Kitchenware Market Size, Share, Growth, Trends and Forecast Report
by Susan Hill Business ConsultantThe
global kitchenware market size is expected to reach USD
77.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding
at a CAGR of 4.5% over the forecast period. Growing hospitality industry,
urbanization, increasing number of households, and rising disposable income are
some of the prominent factors for the market growth.
The cookware
product segment dominated the market and accounted for more than 35.0% share of
the overall revenue in 2018. Consumers prefer to cook different types of
cuisines, especially in countries such as India and China. This is likely to
drive the market for cookware to the positive side in the forecast period.
Bakeryware is anticipated to register the fastest CAGR of 5.0% in the forecast
period. Increasing popularity of baked foods and usage of breads and cakes are
propelling the market demand for bakeryware in the timeframe.
The offline
segment constituted majority of the market share due to being a traditional way
of shopping and perception that the online retailers will fail to deliver the
fragile item properly. Online channel is expected to register the fastest CAGR
of 5.3% in the forecast period. Increasing usage and penetration of internet in
the rural areas is influencing the segment growth. Young working consumer group
with hectic schedules prefer to shop online due to easy accessibility and door
step services with replacement and return guarantees. These are the prominent
factors boosting the segment growth.
Europe
dominated the kitchenware market and accounted for 34.0% share of the overall
revenue. Presence of high and elite income groups and improved lifestyle are
some of the factors driving the market in the region. APAC is anticipated to
expand at the fastest CAGR of 5.0% in the forecast period. Rapid urbanization,
economic growth, and changing lifestyle are propelling the market growth in the
region.
Further key
findings from the study suggest:
- By product,
bakeryware is projected to ascend at a CAGR of 5.0% over the forecast
period
- The offline
segment is among the most preferred distribution channel and the segment
accounted for more than 80.0% share of the global revenue in 2018
- Asia Pacific is
the fastest growing region with a CAGR of 5.0% due to growing urbanization
and increasing number of households.
Access
full research report on global kitchenware market:
www.grandviewresearch.com/industry-analysis/kitchenware-market
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Created on Nov 6th 2019 03:10. Viewed 482 times.