A toaster oven is a small oven that may be used to quickly and simply cook a range of dishes. The toaster ovens reheats, bakes, broils, toasts, browns, and defrosts small amounts of food as an alternative to heating a larger kitchen ovens. Typically, toaster ovens are designed with quick-acting heating components that are controlled by simple controls. The demand for and sales of a toaster ovens has grown as purchasing power, disposable income, and kitchen appliance spending have all increased. The demand for premium toaster ovens also fuels investments in new product raw materials and technology. The increased demand may have a favorable effect on the appliance's functioning. Consumers choose smart, efficient, and user-friendly kitchen appliances because they are convenient and time-saving. With the advent of the COVID-19 pandemic, the demand for a toaster ovens and kitchen appliances has decreased as consumers have shifted their interest towards essential necessities.
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COVID-19 Impact Analysis
- The COVID-19 pandemic had negatively affected the growth of the toaster ovens industry as the channel of distribution was disrupted. The production and supply chain halted due to the insufficiency of raw material for production.
- The specialty stores were unavailable to sell its product or restore their shelves with new products due to the implementation of lockdown. On the other hand, online stores were out of stock and unable to meet the requirement.
- This extreme situation has meant that consumers' interest in the necessary products and services has been shifted to help them survive. Toaster ovens and kitchen appliances were not of utmost importance.
Top Impacting Factors
- Energy efficiency has received a lot of attention in recent years. Manufacturers have been pushed to develop energy-efficient appliances as a result of government regulations and rising customer awareness. Toasters are said to use six times less energy than standard ovens. Businesses are considering a number of improvements and tweaks to improve this feature. The auto-close lid on this toaster is a unique feature that keeps heat within the device. The feature not only expedites the toasting process but also saves electricity.
- Repair and maintenance requirements for different kitchen appliances entail additional expenses for consumers, therefore high repair and maintenance requirements for these goods are likely to limit market development. Furthermore, because such products have a longer life cycle, their consumption volume is limited. Aside from that, the widespread availability of replacement items such as frying pans and other toasting equipment is expected to stifle market development.
Market Trends
Increasing Online Sales is Driving the Market for Kitchen Appliances
Due to the growing rivalry among store-based retail shops and the increased amount of time spent on the internet by the general public, online sales of these appliances are projected to rise even more in the future. Also driving consumers to favor this channel over conventional in-store purchases are the easy financing options and various discounts offered online by ecommerce giants such as Flipkart and Amazon. For all consumer purchases, online shopping has become a significant retail channel. Consumers may examine a wide range of features and price choices across a number of merchants in less time and with fewer clicks when shopping for kitchen appliances online.
An increase in the Number of Fast Food Restaurants is increasing the sale of the toaster ovens
The toaster market is being driven by an increase in the number of food outlets and fast-food restaurants throughout the world. The number of coffee shops, quick-service restaurants, and cafés has increased dramatically. Meals establishments are buying toasters because they can help prepare food rapidly. Furthermore, businesses are developing user-friendly toasters that cook quickly and are simple to use. Smart toasters are likewise in high demand on the market. Smartphone and other linked devices can be used with these goods. Griffin Technology's Connected Toaster, for example, connects to a Smartphone app through Bluetooth. Users' toasting preferences may be saved, tracked, and recalled via this software, ensuring the desired end product.
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Key Benefits of the Report
- This study presents the analytical depiction of the toaster ovens industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the toaster ovens market share.
- The current market is quantitatively analyzed to highlight the growth scenario of the toaster ovens market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed toaster ovens market analysis on the basis of competitive intensity and how the competition will take shape in coming years
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