The global toaster market size is expected to reach USD 4.72 billion by 2027, exhibiting a CAGR of 4.2% during the forecast period. The growing consumer demand for luxurious kitchen appliances items such as refrigerators, mixer grinders, toasters ovens can have a stupendous effect on the market, states Fortune Business Insights, in a report, titled “Toaster Market Size, Share COVID-19 Impact Analysis, By Product (Pop-up, Oven, and Conveyor), Application (Residential and Commercial), Distribution Channel (Online and Offline), and Regional Forecast, 2020-2027.” The market size stood at USD 3.83 billion in 2019.
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Surging Hospitality Industry to Propel Market
The inauguration of new cafés, restaurants, hotels, schools, and others will spur opportunities for the market during the forecast period. The increasing consumption of fast food will simultaneously improve the prospects of the market. According to the report ‘Hospitality, Tourism and Leisure in the UAE’, published by the US-UAE Business Council, as of 2018, Dubai had 703 hotels and apartment properties combined with a total number of 111,864 rooms, an increase of 6% over to that of 2017. The increasing inclination towards food recipes through on-demand videos posts will foster healthy growth of the market during the forecast period. Besides, the growing governmental initiatives policies for the production of home appliances can promote the growth of the market.
Declining Sale of Toasters to Retard Market Amid Coronavirus
The diminishing purchasing power of consumers will considerably dampen the business during the pandemic. Moreover, the shift from traditional shopping methods to online shopping can further limit the adoption of toasters, which, in turn, will restrict the growth of the market. However, the surging online sales will consequently uplift the market during coronavirus. Besides, the demand for kitchenware products among the middle class and upper class will fuel the demand for toasters, hence, aiding the market growth.
Heavy Consumption of Kitchenware Products to Promote Growth in Asia Pacific
The Toaster market size in Asia Pacific is expected to witness rapid growth during the forecast period owing to the increasing consumption of premium kitchenware products in developing nations such as India, and China. According to the data presented by the China Household Electrical Appliances Association, on 18 August 2020, single-day transaction sales value of the home appliances items has reached to USD 38.79 billion in China during the JD.com festival session. Moreover, the presence of major companies such as Hebei AOCNA Baking Machinery Co. Ltd., Haier Group Corporation, Samsung Electronics Inc., Panasonic Corporation, and others will influence the healthy growth of the market in the region.
May 2020: Newell Brands Inc., a leader in cookware, bakeware, cutlery, and kitchen appliances introduced cool performance touch countertop oven under their brand ‘Calphalon’ that consists of an innovative exterior to provide 75% coolness to the device and the interior feature that uses quartz heat technology to deliver 40% more even heat that other oven’s to provide uniform heating to the food
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