The Global Toaster Ovens Market is estimated to be USD 949.09 Mn in 2023 and is expected to reach USD 1282.73 Mn by 2028 growing at a CAGR of 6.21%.Cooking a Meal in a Toaster Oven Can Save Over 50% of the Energy Used to Cook the Same Meal in a Conventional Electric Oven.
A toaster oven is a small oven that may cook a range of dishes quickly. The toaster ovens reheat, bake, broil, toast, brown, and defrost small amounts of food as an alternative to heating larger kitchen ovens. Typically, toaster ovens are designed with quick-acting heating components controlled by simple controls.
Increasing food outlets and fast-food restaurants worldwide drive the Global Toaster Ovens Market. The number of coffee shops, quick-service restaurants, and cafés has increased dramatically. These establishments rely on toaster ovens for their quick cooking and heating needs. As the number of fast-food chains continues to rise, the demand for toaster ovens increases.
Conversely, the high costs associated with premium toaster ovens equipped with advanced technologies significantly restrain the growth of the Global Toaster Ovens Market. These high-end toaster ovens often come with advanced features such as automated cooking modes, digital thermostat controls, and automatic toast sensors, which can be highly attractive to customers. However, these advanced features often come at a premium price, making premium toaster ovens significantly more expensive than traditional models. This high price can make these models inaccessible to many consumers, especially those on a budget. As a result, customers may opt for less expensive models, which limits the demand for premium toaster ovens. Moreover, the demand for electric toaster ovens increased with features such as dehydrating and grilling.
The technological advancement in toaster ovens is an opportunity for the Global Toaster Ovens Market. For Instance, in February 2023, the TTK Prestige launched its new range of OTG with Air Fry, Grill, Toast, and Bake. In addition, brands like Cuisinart and Panasonic have introduced toaster ovens with innovative features such as smart controls, built-in air frying capabilities, and voice command integration.
- Additionally, the availability of substitutes in the Global Toaster Ovens Market, such as microwave ovens, traditional ovens, air fryers, and convection ovens. These alternatives offer similar functionalities and may have advantages in terms of cost, convenience, or specialized cooking capabilities. The Global Toaster Ovens Market manufacturers need to differentiate their products by emphasizing unique features, energy efficiency, or versatility to stand out and overcome the challenges posed by these alternatives.
Market Segmentations
- The Global Toaster Ovens Market is segmented based on Product Type, Applications, Distribution Channel, and Geography.
- By Product Type, the Global Toaster Ovens Market is classified into Pop-ups, Ovens, Conveyor, and Others. The Ovens category has significant growth in the Global Toaster Ovens Market. Ovens offer the advantage of compact size, making them suitable for small kitchens or spaces where a full-sized oven may not be practical. Their versatility and convenience make them highly popular among consumers, contributing to their dominance in the toaster ovens market.
- By Applications, the Global Toaster Ovens Market is classified into Residential and Commercial. The Residential segment has the largest market share in the Global Toaster Ovens Market. The growing trend of smaller households, busy lifestyles, and the need for convenience in cooking have led to increased adoption of toaster ovens in residential kitchens.
- By Distribution Channel, the Global Toaster Ovens Market is classified into Online and Offline. Online retail channels, such as e-commerce platforms and websites, have grown significantly. Consumers increasingly turn to online shopping due to the convenience, vast product selection, and competitive pricing online retailers offer.
- By Geography, the Global Toaster Ovens Market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific. The Asia Pacific region is expected to grow significantly in the Global Toaster Ovens Market due to increasing urbanization and a busy lifestyle that demands quick and easy cooking solutions.
Recent Development
- Buydeem launched the Dora Retro Inspired Mini Toaster Oven. - May 2023
- TTK Prestige launched its new range of OTG with Air Fry, Grill, Toast, and Bake. - February 2023
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are De’Longhi Appliances, Dualit Ltd., Hamilton Beach Brands, Inc, Hatco Corp., etc.Countries Studied
- America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
- Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
- Middle-East and Africa (Egypt, Israel, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
- Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Ansoff Analysis
- The report presents a detailed Ansoff matrix analysis for the Global Toaster Ovens Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
- The publisher analyses the Global Toaster Ovens Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
- Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Toaster Ovens Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
- Excel data sheet for the market size will also be provided with the report.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
- The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
- The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.
Report Highlights:
- A complete analysis of the market, including the parent industry
- Important market dynamics and trends
- Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
- Market segmentation
- Competitive Analysis: Comparative analysis of competitor
- Historical, current, and projected size of the market based on value and volume
- Market size of the US states
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Table of Contents
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Dynamics
5 Market Analysis
6 Global Toaster Ovens Market, By Product Type
7 Global Toaster Ovens Market, By Applications
8 Global Toaster Ovens Market, By Distribution Channel
9 Americas' Toaster Ovens Market
10 Europe's Toaster Ovens Market
11 Middle East and Africa's Toaster Ovens Market
12 APAC's Toaster Ovens Market
13 Competitive Landscape
14 Company Profiles
15 Appendix
Companies Mentioned
- APW Wyott
- BLACK+DECKER Inc.
- Brandt, Moulinex
- Breville, Inc.
- Cuisinart
- De’Longhi Appliances
- Dualit Ltd.
- Hamilton Beach Brands, Inc
- Hatco Corp.
- Haier Group Corp
- LG Corp.
- Panasonic Corp.
- Robert Bosch GmbH
- Rosewill, Inc
- Samsung Electronics Co. Ltd.
- Severin Elektrogerate GmbH
- Star Manufacturing
- Walton Hi-Tech Industries PLC
- Waring Commercial
- Whirlpool Corp.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 195 |
| Published | February 2024 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 949.09 Million |
| Forecasted Market Value ( USD | $ 1282.73 Million |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
