Toaster Market affected by COVID-19 related Demand and Supply Challenges & Future Projections
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.
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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
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Grand View Research has segmented the global toaster market on the basis of product, application, and region