LONDON--(BUSINESS WIRE)--The bread maker market is expected to grow by USD 4.18 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Market estimates include pre- and post-COVID-19 impact on the bread maker market -
Several brands are launching a wide range of technologically advanced bread makers. For instance, in May 2019, Sharp announced the launch of a Healsio steam oven and a bread maker appliance in India. The bread maker is fully automatic, with an LCD control display screen and 12 program menus. Such product launches are aimed at expanding the company’s footprints in India. Similarly, in April 2019, Panasonic launched its first hard crust, bread maker. The product comes with 18 auto-programs and innovative temperature sensors. In July 2018, Panasonic launched an SD-PM107 bread maker. The product automatically mixes, kneads, rests, rises, and bakes bread with the press of a button. It dispenses yeast and additional ingredients automatically. The increasing number of such product launches will influence the growth of the global bread maker market.
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The global outbreak of COVID-19 is posing significant challenges to the world economy and business landscape. As the impact of COVID-19 spreads, the global bread maker market is expected to have negative growth. A key reason for the negative impact is the extension of lockdown/containment efforts in major COVID-19 hotspots, such as US, Italy, Spain, France, China, India, and several other countries.
As per Technavio, the growth in online sales will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Bread Maker Market: Growth In Online Sales
The increasing penetration of smartphones and other technologically advanced gadgets is promoting the online sale of household appliances globally. The online sale of household products accounted for almost one-fourth of the total retail purchase in 2018. Convenience, easy access to products, better promotions, and on-time delivery are the major benefits offered by online platforms, which are encouraging consumers to purchase household products online. Consumers can browse through several e-commerce sites to buy household products in the best price range. Various third-party online retailers, such as Amazon.com and Flipkart India Pvt. Ltd., are also offering a wide range of household products, which is driving sales on the online segment. Moreover, the increasing consumer preference for online purchase of household products has led to a rise in the adoption of omnichannel retail strategies by major global vendors such as Newell, Panasonic, and Breville Group Ltd. (Breville), among others. As a result of these factors, the online sale of household products will have a positive impact on the global bread maker market during the forecast period.
“Factors such as the increasing adoption of multi-functional and advanced products, strategic alliances and business expansion, and the growing adoption of smart household appliances will have a significant impact on the growth of the bread maker market value during the forecast period,” says a senior analyst at Technavio.
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Bread Maker Market: Segmentation Analysis
This market research report segments the bread maker market by product (automatic bread maker and regular bread maker) and geography (APAC, Europe, North America, South America, and MEA).
The North American region led the bread maker market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing demand for modular and designer kitchens and the rising demand for specialized and multi-functional products.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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