Product ID: SQSG25I2005
Report ID: SQSG25I2005 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 62 | Figures: 75
Kitchenware Market size was valued at USD 62.01 billion in 2021 and is poised to grow from USD 64.72 billion in 2022 to USD 84.3 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).
The need for smart kitchen equipment is rising as a result of rising health and hygiene concerns, greater restaurant and food outlet penetration, a desire for smart & compact kitchen appliances, and an increase in the working population. The market for kitchen equipment is thus flourishing.
The market is primarily being driven by growing urbanisation and economic expansion in developing nations. In addition, a growing number of households, changing lifestyles, and increased disposable income have all boosted the product's demand over the past few years and are predicted to continue doing so over the forecast period.
Growing commercial sectors, particularly the hospitality industry, are having an impact on the segment's market expansion. The hospitality business is expanding quickly and has seen significant investment in developing regions like the Asia Pacific. In nations like Thailand and Malaysia, the number of hotels and resorts has increased as a result of the expanding travel trend. Due to the increased traffic, other industry players in the hospitality sector have been motivated to update their goods and services and buy additional goods, which has increased demand throughout the projection period.
US Kitchenware Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global kitchenware market is segmented based on the product, distribution channel, and region. Based on the product, the global kitchenware market is segmented as cookware, bakeryware. Based on distribution channel, the global kitchenware market is segmented as online, offline. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Kitchenware Market Analysis by Product
The market's fastest-growing product category is cookware, and during the projection period, it is anticipated to increase at an astounding rate. due to the high level of durability offered by high-quality, long-lasting stainless-steel tools. Additionally, it has a strong cooking ability. Stainless steel with many plies provides great cooking performance with quick and even heat distribution. Cookware has a smooth, non-porous, hard surface that makes washing it very simple. Cookware is safe to use since it enables the preparation of acidic foods without worrying about the taste or the possibility of hazardous substances seeping.
Kitchenware Market Analysis by Distribution Channel
Global kitchenware market has been segmented on the basis of distribution channel as Online, and Offline.
More than 80% of the overall revenue came from the offline segment, which dominated the market. The segment is being driven primarily by the fact that it is a traditional method of shopping and the presence of major businesses as Inter Ikea Group and Home Center, both of which offer a broad variety of goods at competitive prices. Another factor contributing to the growth of the segment is the customer group's understanding that online retailers would not successfully transport delicate items like ceramic and glass cookware. These are the main factors that, over the course of the forecast period, will fuel the expansion of the offline market sector worldwide.
The online market is anticipated to expand quickly, with a CAGR of 5.3% over the forecast period. The market is expanding as a result of increasing internet penetration and usage in rural areas. Young working consumers choose to shop online due to the ease of accessibility and door-to-door services with replacement and return promises. These are the main elements moving the segment along.
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During the anticipated term, Europe will be a significant region for the kitchenware and housewares markets. due to the region's growth in the demographic, economic, and technical spheres. As they are so easily accessible and have advanced in technology, smart appliances are quickly becoming more and more popular in the region. Technology is fostering Internet accessibility and making it simple to operate from remote regions, which is supporting market expansion. Customers are being forced to prefer homemade cuisine due to a rise in health consciousness and the availability of a variety of cooking recipes online or through social media. These have increased demand for time-saving and practical cooking equipment. Additionally, buyers have been encouraged to purchase a product with superior features and brand value thanks to the higher income levels.
Asia Pacific is anticipated to have strong growth from 2022 to 2028, with a CAGR of 5.0%. Due to the significant demand from developing countries like China and India, the Asia Pacific area is the one with the strongest growth. The district market is expected to be driven by evolving lifestyles and rising disposable income during the projected period. An increase in households as a result of population growth and quick economic expansion is another important factor boosting market expansion in the area. Due to the growing popularity of visiting countries like Malaysia and Thailand, there are more hotels and resorts opening up in the area. These are the primary driving forces behind the expansion of the Asia Pacific area in the world market throughout the course of the projection period.
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Kitchenware Market Driver
Kitchenware Market Restraint
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Global kitchenware market is relatively fragmented, with a high level of competition. As there are established industry leaders and considerable setup expenses are necessary, the market has moderate to high entry barriers. Mergers and acquisitions, joint ventures, and design innovation are further market drivers. For instance, numerous manufacturers are developing creative layouts and clever kitchen concepts. To obtain an advantage over their rivals, manufacturers are investing more in research and development.
Top Players in the Global Kitchenware Market
Kitchenware Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global kitchenware market analysis, in terms of distribution channel, more than 80.0 % of income came from the offline segment, which dominated the market. The sector is primarily driven by the fact that it is a traditional manner of shopping and the existence of large manufacturers such as Inter Ikea Group and Home Center with a wide range of items and discounts. Additionally, one of the factors contributing to the market growth is the consumer assumption that online sellers will fail to deliver delicate items like ceramic and glass cookware.
|Market size value in 2021||USD 62.01 billion|
|Market size value in 2030||USD 64.72 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Kitchenware Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Kitchenware Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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