Understand How The Kitchenware Market Is Set To Grow In Through 2024-2033
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Current Growth and Trends
The kitchenware market has experienced robust growth in recent years, reaching $65.44 billion in 2023 and is projected to climb to $69.21 billion in 2024, boasting a compound annual growth rate (CAGR) of 5.8%. This surge can be attributed to various factors, including culinary trends, cookware innovation, urbanization, and the increasing focus on healthy eating.
Future Projections
Anticipated to maintain its upward trajectory, the kitchenware market is forecasted to hit $84.02 billion by 2028, with a CAGR of 5.0%. E-commerce growth, a surge in sustainability awareness, the rise of smart kitchen appliances, and global culinary diversity will be pivotal contributors to this expansion. Notable trends include modular and customizable kitchenware, sous vide and precision cooking, vintage and retro designs, and the emergence of zero-waste kitchen solutions.
Factors Driving Kitchenware Market Growth
Expansion of Food Retail and Hospitality Industry
The proliferation of food retail chains, restaurants, and hotels is a key driver for the kitchenware market. The growth in food establishments correlates with an increased demand for kitchenware, as more dining facilities require a variety of equipment, utensils, and appliances. For instance, recent statistics from the US Bureau of Labor indicate a 4.28% increase in food services and drinking places establishments from Q4 2021 to Q4 2022. Major players fueling this growth include Whirlpool Corporation, Newell Brands Inc., Groupe SEB, and Tupperware Brands Corporation.
Challenges: Repair and Maintenance of Home Appliances
The kitchenware market may face challenges due to the growing demand for the repair and maintenance of home appliances. As reported by Zippia, there are approximately 13,573 appliance technicians in the US, with a significant demand in Los Angeles, California. The repair and maintenance of existing appliances may discourage consumers from purchasing new kitchenware products, potentially impacting market growth.
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Noteworthy Market Development
The Cookware Company’s Strategic Acquisition
In December 2021, The Cookware Company strategically expanded its European presence by acquiring Lumenflon S.p.A., an Italy-based kitchenware and appliance manufacturing company. This undisclosed acquisition allowed The Cookware Company to launch Italian brands of cookware and produce PFAS-free cookware for the European market, leveraging Lumenflon S.p.A.’s facilities.
Market Segmentation
- By Product
The kitchenware market is segmented into cookware, bakeware, and other products, offering a diverse range to cater to varying consumer needs.
- By Distribution Channel
The distribution channels include online and offline platforms, reflecting the evolving landscape of consumer purchasing preferences.
- By End-User
Segmented into residential kitchens and commercial kitchens, the market caters to both household and professional culinary spaces.
Regional Dynamics
North America Dominance; Asia-Pacific Rising
In 2023, North America emerged as the largest region in the kitchenware market. Looking ahead, Asia-Pacific is anticipated to be the fastest-growing region, showcasing the global nature of the industry’s expansion.
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The Kitchenware Global Market Report 2023 provides an overview of the kitchenware market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The kitchenware market forecast analyzes kitchenware market size, kitchenware market share, leading competitor and their market positions.
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