attractive features, including application control, smartphone connectivity, and customization options. With aesthetic appeal increasingly important in toasters, industry participants are emphasizing attractive designs and color choices. Industry participants also focus on employing sustainable materials to manufacture toasters. The increasing consumer awareness regarding the need for environmentally friendly kitchen appliances fuels the demand for sustainable toasters.


Heating technology is another key area of innovation within the toaster category. Conventional toasters were equipped with basic heating features, often leading to inconsistent browning. On the other hand, modern/latest models feature advanced heating technology, including infrared radiation and quartz heating, ensuring consistent results.


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Toaster Market Growth Factors


Increasing Commercial Infrastructural Facilities to Bode Well for the Market Growth


Increasing commercial infrastructural settings such as cafes, restaurants, hotels, and schools have fueled the demand for toasting ovens. For instance, according to the Investment Climate Statements of 2022 published by the U.S. Department of State, in June 2021, the Dubai government issued procedures and strategies for full ownership actions and measures for over 1000 commercial and industrial activities.


Moreover, the emergence of social media will consequently aid in the development of the market. For example, the sharing of new food recipes on social media platforms can catch consumer’s attention, encouraging them to prepare delicious breakfast dishes. This is likely to drive the demand for toasting appliances. Additionally, positive governmental initiatives and policies regarding the development of the home appliances industry can further support the growth of the market. For instance, in November 2021, according to India Brand Equity Foundation, the domestic production of electronic goods in India during 2014-2015 was recorded to be USD 29 billion. It further grew to USD 67 billion in 2020-21. The electronics sector of India contributes approximately 3.4% of the country’s GDP.


Rising Emphasis on 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 that cater to such preferences. This is likely to provide ease in the growth of the market. For instance, in August 2022, Samsung, a renowned consumer electronics brand, launched its new range of kitchen appliances ‘Bespoke AI’, fitted with sustainable and intelligent features.


RESTRAINING FACTORS


Higher Cost of Repair and Maintenance to Restrain the Market Growth


The repair and maintenance needs of the various kitchen appliances incur additional cost to the users, therefore, large necessities of repair & maintenance for toasting ovens 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.


Toaster Market Segmentation Analysis


By Product Analysis


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Conveyor Segment to Hold a Major Share Owing to Production Effectiveness


On the basis of product, the global market of toasting ovens is divided into oven, conveyor, and pop-up.


The conveyor segment is expected to hold a major share of the market owing to the large demand for multi-slot toasting oven products for the preparation of the bulk number of toasted bread at various cafes and quick service restaurants. Additionally, higher prices of conveyor toasting machines compared to other types would result in large revenue generation from the conveyor segment.


However, the pop-up appliances segment is anticipated to grow at a considerable rate over the study period. This is owing to the introduction of innovative domestic toaster appliances, which attract users to purchase such items.


By Application Analysis


Commercial Segment to Hold a Dominant Share Due to Increasing Corporate Infrastructural Facilities


Based on application, the global market is divided into commercial and residential.


The major share of the commercial segment is attributed to the busy working lifestyle and increasing living standard of the global population. This has led to a larger demand for breakfast food items in various commercial settings such as cafes and restaurants (coffee shops). Additionally, increasing corporate infrastructural facilities is further driving the demand for toaster items, including smart toasters, in office environments.


The residential segment is expected to grow at a considerable rate owing to the rising adoption of breakfast culture among households. This trend has created an increased demand for various cooking appliances.


By Distribution Channel Analysis


Online Segment to Hold a Major Share Owing to the Rising Consumer Demand for Online Shopping Activities


In terms of distribution channel, the market is divided into offline and online.


The online segment is expected to exhibit the largest share as large number of people prefer shopping for home appliances through online stores. Additionally, consumers’ shopping habits have shifted from physical stores to online shopping due to the convenience of making purchases with just a few clicks.


However, the offline segment is expected to witness considerable growth over the forecast period, owing to the increasing infrastructural facilities of specialty and brand home appliance stores that largely support the segmental growth.


REGIONAL INSIGHTS


Asia Pacific Toaster Market Size, 2023 (USD Billion)

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Asia Pacific to hold the Major Share Owing to the Presence of Several Recognized Companies 


Asia Pacific is expected to hold the largest share of the global market throughout the forecast period owing to the large consumption volume of premium kitchenware products in countries such as India and China. According to the data presented by the China Household Electrical Appliances Association, in May 2023, China’s home appliance revenue reached USD 33.45 billion, reflecting a YoY growth of 2.9%. Additionally, the presence of 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, has spurred the demand for toaster items in the region.


