Press release
Toasters Market: Size, Segments, Analysis, Share, and Outlook by 2033
Toasters Global Market Report 2024
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Toasters Market 2024 Key Insights:
• 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%.
• Bakery Boom Fueling The Growth of the Toasters Market
• Innovative Technologies Redefining Toaster Market
• Asia-Pacific was the largest region in the toasters market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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