According to a new report published by Allied Market Research titled, “bread maker market by product type, application, and distribution channel: Opportunities and Forecasts, 2021-2027,” the global bread maker market is expected to grow at a CAGR of 7.4% during the forecast period. In 2019, North America accounted for the largest share of around 43%, owing to higher per-capita spending on kitchen equipment and prevalence of nuclear family culture. However, emerging countries in Asia, such as China and India, would witness increase in demand for bread makers during the forecast period, owing to increase in awareness, rise in number of employed households, and growth in disposable income.
Growth in value sales for bread makers is attributable to surge in demand for innovative products in bread maker category, which facilitate better results. Thus, increase in willingness of customers for different types of breads made by bread maker is expected to fuel the demand for bread maker market. The small kitchen appliances industry has been evolving in terms of innovations and demand. Manufacturers are focusing on key innovations that cater to requirements of their target customers. Therefore, increase in awareness toward innovative products in the kitchen equipment category has been witnessed among people residing in developed as well as developing countries. This has resulted in increase in demand for multifunctional and multiprogrammable bread makers. Thus, bread makers are gaining increased traction among digital and electronic products manufacturers, which significantly drives growth of the global bread maker market
Bread makers have witnessed higher rate of penetration in North America and Europe. However, low availability has been observed for these products in some major parts of Asia-Pacific and LAMEA, which is attributable to low performing macro-economic factors such as internet penetration and aggressive marketing strategies by the manufacturers. Thus, lower penetration of such products limits the growth of the bread makers market.
The global bread maker market is segmented into horizontal loaf and vertical loaf on the basis of product type. Among the two types, vertical loaf bread makers accounted for a larger share of around 52.1% of the overall market in 2019. Horizontal loaf segment is expected to capture a larger market share in 2027, owing to increase in demand for horizontal bread maker devices with smart connectivity features. This segment is anticipated to witness faster growth in developed economies, and would account for 53% of the overall market by 2027.
On the basis of application, the market has been segregated into food service and household segment. The household segment is expected to account for 72.2% of the overall market revenue by 2027.
Key Findings Of The Study
- In 2019, North America was the highest revenue-generating market, owing to higher adoption of kitchen appliances.
- Europe has emerged to be the second largest market with France and Germany accounting for the prominent share of the overall market by value.
- Household bread makers has emerged to be the prominent segment due to increase in demand for high-end bread maker devices with smart monitoring features.
- Asia-Pacific is expected to witness the fastest growth from 2019 to 2027, owing to increase in adoption of household bread maker machines in developing economies such as China and India
The prominent companies profiled in this report include Samsung Breville Group Ltd., Koninklijke Philips N.V., Newell Brands Inc., Panasonic Corp., Siroca Inc., Spectrum Brands Holdings Inc., Stanley Black & Decker Inc., Sana Products s.r.l., Zojirushi Corp, and Cuisinart. Currently, the bread maker market is majorly driven by growth strategies such as product launch and acquisition. Sana Products s.r.l. launched smart bread makers in recent years to increase their customer base and expand their market penetration.