Global Toaster Market Size, Share & Trends Analysis Report By Product (Pop-up, Conveyor, and Oven), By Distribution Channel (Offline, and Online), By Application (Residential, and Commercial), By Regional Outlook and Forecast, 2023 - 2030

Global Toaster Market Size, Share & Trends Analysis Report By Product (Pop-up, Conveyor, and Oven), By Distribution Channel (Offline, and Online), By Application (Residential, and Commercial), By Regional Outlook and Forecast, 2023 - 2030

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.

By Product Analysis

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.

By Distribution Channel Analysis

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.

By Application Analysis

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.

By Regional Analysis

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.

Recent Strategies Deployed in the Market

• Jan-2024: Panasonic Holdings Corporation came into partnership with Fresco, a software development company. Through this partnership, Panasonic Holdings Corporation will unveil its latest innovations in smart appliances and connected cooking experiences at the upcoming Consumer Electronics Show.
• Dec-2023: Panasonic Holdings Corporation came into partnership with Atmosphere Vortex, a wind electric power generation company in Spain. Through this acquisition, Panasonic Holdings Corporation would distribute its entire range of dryer venting and inline fans across the United States.
• Aug-2023: LG Electronics, Inc. came into partnership with ITC Foods, a manufacturing company in India. Through this partnership, LG Electronics, Inc. would enhance its cooking business for customers in the country.
• Jul-2023: Dualit Ltd. Introduced "Incoloy Conveyor Toaster". The product would provide dependable and consistent service for catering establishments of various scales, ranging from small boutique B&Bs to expansive hotels, airport lounges, or resorts.
• Jul-2023: Dualit Ltd. unveils a new look for its Domus kettles and toasters. The products showcase a vibrant full-body color, offering fresh white and light grey alternatives. The redesigned appearance is effortlessly maintainable and an excellent selection for kitchens adorned with warm metallic accents like the popular brass or gold trends.
• Apr-2022: LG Electronics, Inc. introduced a lineup of "Home Appliance". The home appliance lineup includes Stylish Refrigerators - InstaView Door-in-Door™ and Frost-Free Refrigerators, AI Direct Drive Washing Machines, Puricare™ Wearable Air Purifier, VIRAAT Air Conditioners, UV+UF Water Purifiers, and a new range of Charcoal Microwaves.

List of Key Companies Profiled

• 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

Global Toaster Market Report Segmentation

By Product (Volume, Thousand Units, USD Billion, 2019-2030)

• Pop-up
• Conveyor
• Oven

By Distribution Channel (Volume, Thousand Units, USD Billion, 2019-2030)

• Offline
• Online

By Application (Volume, Thousand Units, USD Billion, 2019-2030)

• Residential
• Commercial

By Geography (Volume, Thousand Units, USD Billion, 2019-2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA