In the battle for the barbecue, grills makers Weber, Traeger, BBQGuys and Solo Stove plan IPOs
Today Weber is a multi-national company selling grills in 78 countries and boasting 24% global market share and 23% in the U.S. Some 58% of its $1.5 billion revenues in fiscal year 2020 ending September 30 were generated in the Americas. Europe, Middle East and Africa followed with 35% and Asia-Pacific with 7%, a market with strong potential for the brand.
In addition, Weber reports strong sales growth among its largest e-commerce wholesale partners, including Amazon.com, where it is the number one outdoor-cooking brand, HomeDepot.com and Lowes.com. Overall the company claims 29% market share in online sales of outdoor cookers. And it sees extremely strong potential in Asia, Europe and Latin America. “Historically, the growth in our developing markets has been nearly two times the growth of our mature markets and we believe this pattern can be repeated as we expand in these emerging geographies,” the prospectus states.Whereas Weber offers a full range of grilling options, Traeger specializes in one niche: wood-pellet grills. As such, the company estimates it has penetrated only 3% of its addressable market.
Traeger grills are carried by many of the same retailers as Weber in the U.S. and it also supports DTC sales online, though only 7% of revenues came through its website in 2020. It also has yet to expand globally, a company goal. The company is also heavily invested in technology to build a connected-grilling platform. Its flagship model comes equipped with the Traeger app that allows WIFI cooking control. To keep the tech-innovations going, it recently acquired Apption Labs, which specializes in hardware and software related to kitchen appliances, including a wireless, smart thermometer.
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