The global cookware market size is expected to reach USD 41.9 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.5% from 2022 to 2030. Demand for cookware products is on the rise owing to an increase in the popularity of home cooking, especially during the ongoing COVID-19 pandemic. Consumers are not just trying new recipes at home but are also looking to improve their cooking skills. Another factor fueling the growth of the market is the replacement of old cookware with new items. According to the International Housewares Association (IHA), 90% of the consumers in the U.S. will replace their cookware within a decade. This will boost the growth of the overall market over the forecast period.
Cookware Market Report Highlights
- The cooking tools product segment is expected to register the fastest CAGR of 7.7% from 2022 to 2030. The growth in demand for these products is attributed to the consistent growth in the requirement for spoons used for cooking and serving
- The stainless steel material segment held the largest revenue share in 2021. The segment is growing steadily owing to the characteristics of the material; for instance, it does not react with alkaline or acidic food; it does not impart a metallic flavor to food; and is dishwasher, oven, and broiler safe
- The residential application segment accounted for the largest revenue share of over 75.0% in 2021. The growing number of residential constructions, rapid urbanization, and the increasing number of nuclear families are acting as major drivers for the market
- Asia Pacific held the largest revenue share of over 40.0% in 2021. Since the last few years, single-person households have been the fastest-growing household type due to both long-term demographic trends and increasing economic independence. The growing popularity of single-person households in the upcoming years will create significant demand for cookware
Gain deeper insights on the market and receive your free copy with TOC now @: Cookware Market Report
COVID-19 has also affected the market growth drastically. After months of being confined to living quarters, more than a few people are ready to upgrade their spaces. One beneficial outcome of more time spent at home is many people were prompted to learn some often neglected traditional life skills, such as cooking for themselves. Since several consumers are spending more time in the kitchen and cooking exotic recipes, several cookware manufacturers are channelizing this trend and offering customers cooking tips and recipes.
With economies and markets now reopening after stringent lockdowns, there has been an uptick in new household construction and the reinvigoration of commercial kitchen businesses such as restaurants, street food outlets, fast food chains, and cafes. A long-lasting change that can be evident post-COVID-19 times would be the point of sales moving from traditional brick-and-mortar outlets toward online retail platforms.
The market is growing at a significant pace. Cookware includes pans, pots, wok turners, whisks, spoons, and soup ladles used for cooking in household and commercial kitchens. These high-quality products are often expensive and cookware can be rather luxurious. However, a rise in disposable incomes and changing lifestyles of consumers are factors likely to drive the market over the forecast period. The growing demand from developing economies and rising urbanization in these countries will create various opportunities for manufacturing companies over the years to come.
The continuous expansion of the residential sector on account of the increasing number of households, coupled with major home improvement projects undertaken by consumers in the region, is boosting the demand for premium cookware in North America. Consumers in the region are likely to invest in high-end cookware, which complements their kitchen décor.
Cookware Market Insights By Geographical Region
Asia Pacific dominated the market for cookware with a revenue share of over 40.0%. The continuous expansion of the residential sector, increasing number of home remodeling and renovation projects, and rising disposable income are likely to generate significant demand for cookware products over the forecast period. The market for cookware in North America is projected to register a CAGR of 5.4% over the forecast period. Continuous expansion of the residential sector on account of the increasing number of households, coupled with major home improvement projects undertaken by consumers in the region, is boosting the demand for premium cookware.
Industry Share Analysis By Major Companies
The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches to enhance their portfolio offering in the market. Some prominent players in the global cookware market include
- Groupe SEB
- Werhahn Group
- Target
- Meyer Corporation
- Fissler
- Tramontina
- Newell Brands Inc.
For Any Questions or Inquire please visit @: https://www.grandviewresearch.com/industry-analysis/cookware-market/request/rs5
Cookware Market Segmentation
Grand View Research has segmented the global cookware market on the basis of product, material, application, distribution channel, and region:
- Cookware Product Outlook (Revenue, USD Million, 2017 – 2030)
- Cookware Material Outlook (Revenue, USD Million, 2017 – 2030)
- Cookware Application Outlook (Revenue, USD Million, 2017 – 2030)
- Cookware Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- Cookware Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Cookware Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
For Customized reports or Special Pricing please visit @: https://www.grandviewresearch.com/special-pricing/451391/rfsp2
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com