Global Toaster Market Overview
Toaster Market Size was estimated at 2.55 (USD Billion) in 2023. The Toaster Market Industry is expected to grow from 4.07(USD Billion) in 2024 to 6.54 (USD Billion) by 2032. The Toaster Market CAGR (growth rate) is expected to be around 6.12% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Toaster Market Trends Highlighted
Toaster Market Trends
Increased urbanization and changing lifestyles are driving the demand for toasters. Consumers seek convenience and time-saving appliances, making toasters essential kitchenware for preparing quick and easy meals. Moreover, the growing popularity of specialty breads, such as gluten-free and sourdough, demands versatile toasters that can accommodate their varying textures and thicknesses.Key market drivers include advancements in technology, such as smart toasters that offer features like touchscreens and smartphone connectivity. These innovations enhance user experience and convenience. Additionally, the focus on health and well-being has led to a preference for toasters that promote healthier toasting options, such as air fryers and convection toasters.Recent trends in the toaster market include a surge in demand for multi-functional toasters that can perform additional tasks, such as grilling, baking, and warming. Consumers seek appliances that maximize kitchen space and offer versatility. Furthermore, there is a growing demand for aesthetically pleasing toasters that complement modern kitchen designs, with manufacturers introducing stylish and compact options in various colors and finishes.
Toaster Market Drivers
Shifting Consumer Preference Towards Premium Toasters
Increased wealth and changing consumer ways of life have become the primary driving forces of the growing demand for premium toasters. Consumers now need a toaster that would give the kitchen a harmonious look as part of kitchen design and, at the same time, make cooking more comfortable. The trend has been rendered even more popular by the advent of the smart home era, when people attempt to turn all appliances into single systems. Hence, the consumer shift toward premium toasters becomes the driving force behind market growth in the next ten years.As such, companies will meet the challenge by developing innovative and high-quality premium versions of their machines.
Expansion of E-commerce and Online Sales Channels
The rapid development of e-commerce presented toaster manufacturers with a profit-making opportunity. Online marketplaces allow customers to compare prices, read other people’s reviews, and buy a toaster without leaving their houses. There has been a significant change in the purchasing behavior of consumers as an increasing number of people adopt online shopping. Manufacturers of toasters can sell their products abroad, thus increasing sales and market development in the Global Toaster Market Industry.
Increasing Demand for Compact and Multi-Functional Toasters
The increasing preference for urban living and space constraints have led consumers to adopt compact and multi-functional toasters that allow them to save additional space with increased utilization. Multi-functional toasters can toast, grill, bake and reheat products; therefore, it becomes a versatile appliance for consumers. The strong demand for compact and multi-functional toasters can be attributed to the increasing number of urban households and increased preference for toasters in the Global Toaster Market Industry; the demand for such toasters is anticipated to remain strong throughout the assessment period.
Toaster Market Segment Insights
Toaster Market Toaster Type Insights
The Toaster Type segment of the Global Toaster Market is such that the former in question market segment is segmented into Pop-Up Toasters, Conveyor Toasters, and Combination Toasters. As of 2023, Pop-Up Toasters were the leading market segment in conclusion. This toaster type is expected to remain the leading one, at least until 2032. Pop-up toasters are cheap, convenient in usage, and easy to operation, which means they are perfect choices for both households and various establishments. As for Conveyor Toasters, they are designed to cope with a huge number of toasting tasks, and thus, they are commonly used in restaurants, hotels, and cafeterias.Furthermore, they are faster in toasting, can process higher volumes of bread, and are suitable for several types of them. In turn, Combination Toasters incorporate all the features of the two abovementioned types, which makes them convenient in terms of use and high in terms of toasting volumes. This growth is conditioned by the fact that toasting remains a convenient way of preparing breakfast and other dishes in both households and various eatery establishments.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Toaster Market Capacity Insights
The Global Toaster Market is segmented by capacity into 2-Slice, 4-Slice, 6-Slice, and 8-Slice. Among these, the 2-Slice segment held the largest market share in 2023, accounting for over 50% of the Global Toaster Market revenue. The 4-Slice segment is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for larger capacity toasters from families and shared households. The Global Toaster Market segmentation data provides valuable insights into the market dynamics and helps businesses strategize their product offerings accordingly.
