Toaster Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global toaster market size was accounted for USD 3.2 billion, in 2018 and is projected to grow at the CAGR of 4.8% from 2019 to 2025. The increasing number of hotels, coffee shops, restaurants, and cafés coupled with the growing application of households is expected to increase the demand for the product. Additionally, the increasing purchasing power of consumers is also boosting market growth.

In the recent few years, the government authorities are pushing for energy-efficient appliances along with the growing demand from consumers. Toaster consumes less energy compared to ovens. The Morphy Richards first launched Eco-electric toaster with high energy efficient ratings. It is made of recycled materials. The toaster uses 30% lesser energy than the conventional type of toaster. The toaster is very popular owing to its features such as auto-close ability to retain heat inside the appliance.

Product innovation and advanced technology are encouraging manufacturers to develop new products to meet consumer needs. Top players are launching smart toasters which are user-friendly and easy to operate. Nowadays, companies are introducing products that can be easily integrated with connected devices such as smartphones. For instance, Griffin technology offers a toaster that supports the integration with the mobile via Bluetooth. These factors are expected to influence consumers to look after smart toasters for their convenience.

The toaster is available in different sizes for commercial and household purposes. For example, Cuisinart offers a toaster that has 4 slots of more than an inch in size which can be used for pizzas, sandwiches, and bagels. In addition, features such as digital timers, sound alerts, and LED displays are also gaining traction among consumers.

Product Insights

The toasters market is bifurcated into pop-up, conveyor, and oven depending upon the product. In 2018, the pop-up toaster type held the highest share of over 54.0% in the overall market. Pop-up toasters are highly efficient and consume less energy in comparison with stove or oven types. It also offers to defrost options and an auto heat adjustment feature.

The conveyor segment is projected to grow at the fastest CAGR of 6.0% over the forecasted period. This toaster offers large container sizes for food items. The product has high demand from hotels and restaurants owing to its large size & food carrying capacity.

Application Insights

The applications are bifurcated into residential and commercial. In 2018, the residential segment dominated the market with the majority of market share in the overall market. Bread is known to be a popular breakfast food item. Toaster offers convenience with an easy and quick breakfast. This segment is leading because of the growing working population especially in the developing countries across the globe. Toaster performs multiple operations at a time. For instance, the toaster can toast bread, bake cookies, and cook pizzas. These energy-efficient and innovative features are expected to propel the demand for the product.

The commercial segment is projected to grow at a CAGR of over 6.0% during the forecasted period. This segment is heavily influenced by the increasing demand for toasters owing to customization in the product. Owing to the toasters ability to perform multiple tasks at a time and use of advent technologies inside the product is boosting the segmental growth. Conveyor toaster types are anticipated to have significant growth in the commercial sector.

Regional Insights

In 2018, Asia Pacific held the largest market share of 30.4% in the overall market. The increasing adoption of fast foods and quick-service restaurants in the region is boosting the demand for the toaster. In addition, the increasing income levels and growing purchasing power of the consumer are anticipated to positively impact the market growth.

Asia Pacific region is anticipated to grow at a CAGR of over 6.0% during the forecasted period. The growing adoption of advanced appliances in the kitchen in the U.S. and Canada is expected to support market growth. In the commercial sector, due to the rising number of café shops and restaurants which provide baked bread products, the demand for the toaster is expected to spur in the coming few years. Consumers are preferring energy-efficient appliances which are contributing to market growth.

Toaster Market Share Insights

Leading players include Breville USA, Inc., The APW Wyott, Hatco, Cuisinart, Waring Commercial, Star Manufacturing International, and Toastmaster.  Top players in the market are focusing on product innovations and expanding their reach across emerging countries such as Brazil, India, and China.

Product innovation with the use of advent technology is also encouraging manufacturers to develop new products. For instance, Cuisinart has launched an AirFryer toaster which provides a large space for food items.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the global toaster market report based on product, application, and region:

• Product Outlook (Revenue, USD Billion,2015 - 2025)
    • Pop-up Toasters
    • Toaster Oven
    • Conveyor Toasters

• Application Outlook (Revenue, USD Billion,2015 - 2025)
    • Commercial
    • Residential

•  Regional Outlook (Revenue, USD Billion, 2015-2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • the Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East &Africa (MEA)
        • South Africa