Toasters Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Toasters Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Toasters Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the toaster market are focused on developing innovative cooking features or functionalities integrated into kitchen appliances to improve cooking performance, efficiency, and convenience. The improvements in technologies aim to elevate the cooking experience and empower users to create delicious meals with ease. For instance, in October 2022, Tineco, a China-based kitchen appliance company, launched TOASTY ONE, a dual-slot toaster designed with smart capabilities. This product is highlighted by a 4″ LCD touchscreen, which offers users a visual interface for controlling the toasting process. The product utilizes GoldenCrispy technology that preserves moisture within the bread while achieving a golden crisp exterior, satisfying every slice’s texture. Additionally, the product is incorporated with IntelliHeat Technology, which adjusts the heat output and then toasts to the chosen level.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Toasters Market Report Structure
3. Toasters Market Trends And Strategies
4. Toasters Market – Macro Economic Scenario
5. Toasters Market Size And Growth
…..
27. Toasters Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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