Toaster industry is projected to witness a CAGR of 4.3% during the period 2024-2032. This growth can be attributed to the growing preference for breakfast convenience.
Selbyville, Delaware, Nov. 05, 2024 (GLOBE NEWSWIRE) —
Toaster Market size is projected to be worth more than USD 7.2 billion in revenue by the end of 2032. In urban environments, compact appliances like toasters are becoming increasingly popular as they are designed to save space while fulfilling essential functions. Manufacturers are developing sleek, efficient models that fit seamlessly into small kitchens. Of late, smart toasters have grown largely popular as they incorporate advanced features, such as digital controls and energy-saving modes.
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Moreover, future designs are expected to prioritize sustainability and connectivity for integrating with smart home systems for enhanced convenience. With intensifying urbanization, the demand for compact, multifunctional appliances is likely to grow, further driving innovations in their design and functionality.
According to the United Nations Population Fund, by 2030, urbanization is projected to reach approximately 5 billion people predominantly in Africa and Asia. This demographic shift will favor the demand for compact appliances while influencing their design to accommodate diverse urban lifestyles.
Escalating demand for ovens
The oven segment in the toaster market is projected to expand at a significant growth rate between 2024 and 2032. This can be attributed to their robust ability for providing versatility in toasting and baking simultaneously. With technological advancements, ovens are continuously integrating more features, such as smart controls and improved energy efficiency. These developments are helping in improving user experience with enhanced cooking capabilities and seamless integration into smart home systems. Manufacturers may also redefine kitchen appliances for offering increased convenience and flexibility in culinary tasks, thereby turning ovens indispensable in modern households.
Increasing use in commercial sector
Toaster market value from the commercial segment is expected to experience development at a substantial CAGR through 2032, driven by its robust build and efficient toasting capabilities for meeting the demands of busy kitchens worldwide. Toasters offer improved speed and reliability for ensuring consistent performance in high-volume environments. In addition, they are integrated with features to include smart technology for enhancing user convenience with automated settings and remote operation. Growing prominence in commercial kitchen appliances for promising greater efficiency and innovation for chefs and food service professionals globally.
Asia Pacific to emerge as a lucrative market
Asia Pacific toaster market size is expected to witness robust progress between 2024 and 2032, driven by the growing adoption of e-commerce platforms. Companies are increasingly utilizing online sales channels to broaden their reach and enhance customer engagement. Economic factors, such as increasing disposable incomes and rapid urbanization are further fueling the product demand. The robust role of e-commerce platforms in shaping consumer behavior and influencing industry dynamics.
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Toaster Market Players
Some of the top firms engaged in the toaster industry include BELLA, Black & Decker, Breville, Cuisinart, De’Longhi S.p.A., Dualit, Hamilton Beach, Kenmore, KitchenAid, Krups, Panasonic Corporation, Sunbeam, Toastmaster, Waring, and West Bend.
These market players are advancing kitchen appliance trends through technological innovations. They are continuously improving product features and are introducing more sophisticated designs to meet the evolving consumer needs.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 360° synopsis, 2021 – 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.1.7 Retailers
3.2 Technology advancement analysis
3.3 Regulatory landscape
3.4 Impact forces
3.4.1 Growth drivers
3.4.1.1 Urbanization and busy lifestyles
3.4.1.2 Growing preference for breakfast convenience
3.4.1.3 Technological advancements
3.4.2 Industry pitfalls & challenges
3.4.2.1 High competition
3.4.2.2 Health concerns
3.5 Consumer buying behavior analysis
3.5.1 Demographic trends
3.5.2 Factors affecting buying decision
3.5.3 Consumer product adoption
3.5.4 Preferred distribution channel
3.5.5 Preferred price range
3.6 Growth potential analysis
3.7 Porter’s analysis
3.8 PESTEL analysis
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