Toaster Market Features Insights
The Global Toaster Market segmentation by Features offers valuable insights into the preferences and demands of consumers. Smart Toasters, a prominent segment, contribute significantly to the market growth with their advanced functionalities, such as touchscreen displays, Wi-Fi connectivity, and voice control, making the toasting experience more convenient and personalized. The Bagel Functions segment caters to the growing popularity of bagels, providing specialized toasting modes that evenly brown and crisp the bagel's exterior while keeping the interior soft.Defrost Settings addresses the need for quickly and safely defrosting frozen bread products, ensuring optimal toasting results. Crumb Trays, an essential feature, enhance usability by collecting crumbs during the toasting process, making cleanup effortless. Adjustable Browning Controls empower users to customize the browning level of their toast, accommodating diverse preferences and ensuring a perfect toast every time. These feature segments collectively play a crucial role in driving the market growth, influenced by the evolving lifestyles, convenience-seeking consumer behavior, and technological advancements in the Global Toaster Market.
Toaster Market Material Insights
The Global Toaster Market is segmented based on material, with options including stainless steel, plastic, glass, and retro-styled. Among these, stainless steel held the largest market share in 2023, accounting for approximately 45% of the Global Toaster Market revenue. Its durability, ease of cleaning, and resistance to rust have made it a popular choice for toasters. Plastic is another widely used material, favored for its affordability and availability in various colors and designs. Glass toasters offer a sleek and modern look, and their transparent design allows users to monitor the toasting process.Retro-styled toasters, inspired by vintage designs, have gained popularity among consumers seeking a nostalgic aesthetic. The increasing demand for stylish and functional kitchen appliances is expected to drive the growth of the Global Toaster Market in the coming years.
Toaster Market Application Insights
The Application segment is a crucial aspect of the Global Toaster Market segmentation, providing insights into the various end-use industries that drive market growth. The home segment held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growing demand for convenient and time-saving home appliances, coupled with the increasing number of households, contributes to the segment's growth. The commercial segment, which includes restaurants, cafes, and hotels, is expected to witness significant growth due to the rising number of food service establishments and the increasing popularity of breakfast and brunch options.The hospitality segment, which encompasses hotels, resorts, and vacation rentals, is also poised for growth as the travel and tourism industry recovers post-pandemic.
Toaster Market Regional Insights
Regionally, North America is anticipated to dominate the market, accounting for the largest revenue share. This dominance can be attributed to the presence of a well-established retail infrastructure, high consumer spending, and the increasing popularity of smart home appliances. Europe is projected to follow North America in terms of market size, driven by factors such as rising disposable incomes and the growing adoption of energy-efficient appliances. APAC is another significant region in the Global Toaster Market, with China and India emerging as key contributors.The increasing urbanization and the growing middle class in these countries are expected to fuel market growth in the region. South America and MEA are anticipated to experience steady growth in the coming years, albeit with smaller market shares compared to the aforementioned regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Toaster Market Key Players And Competitive Insights
Leading players in the Toaster Market market have long been developing and launching new products, and this creates an ideal landscape for growth. Breville, Cuisinart, De’Longhi, Hamilton Beach, and KitchenAid invest a significant portion of their profits in research and development, thereby presenting innovative products that outperform the competition. The emergence of a new impulse in the development of the Toaster Market is caused by several factors that have always had a beneficial effect. The development of the Toaster Market is mainly accelerated by two external factors: the growing importance of “on-the-go and at-home eating” and drivers. The Toaster Market Competitive Landscape is highly fragmented. On the one hand, this is due to the fact that the production of toasters is just as fragmented, and there are a large number of small to medium-sized manufacturers. On the other hand, a relatively small number of companies dominate the market, and this makes rivalry much fiercer and competition stronger. The main players are Breville, Cuisinart, De’Longhi, Hamilton Beach, and KitchenAid. These vendors gain an advantage due to their large distribution networks, which allow them to significantly influence pricing policies. Although the product they offer is differentiated, the brand is also a factor that impacts prices as the mentioned players are popular and reputable brands, gaining customer loyalty. Breville presents toasters with attractive and sophisticated designs, and they are not very affordable. Their price is around $80.00. Cuisinart also has an expensive product line, and its innovative design is an advantage. The price of Cuisinart toasters is about $60.00.
