Overview and Scope
Toasters are kitchen appliances designed to toast bakery products by exposing them to radiant heat. It consists of heated metal wires (known as heating elements) positioned inside a slot or chamber, where the bread or other items are placed for toasting. The heating elements generate heat, which toasts the surfaces of the bread or baked goods, resulting in a crisp and golden-brown exterior.
Sizing and Forecast
The toasters market size has grown strongly in recent years. It will grow from $3.59 billion in 2023 to $3.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to increased electricity accessibility, industrialization, increased advertising and marketing, increased the rising demand for practical and effective kitchen equipment.
The toasters market size is expected to see rapid growth in the next few years. It will grow to $5.76 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to rise of smart toasters equipped with connectivity features, the demand for quick and convenient breakfast solutions, increasing urbanization. Major trends in the forecast period include smart features integration, customization and personalization, and enhanced safety features, partnerships and investments.
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Segmentation & Regional Insights
The toasters market covered in this report is segmented –
1) By Product Type: Pop-Up Toasters, Toaster Ovens, Conveyor Toasters
2) By Distribution channel: Online, Offline
3) By End-User: Residential, Commercial
Asia-Pacific was the largest region in the toasters market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the toasters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising consumption of bakery products is expected to boost the growth of the toasters market going forward. Bakery products refer to a wide range of items that use wheat flour to produce various final bakery-related products. The bakery industry continuously introduces new and innovative products to meet evolving consumer preferences and tastes, offering convenience and healthier options with wholesome ingredients, natural flavors, and nutritional enhancements. Toasters are versatile appliances that can toast a wide range of bakery products, including different types of bread, rolls, bagels, English muffins, croissants, and pastries, ensuring efficient toasting with minimal time and effort. For instance, according to a report published by the American Bakers Association, a US-based bakery-specific national and state trade association, in 2021, sales of baking ingredients and supplies increased by 18.7% and 16.3%, respectively, in 2020. Further, in October 2022, according to stats sourced from Euromonitor International, 2022 published on the Government of Canada’s official website, retail sales of baked goods in the US reached $67.9 billion in 2021 and are expected to reach US$75.8 billion in 2026. Therefore, the rising consumption of bakery products is driving the growth of the toasters market.
Key Industry Players
Major companies operating in the toasters market are Panasonic Corporation, Whirlpool Corporation, Stanley Black & Decker Inc., Groupe SEB SA, The Middleby Corporation, De’Longhi Group, Breville Group, Hamilton Beach Brands Inc., Braun GmbH, Chefman LLC, Conair Corporation, Sunbeam Products Inc., Russell Hobbs Inc., Continental Electric Company Inc., Proctor Silex Ltd., Morphy Richards Limited, Bodum USA Inc., StoreBound LLC, Sunbeam Corp, Sensio Inc., Brentwood Appliances Inc., Kenwood Limited, Dualit Ltd., Smeg S.p.A., West Bend, Lifetime Brands Inc., Salton Corp.
The toasters market report table of contents includes:
1. Executive Summary
2. Toasters Market Characteristics
3. Toasters Market Trends And Strategies
4. Toasters Market – Macro Economic Scenario
5. Global Toasters Market Size and Growth
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32. Global Toasters Market Competitive Benchmarking
33. Global Toasters Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Toasters Market
35. Toasters Market Future Outlook and Potential Analysis
36. Appendix
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