The global toaster market size is expected to reach USD 4.5
billion by 2025, according to a new report by Grand View Research, Inc.,
registering a 4.8% CAGR during the forecast period. The market is mainly driven
by increasing demand from quick service restaurants. This is one of the best
labor-saving appliances used across homes, hotels, cafes, and restaurants.
Technological advancements in the appliance over years has significantly
benefited market growth. Manufacturers are constantly looking to innovate new
and versatile appliances that can fit into different spaces, have various
capabilities and sizes, and offer varied heating specifications that can range
from simplistic to extreme, depending on how one prefers their bread.
Significant improvement in purchasing power of consumers for
advanced kitchen appliances in developing countries such as China and India has
also had a positive impact on product demand over the forecast period. In light
of this, the market in Asia Pacific accounted for over 40.0% of the revenue in
2018. Increasing consumption of various types of breads for breakfast among
many South Asian countries is driving the market. For instance, a study by
Japanese consulting and economic research firm Nomura Research Institute, Ltd.
finds that close to 51.0% of people in Japan prefer bread as part of their
breakfast meal, overtaking the traditionally preferred item – rice.
On the basis of product, the toaster market is segmented into
pop-up, oven, and conveyor toasters. Pop-up toasters held the largest market
share in 2018 and are the most preferred type among consumers. These appliances
consume lesser energy as compared to toasting bread in the oven or stove, which
are less efficient. Conveyor toasters form the fastest growing segment owing to
rising demand in commercial applications such as restaurants and hotels as they
can toast larger quantities compared to household variants such as pop-up
toasters.
By way of application, the residential sector accounted for
the dominant share in 2018. With bread being a vital breakfast item for
consumers across the globe, the convenience provided by toasters for a quick,
easy, and delicious breakfast will continue to be a key factor keeping product
demand high in the residential segment. Nevertheless, the commercial sector
will register the fastest growth over the forecast period.
An increasing number of manufacturers and distributors have
been entering the industry, ensuring stiff competition. The market is primarily
dominated by regional and local players and more than 60.0% of the market is
reportedly unorganized. New product launches, strong marketing campaigns, and
strategic partnerships and collaborations are, therefore, crucial to holding a
prominent position in the market. For instance, the steam toaster by Balmuda, a
Japanese design and manufacturing company, uses steam technology and
temperature control to keep the bread from drying out. A small amount of water
is poured into the toaster, which ensures retention of moisture and aroma of
the bread.
For full research report on Toaster Market
visit here:
https://www.grandviewresearch.com/industry-analysis/toaster-market
Toaster Market Report
Highlights
- By product, conveyor toasters are projected to register
the highest CAGR of 5.95% over the forecast period owing to rising demand
in commercial applications such as restaurants and hotels
- In terms of application, the residential sector
dominated the global market with a share of over 70.0% in 2018. The
commercial sector will emerge as the fastest growing segment by 2025
- Asia Pacific held the dominant share of 40.08% in 2018.
The region will continue its leading streak over the next few years,
propelled by increasing disposable income in countries like India, South
Korea, and China
- The toaster industry is highly competitive in nature
with manufacturers concentrating on new product launches, marketing
campaigns, and technological innovations to stay ahead. Some of the key
players are The APW Wyott, Hatco, Star Manufacturing International, Waring
Commercial, and Toastmaster.
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Toaster Market
Segmentation
Grand View Research
has segmented the global toaster market on the basis of product, application,
and region:
Toaster Product
Outlook (Revenue, USD Billion, 2015 - 2025)
- Pop-up
- Oven
- Conveyor
Toaster Application
Outlook (Revenue, USD Billion, 2015 - 2025)
- Commercial
- Residential
Toaster Regional
Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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