Dublin, May 31, 2024 (GLOBE NEWSWIRE) -- The "Global Toaster Market Outlook, 2029" report has been added to ResearchAndMarkets.com's offering.
According to the report, the market is anticipated to cross USD 5 billion by 2029, increasing from USD 3.87 billion in 2023. The market is expected to grow with 5.18% CAGR by 2024-29.
Market Drivers
- Technological Advancements: Modern toasters are being integrated with new technologies such as smart home connectivity (Wi-Fi or Bluetooth enabled), digital displays, and precise temperature controls. These advancements improve functionality, convenience, and user experience, driving the demand for innovative products.
- Sustainable and Eco-friendly Designs: As consumers become more environmentally conscious, there is a growing demand for energy-efficient and sustainable appliances. This drives manufacturers to design toasters with features such as lower energy consumption, recyclable materials, and longer life spans.
Market Challenges
- Market Saturation and Price Sensitivity: The toaster industry faces competition from a wide range of manufacturers offering similar products at different price points. This leads to a saturated market where consumers may prioritize cost over brand loyalty, making it difficult for companies to differentiate their products and maintain profit margins.
- Supply Chain and Manufacturing Issues: Global supply chain disruptions, such as those caused by the COVID-19 pandemic, have presented challenges to manufacturing and distribution in the toaster industry. Fluctuations in the availability of materials and components can increase production costs and cause delays.
Market Trends
- Multi-functional Toasters: To stand out in a competitive market, manufacturers are developing multi-functional toasters that offer additional features like warming, steaming, or grilling capabilities. These innovations appeal to consumers looking for versatile and space-saving kitchen appliances.
- Retro and Aesthetic Designs: Retro-inspired designs and customizable color options have become popular trends in the toaster industry. These aesthetic options appeal to consumers who want their appliances to match their kitchen decor and personal style, combining functionality with visual appeal.
North America leads the toaster industry due to its high consumer purchasing power, strong preference for convenience and advanced home appliances, and a robust retail infrastructure that supports diverse product offerings and innovative technology adoption.
First and foremost, the region boasts a high level of consumer purchasing power, which drives demand for a wide variety of home appliances, including toasters. North American consumers are willing and able to invest in quality kitchen appliances that offer convenience and enhance their lifestyles. The region also demonstrates a strong preference for modern, innovative home appliances. North American consumers tend to seek out the latest features and technologies, such as smart home integration, precise temperature controls, and advanced safety features.
This appetite for cutting-edge products encourages manufacturers to continuously innovate and offer toasters with new and improved functionalities. North America's robust retail infrastructure further supports the region's dominance in the toaster industry. The prevalence of large chain stores, specialized appliance retailers, and e-commerce platforms provides consumers with easy access to a wide range of toaster options. This well-established distribution network allows manufacturers to reach a broad customer base and respond quickly to changing market trends. Consumer preferences in North America also contribute to the region's leadership in the toaster industry.
Many households prioritize breakfast and snacks that involve toasted items, such as bread, bagels, and waffles. The demand for toasters is therefore closely tied to these dietary habits, making them a staple appliance in North American kitchens. Additionally, the region's focus on sustainability and energy efficiency influences the toaster market. North American consumers are increasingly interested in eco-friendly appliances that reduce energy consumption and minimize environmental impact. This trend drives manufacturers to develop toasters with energy-saving features and sustainable designs, aligning with the region's values. Furthermore, North America is home to several leading appliance manufacturers that drive innovation and set industry standards. These companies invest in research and development to create toasters with advanced features, superior performance, and appealing designs.
Study Coverage
- Historic year: 2018
- Base year: 2023
- Estimated year: 2024
- Forecast year: 2029
By Type
- Pop-up Toaster
- Conveyer Toaster
- Others
Pop-up toasters lead the toaster industry because of their efficiency and ease of use, offering quick and consistent toasting results with minimal effort, making them a convenient and reliable kitchen appliance for everyday use.
By Application
- Residential
- Commercial
Residential applications dominate the toaster industry because toasters are an essential kitchen appliance for households, offering a convenient and efficient way to prepare breakfast and snacks, making them a ubiquitous and indispensable part of daily home life.
By Distribution Channel
- Online
- Offline
The offline distribution channel leads the toaster industry because it allows consumers to experience products firsthand, evaluate quality and functionality, and receive personalized service and support, fostering trust and confidence in their purchase decisions.
A selection of companies mentioned in this report includes, but is not limited to:
- Breville Group Limited
- Groupe SEB
- Panasonic Holdings Corporation
- Whirlpool Corporation
- Gorenje
- De'Longhi S.p.A.
- Morphy Richards
- Robert Bosch GmbH
- Koninklijke Philips N.V.
- Electrolux AB
- Spectrum Brands Holdings, Inc.
- Hamilton Beach Brands Holding Company
- The Middleby Corporation
- Smeg Group S.p.A.
- Dualit Limited
- Newell Brands Inc.
- Cuisinart
- Smeg Group S.p.A.
- TTK Prestige Limited
- Bajaj Electricals Ltd.
Recent Developments
- Jan-2024: Panasonic Holdings Corporation came into partnership with Fresco, a software development company. Through this partnership, Panasonic Holdings Corporation will unveil its latest innovations in smart appliances and connected cooking experiences at the upcoming Consumer Electronics Show.
- Dec-2023: Panasonic Holdings Corporation came into partnership with Atmosphere Vortex, a wind electric power generation company in Spain. Through this acquisition, Panasonic Holdings Corporation would distribute its entire range of dryer venting and inline fans across the United States.
- Aug-2023: LG Electronics, Inc. came into partnership with ITC Foods, a manufacturing company in India. Through this partnership, LG Electronics, Inc. would enhance its cooking business for customers in the country.
- Jul-2023: Dualit Ltd. Introduced 'Incoloy Conveyor Toaster'. The product would provide dependable and consistent service for catering establishments of various scales, ranging from small boutique B&Bs to expansive hotels, airport lounges, or resorts.
- Jul-2023: Dualit Ltd. unveils a new look for its Domus kettles and toasters. The products showcase a vibrant full-body color, offering fresh white and light grey alternatives. The redesigned appearance is effortlessly maintainable and an excellent selection for kitchens adorned with warm metallic accents like the popular brass or gold trends.
- July 2023: Dualit Limited announced the launch of the new DCT'T' 2-slice conveyor toaster with thermostatically controlled elements, which can reduce power consumption by up to 20%.
For more information about this report visit https://www.researchandmarkets.com/r/m5hto0
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