South America and the Middle East Africa are anticipated to grow at a highest CAGR owing to the increased revenues from home appliances, resulting in the growth of the market in countries such as the UAE, South Africa, Brazil, Argentina, and others. Additionally, the improving standard of living as well as increased purchasing power of the population in such countries are further driving the consumer demand for home appliances.


The markets of North America and Europe have also been projected to witness strong growth during the forecast period due to high preference from the young and working population for premium kitchenware products. The inclination of consumers toward healthy and better lifestyles, along with increasing disposable income of the consumers, is further expected to drive the demand for toasters in the long run. For instance, according to data presented by the U.S. Census Bureau, in May 2023, the export value of electronic products in the U.S. reached USD 17,619 million, while, the import value clocked USD 16,276 million in 2022.


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List of Key Companies in Toaster Market


Product Innovation with Adequate Marketing Spending Help Players to Penetrate into the Market Competition


Companies are constantly focusing on developing customized and innovative kitchen appliance products to increase their revenues from the respective appliance product category. Additionally, they are also placing significant emphasis on investing in various online marketing campaigns to drive sales of electronic appliances through digital channels. Moreover, these leading companies are actively engaged in developing energy-efficient home appliances, providing consumers with energy-saving solutions while enhancing their competitive position in the market.


LIST OF KEY COMPANIES PROFILED



KEY INDUSTRY DEVELOPMENTS



  • December 2022 - Galanz Americas, a global producer of home appliances, partnered with Kenmore, a popular American brand of household appliance. The purpose of this partnership is to expand its product range by introducing innovative kitchen appliances into their portfolio.

  • December 2022 – Shaker Group, a leading manufacturer and distributor of home appliances signed a new agreement with LG Electronics, a global leader in consumer electronics products. The partnership aimed to expand the company’s home appliance product line by incorporating advanced technology into their appliances.

  • January 2022 – Panasonic Corporation, a Japan-based electronics company, collaborated with Blue Apron, an American ingredient-and-recipe meal kit company. The collaboration aimed to offer consumers convenient cooking options with the help of  their multifunctional oven.

  • July 2021 – Arçelik, an international home appliance company, entered a joint venture with Hitachi Global Life Solutions, a Japan-based Conglomerate corporation. This move aimed to boost the global sales of Hitachi home appliances.

  • June 2021 – Galanz Americas, a global manufacturer of home appliances, launched a new range of small kitchen appliances. This product line included digital toaster ovens, blenders, air fryers, coffee makers, and others.


REPORT COVERAGE


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 developments. In addition to such factors, the report encompasses several other factors that have contributed to the growth of the market in recent years.


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Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 6.12% from 2024 to 2032



Unit



Value (USD Billion)



Segmentation



By Product



  • Pop-Up

  • Oven

  • Conveyor


By Application



  • Residential

  • Commercial


By Distribution Channel



  • Online

  • Offline


By Geography



  • North America (By Product, Application, Distribution Channel, and Country)

    • U.S. (By Product)

    • Canada (By Product)

    • Mexico (By Product)



  • Europe (By Product, Application, Distribution Channel, and Country)

    • Germany (By Product)

    • U.K. (By Product)

    • France (By Product)

    • Italy (By Product

    • Spain (By Product)

    • Rest of Europe (By Product)



  • Asia Pacific (By Product, Application, Distribution Channel, and Country)

    • China (By Product)

    • India (By Product)

    • Japan (By Product)

    • Australia (By Product)

    • Rest of Asia Pacific (By Product)



  • South America (By Product, Application, Distribution Channel, and Country)

    • Brazil (By Product)

    • Argentina (By Product)

    • Rest of South America (By Product)



  • Middle East and Africa (By Product, Application, Distribution Channel, and Country)

    • South Africa (By Product)

    • UAE (By Product)

    • Rest of the Middle East & Africa (By Product)








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 3.90 billion in 2023 and is projected to reach USD 6.54 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 1.42 billion.

Growing at a CAGR of 6.12%, the market will exhibit a steady growth rate during the forecast period (2024-2032).

Based on product, the conveyor segment is expected to lead the market during the forecast period (2024-2032).

The growing commercial infrastructural facilities is a key driving factor for the market.

Panasonic Corporation, Haier Group Corporation, and Gorenje are few major players in the global market.

Asia Pacific dominated the market share in 2023.

The growing kitchen decoration trend is expected to drive the adoption of these products.

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