The global toaster market is estimated to reach USD 4.5 billion, by 2025, and is projected to grow at a CAGR of 4.8% from 2019 to 2025, according to a new report by Million Insights. The increasing demand from hotels, coffee shops, restaurants, and cafés is a key factor driving market growth. Product innovation, and advanced technology are encouraging manufacturers to develop new products to meet consumer needs. Top players are launching smart toaster which are user friendly and easy to operate. This trend is expected to increase the demand for the product in the next few years.
The increasing purchasing power of consumers especially in the developing countries such as India and China is also boosting the market growth. Asia Pacific region 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. According to Japanese research institute, it is observed that 51% of people in Japan prefer bread in their breakfast. This has led to the purchase of toasters, thus driving the toasters market.
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 type. It also offer defrost options, and auto heat adjustment feature. Conveyor segment is projected to grow at significant rate in the coming few years. The product has high demand from hotels and restaurants owing to its large size & food carrying capacity.
The residential segment dominated the market with the majority of market share, in 2018. Toaster offers convenience with easy and quick breakfast. This segment is leading because of the growing working population especially in the developing countries across the globe.
The industry possesses heavy competition owing to the presence of large number of manufacturers. The market is mainly formed by domestic players by over 60% in the overall market. Major players in the market are focusing on product innovations and expanding their reach across the world.
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Further key findings from the report suggest:
• In 2018, depending on product type, conveyor toaster is anticipated to grow at a CAGR of over 5.9%from 2019 to 2025.
• Based on the application, residential segment attributed to market share over 70% in 2018.
• Asia Pacific region dominated the toaster market in 2018and is expected to remain at its position in the next few years owing to increasing disposable income across the countries such as China, India, and South Korea.
• Major players in the market are Breville USA, Inc., The APW Wyott, Hatco, Cuisinart, Waring Commercial, and Star Manufacturing International.
Million Insights has segmented the toaster market based on product, application, and region:
Toaster Product Outlook (Revenue, USD Billion, 2015 - 2025)
Toaster Application Outlook (Revenue, USD Billion, 2015 - 2025)
Toaster Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa