Global Toaster Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

Global Toaster Market Overview:

"The Toaster Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

It is a known fact that toasters consume 6 times lesser energy than conventional ovens do. An innovative feature for most modern-day toasters is the auto-close lid which helps in retaining heat within the appliance, and, in turn, helps in reducing the overall consumption of electricity. Household kitchens are the most common area of usage for most toasters, however, commercial spaces like hotels, diners, cafes, and coffee shops among others, are also positively influencing the global toaster market.

The global toaster market is anticipated to index a higher CAGR over the forecast period. Various regulations laid down by respective governments and a growing consciousness among consumers are forcing manufacturers to build energy-efficient models. There are even several manufacturers that build their products using recycled materials and this is positively influencing the global toaster market.

Appliances that are user-friendly and easy-to-use, while simultaneously being loaded with advanced features are in high demand these days. Contemporary smart toasters are now being made available in the market by several manufacturers. These appliances can be integrated with an individual’s smartphone or other connected devices to ensure that the end product is what the user desired. Other features that some manufacturers are including in their products are – LED display screens, push-button controls, multiple crumb trays, digital timers & heat settings, alarms, as well as cancel functions.

In terms of product, the market is segmented into oven, conveyor and pop-up toasters. Pop-up toasters are the most preferred type of appliance among customers and held a majority share of the global toaster market in 2018. On the other hand, conveyor toasters are slated to be the fastest-growing segment in the market over the forecasted period. Due to the ability of these appliances to handle larger volumes of food items, they are in great demand at cafes, hotels, restaurants, and other catering events.

With respect to product application, the residential segment fueled by a surging working population held a majority share of the global toaster market. And, with bread being a key breakfast item for many consumers across the globe, the high product demand for toasters in the residential segment will greatly influence the global toaster market’s growth.

Newfangled appliances that are both energy-efficient and that can perform multiple tasks like making pizzas, cookies, biscuits, etc. are also in high demand these days.

The commercial segment is slated to index the highest CAGR over the forecasted period.

Regional Analysis:

The Asia Pacific region held the largest revenue share of the global toaster market in 2018. This is due to higher disposable incomes and the growing number of cafes, restaurants and fast-food retailers among other businesses that rely on toasters to prepare quick meals.

The market in North America is expected to index the highest CAGR during the forecasted period. This is due to higher adoption rates of energy-efficient appliances presently being manufactured that are simultaneously convenient to use.

Global Toaster Market Segmentation:

Global Toaster Market Segmentation, by-product outlook:

• Pop-up Toasters
• Toaster Oven
• Conveyor Toasters

Global Toaster Market Segmentation, by application:

• Commercial
• Residential

Global Toaster Market Segmentation, by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa