“Global Toaster Market to reach a market value of USD 5.4 Billion by 2030 growing at a CAGR of 5.3%”
The Global Toaster Market size is expected to reach $5.4 billion by 2030, rising at a market growth of 5.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 38,895.3 thousand units, experiencing a growth of 5.0% (2019-2022).
Economic growth in several Asia-Pacific countries has led to an increase in disposable incomes. With higher purchasing power, consumers are more inclined to invest in modern kitchen appliances, including toasters, to enhance their culinary experiences at home. Therefore, the Asia-Pacific region captured $1,294.2 million revenue in the market in 2022. The expansion of processed food services in rural India translates into new infrastructure and new electronic products, increasing the demand for this in the nation. The National Investment Promotion & Facilitation Agency estimates that by 2025-26, India's food processing industry will have generated $535 billion in revenue, making it one of the world's largest. New initiatives such as an estimated infrastructure expenditure of INR 100 lakh crore (approximately $1 Tn) and an investment of INR 25 lakh crore to stimulate the rural economy have propelled the food processing industry to a trajectory of rapid expansion.
Modern lifestyles often involve busier schedules, with individuals and families having limited time for meal preparation. It provides a quick and convenient solution for preparing breakfast, allowing individuals to toast bread or other breakfast items easily without investing significant time in cooking. Changing consumer preferences emphasizes the desire for quick and convenient meal solutions. Toaster usage fits well into this trend, offering a fast and straightforward method for preparing toasted items like bread, bagels, or pastries, catering to the need for efficient meal preparation. Additionally, smart toasters can collect and analyze data on user preferences and usage patterns. Manufacturers can leverage this information to provide personalized recommendations, optimize energy usage, and continually improve product features based on real-time feedback from users. Additionally, integrating voice-activated controls allows users to command the toaster using voice commands. This hands-free functionality enhances accessibility and convenience, especially when users are occupied with other kitchen tasks or activities. In conclusion, the increasingly connected kitchen ecosystems propel the market's growth.
However, high raw material costs directly contribute to increased production expenses for manufacturers. This can include the costs of metals (such as stainless steel), heating elements, plastics, and other components used in its production. The manufacturers facing higher raw material costs might find it challenging to compete with other brands that can maintain lower prices, potentially resulting in a loss of market share. Fluctuations in raw material costs can introduce uncertainty into the supply chain, making it difficult for manufacturers to plan and manage inventory effectively. Sudden increases in raw material costs may catch manufacturers off guard, potentially leading to production delays as they assess and adjust to the new cost structure. Manufacturers might have limited strategies to mitigate the impact of rising raw material costs, especially if alternative materials or suppliers are not readily available. Therefore, rising raw material costs are impeding the growth of the market.
Based on product, the market is divided into pop-up, oven, and conveyor. The pop-up segment garnered the highest revenue share in the market in 2022. Pop-up toasters, also known as automatic toasters, are popular household appliances designed for individual or small-scale toasting needs. They are widely used in home kitchens and offer convenience for various toasting applications. Additionally, the versatility of pop-up toasters, accommodating various types of bread and bagels, appeals to a diverse range of consumer preferences. Hence, the appeal of pop-up toasters in households is driving the growth of the segment.
Based on distribution channel, the market is categorized into online and offline. In 2022, the online segment registered a substantial revenue share in the market. Consumers can compare costs, characteristics, and feedback from others across various brands and models when they shop online. This transparency encourages a competitive online marketplace by enabling purchasers to make well-informed choices. Digital marketing strategies drive online sales, including targeted advertisements and social media promotions. Manufacturers and retailers leverage online channels to reach a broader audience and promote their products effectively. In conclusion, the ease of doing shopping is driving the expansion of the segment.
On the basis of application, the market is bifurcated into commercial and residential. In 2022, the residential segment attained the largest revenue share in the market. Residents are increasingly conscious of their dietary choices, and it offers a way to toast whole-grain bread or other healthier options. This aligns with the trend of making health-conscious decisions in daily meal planning. The growing trend of home cooking, especially during periods when dining out may be limited, has increased demand for appliances that facilitate quick and easy meal preparation. It fits well into this trend by providing a simple cooking solution. Hence, increasing consciousness about diets in households is propelling the growth of the segment.
Free Valuable Insights: Global Toaster Market size to reach USD 5.4 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region generated a substantial revenue share in the market. The North America region has a strong breakfast culture, and these are vital in preparing quick and convenient breakfast items such as toast, bagels, and pastries. The fast-paced lifestyle encourages the use of appliances that streamline morning routines. Furthermore, North America's diverse cultural landscape contributes to various regional breakfast preferences. It accommodates these preferences by allowing individuals to prepare breakfast items that align with their cultural background.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 3.6 Billion |
| Market size forecast in 2030 | USD 5.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.3% from 2023 to 2030 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 283 |
| Number of Tables | 650 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Distribution Channel, Application, Region |
| Country scope |
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| Companies Included | Panasonic Holdings Corporation, LG Electronics, Inc. (LG Corporation), Samsung Electronics Co., Ltd. (Samsung Group), Haier Smart Home Co., Ltd. (Haier Group Corporation), Hisense International Co., Ltd., Breville Group Limited, Koninklijke Philips N.V., Dualit Ltd., Hamilton Beach Brands, Inc. (Hamilton Beach Brands Holding Company), Whirlpool Corporation |
By Product (Volume, Thousand Units, USD Billion, 2019-2030)
By Distribution Channel (Volume, Thousand Units, USD Billion, 2019-2030)
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
This Market size is expected to reach $5.4 billion by 2030.
Rise in changing consumer lifestyles are driving the Market in coming years, however, Increasing cost of raw materials restraints the growth of the Market.
Panasonic Holdings Corporation, LG Electronics, Inc. (LG Corporation), Samsung Electronics Co., Ltd. (Samsung Group), Haier Smart Home Co., Ltd. (Haier Group Corporation), Hisense International Co., Ltd., Breville Group Limited, Koninklijke Philips N.V., Dualit Ltd., Hamilton Beach Brands, Inc. (Hamilton Beach Brands Holding Company), Whirlpool Corporation
In the year 2022, the market attained a volume of 38,895.3 thousand units, experiencing a growth of 5.0% (2019-2022).
The Offline segment is leading the Market, By Distribution Channel in 2022; there by, achieving a market value of $3.1 billion by 2030.
The Asia Pacific region dominated the Market, By Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $1.9 billion by 2030.
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