Key Companies in the Toaster Market Include
- Cuisinart
- Zojirushi Corporation
- Sunbeam Products
- Koninklijke Philips N.V.
- KitchenAid
- Breville Group
- De'Longhi Appliances
- Proctor Gamble
- Groupe SEB
- Hamilton Beach Brands, Inc.
- Panasonic Corporation
- Morphy Richards
- Russell Hobbs
- Black Decker
- Newell Brands
Toaster Market Industry Developments
Recent developments in the global toaster market include the growing popularity of smart toasters, which offer features such as voice control, app connectivity, and personalized toasting settings. Additionally, there is a trend towards premiumization, with consumers increasingly opting for high-end toasters with advanced features and stylish designs. The market is also witnessing the emergence of eco-friendly toasters, which are designed to reduce energy consumption and waste. In terms of regional trends, the Asia-Pacific region is expected to witness significant growth in the toaster market, driven by increasing urbanization and rising disposable incomes.
Toaster Market Segmentation Insights
Toaster Market Toaster Type Outlook
- Pop-Up Toasters
- Conveyor Toasters
- Combination Toasters
Toaster Market Capacity Outlook
- 2-Slice
- 4-Slice
- 6-Slice
- 8-Slice
Toaster Market Features Outlook
- Smart Toasters
- Bagel Functions
- Defrost Settings
- Crumb Trays
- Adjustable Browning Controls
Toaster Market Material Outlook
- Stainless Steel
- Plastic
- Glass
- Retro-Styled
Toaster Market Application Outlook
- Home
- Commercial
- Hospitality
Toaster Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2023 |
2.07(USD Billion) |
| Market Size 2024 |
4.07(USD Billion) |
| Market Size 2032 |
6.54(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.12% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Cuisinart, Zojirushi Corporation, Sunbeam Products, Koninklijke Philips N.V., KitchenAid, Breville Group, De'Longhi Appliances, Proctor Gamble, Groupe SEB, Hamilton Beach Brands, Inc., Panasonic Corporation, Morphy Richards, Russell Hobbs, Black Decker, Newell Brands |
| Segments Covered |
Toaster Type, Capacity, Features, Material, Application, Regional |
| Key Market Opportunities |
1 Smart Connectivity2 Compact Appliances3 Energy Efficiency4 Premiumization5 Customization |
| Key Market Dynamics |
Increasing demand for convenience appliances Growing popularity of artisanal bread and pastries Technological advancements in toasting capabilities Health consciousness and preference for whole grain breads Rising disposable incomes |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Toaster market is expected to reach a value of 4.07 billion USD by 2024 and is projected to grow at a CAGR of 6.12% to reach a value of 6.54 billion USD by 2032.
The key regions in the Global Toaster Market are North America, Europe, Asia-Pacific, and the Rest of the World. North America is the largest region, accounting for over 30% of the market share in 2023.
Toasters are primarily used for toasting bread but can also be used to toast bagels, waffles, and other breakfast foods. Some models also have additional features, such as warming racks and defrost settings.
The key competitors in the Global Toaster Market include Breville, Cuisinart, De'Longhi, Hamilton Beach, and KitchenAid. These companies offer a wide range of toasters, from basic models to high-end models with advanced features.
The key trends in the Global Toaster Market include the increasing popularity of smart toasters and the growing demand for toasters with advanced features, such as automatic shut-off and adjustable browning settings.
The key challenges facing the Global Toaster Market include the rising cost of raw materials and the increasing competition from other breakfast appliances, such as air fryers and microwave ovens.
The Global Toaster Market is expected to grow steadily over the next ten years, with a CAGR of 2.33%. The market is expected to be driven by the increasing demand for toasters in developing countries and the growing popularity of smart toasters.
The key opportunities for growth in the Global Toaster Market include the expansion of the market in developing countries, the growing popularity of smart toasters, and the increasing demand for toasters with advanced features.
The key risks facing the Global Toaster Market include the rising cost of raw materials, the increasing competition from other breakfast appliances, and changing consumer preferences.
The key recommendations for success in the Global Toaster Market include investing in innovation, expanding into new markets, and developing new products that meet the changing needs of consumers.
