The global Toaster Oven market size was USD 5.9 Billion in 2022 and is expected to reach USD 9.15 Billion in 2032, and register a rapid revenue CAGR of 5% during the forecast period. Rising demand for breakfast equipment, such as Toaster Ovens and increasing urbanization are key factors driving market revenue growth. There is rising demand for Toaster Ovens globally due to the spread of western eating patterns in emerging nations and the appeal of baked foods such as bagels and croissants.
In addition, manufacturers are concentrating on creating technologically improved Toaster Ovens that serve several functions, such as toasting, defrosting, and reheating, to satisfy the rising demand for practical and effective kitchen equipment. Also, manufacturers are putting more emphasis on creating energy-efficient Toaster Ovens that use less electricity, have a smaller negative impact on the environment, and save money for consumers.
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Moreover, increasing worries about food safety and health is rising demand for Toaster Ovens with advanced capabilities, such as temperature control, which is also expected to drive market revenue growth during the forecast period. By making ensuring the bread is evenly toasted, these Toaster Ovens reduce the possibility of over-toasting or burning, which can lead to the creation of carcinogens.
Furthermore, rising trend of smart homes and increasing acceptance of Internet-connected products are key factors driving market revenue growth. It is also expected that the increasing use of Artificial Intelligence (AI) and Machine Learning (ML) technologies would rise demand for advanced features in smart Toaster Ovens.
However, availability of inexpensive alternatives, increasing worries about eating processed food, and rising awareness about environmental impact of kitchen appliances, are key factors, which could restrain market revenue growth. In addition, consumers' increasing preference for healthier breakfast options, such as protein bars and smoothies, is another factor, which could restrain market revenue growth.
Key Takeaways
Competitive Landscape:
- Philips
- Breville
- Hamilton Beach Brands Holding Company
- Delonghi
- Krups
- Cuisinart
- Black and Decker
- Panasonic Corporation
- Westinghouse
- SMEG
- T-fal
The global market is further segmented into type and application:
| By Product Type Outlook |
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| By End-Use Outlook |
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Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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