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Commercial Tabletop Kitchen Products Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global commercial tabletop kitchen products market was valued at USD 10.2 billion in 2021 and is expected to grow at a CAGR of 7.6% from 2022 to 2030. Demand for commercial tabletop kitchen products is increasing due to the growing number of restaurants and hotels. With the increasing number of restaurants, the demand for tabletop kitchen products has also grown significantly. The changing lifestyle of consumers has led to an increase in the demand for kitchen products.
Furthermore, manufacturers are focusing on introducing new products to cater to the changing needs of customers. For instance, in October 2021, Tupperware India launched a range of products in India, including stackable and collapsible kitchen containers, which provide an organized food storage solution. The introduction of advanced kitchen products is anticipated to propel the market growth.
In addition, the growing trend of online shopping has fueled the market demand. The increasing penetration of digital platforms such as Amazon and Flipkart has enabled consumers to buy kitchen products with just a few clicks. Furthermore, the availability of discounts and offers on kitchen products has led to an increase in demand for these products.
In the coming years, the increasing number of food delivery companies such as UberEats and Swiggy is expected to drive the demand for commercial tabletop kitchen products. The increasing number of food delivery companies has resulted in a surge in demand for kitchen products to be used in the delivery process. In addition, manufacturers are focusing on introducing products with advanced features such as spill-proof lids, microwavable containers, and air tight containers. This is expected to further fuel the market growth.
Product Insights
The cookware segment is expected to hold the largest market share in 2022. The growing inclination of individuals towards healthy and home-cooked meals is driving the growth of the cookware segment. According to an article published by The Guardian, in April 2020, more than half of the population have been cooking more often than before the pandemic. Furthermore, the emergence of various cookware brands offering innovative designs, eco-friendly materials, and convenient usage is further propelling the market growth.
The bakeware segment is anticipated to witness the highest growth rate during the forecast period. The increasing demand for high-end bakeware products, due to the rising popularity of baking among individuals, is driving the growth of the segment. According to an article published by The Atlantic, in October 2020, baking has been soaring in popularity, with Pinterest searches for “baked goods” increasing by 70% from 2019 to 2020. Additionally, the introduction of innovative designs and materials for bakeware products is creating lucrative opportunities for market growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the major share of the commercial tabletop kitchen products market in 2022. The supermarkets and hypermarkets offer a wide range of kitchen items such as cutlery, crockery, cookware, and tableware under one roof. This convenience of shopping under one roof is a major driver of the segment, as consumers can purchase all the necessary kitchen items in one go, without the hassle of visiting multiple stores.
The online segment is expected to witness the fastest growth over the forecast period. The increasing penetration of the internet and the emergence of online stores and e-commerce websites have made it easier for consumers to purchase kitchen products online. The online channels provide a wide variety of products and offer discounts on the products, which is driving the growth of the segment. Furthermore, the presence of various payment options, such as cash on delivery, secure online payment, and debit/credit cards, has made online shopping more convenient for customers.
Type Insights
The commercial tabletop kitchen products market is segmented into the categories of cookware, bakeware, kitchen utensils, and others. The others category is further segmented into cutlery, food storage, appliances, and others.
The cookware segment accounted for the largest revenue share of 35.6% in the year 2022. The increasing demand for commercial cookware products such as pots and pans is driving the growth of the market. Cookware products are an integral part of commercial kitchen setup and hence, their demand is expected to remain high. Furthermore, the increasing trend of cooking by professionals in the hospitality industry has also propelled the demand for cookware products.
The bakeware segment is anticipated to expand at the highest CAGR of 9.7% over the forecast period. The increasing trend of baking by professionals and hobbyists is driving the demand for bakeware products. Furthermore, the increasing adoption of multi-tier cake decorating and cupcake decorating tools is likely to boost the market in the forecasted period.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 34.5% in 2022. An increase in disposable income and the rising trend of consuming food at home are the major factors for the growth in this region. Moreover, the growing acceptance of commercial products over residential kitchen products has further boosted the demand for these products in the region. For instance, in April 2021, an Italian company named Giorik launched a commercial gas oven for restaurants, pizzerias, and other food service industries.
Asia Pacific is expected to witness the fastest growth during the forecast period. Rising awareness among consumers regarding the convenience and utility of using commercial kitchen products is the major factor driving the growth in this region. Additionally, the increasing number of restaurants, cafes, and hotels in the region is expected to act as a catalyst for the growth of this market. For instance, in April 2021, China-based catering equipment manufacturer Hangzhou Lorence launched a commercial kitchen equipment product line for restaurants, cafes, and hotels.
Financial Projections
In this part of the business plan, we will provide a detailed breakdown of all income and expense categories of the commercial tabletop kitchen products business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenue for a commercial tabletop kitchen products business come from the sale of products, wholesales, and retail outlets. Here you will find a list with a description of each of them and other possible sources of profit such as online sales, subscription services, and advertising.
Projecting Expenses
In this section, all the regular expenses related to keeping the commercial tabletop kitchen products business running will be described. The list of operating expenses includes research and development, licensing fees, wages, inventory management, marketing, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the commercial tabletop kitchen products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In July 2022, Libbey Inc. launched a new range of glassware products for restaurants, bars and other commercial kitchen setups.
– In August 2022, Oneida Ltd. launched a range of dinnerware products for commercial kitchen setups.
– In September 2022, Tablecraft Products Co. launched a range of kitchen utensils and tools designed for commercial kitchen setups.
Some of the prominent players in the commercial tabletop kitchen products market include:
– Libbey Inc.
– Oneida Ltd.
– Tablecraft Products Co.
– Tuxton China
– Homer Laughlin China Company
– Steelite International
– International Tableware, Inc.
– Arc International
– Churchill China
– D&V Plastics, Inc.
Global Commercial Tabletop Kitchen Products Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global commercial tabletop kitchen products market based on product, distribution channel, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Refrigeration Equipment
– Cooking Equipment
– Food Preparation Equipment
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Main Drivers of the Commercial Tabletop Kitchen Products Market?
[A]: The increasing demand for convenient and efficient kitchen products, driven by rising consumer spending, is a key factor that is expected to drive the commercial tabletop kitchen products market. The changing consumer preferences and the rising awareness of healthy diets are also expected to propel the market. Additionally, the increasing demand for innovative technology and design in kitchen products is also expected to fuel the market growth.
[Q]: What are the Key Challenges Facing the Commercial Tabletop Kitchen Products Market?
[A]: The high cost of commercial tabletop kitchen products is a major factor that is expected to challenge the market growth. Additionally, the lack of product innovation and the presence of counterfeit products are also expected to hamper the market growth.
[Q]: What are the Key Trends in the Commercial Tabletop Kitchen Products Market?
[A]: The increasing demand for multifunctional kitchen products is a key trend in the commercial tabletop kitchen products market. Additionally, the growing demand for energy-efficient products is also expected to drive the market in the near future. Moreover, the increasing incorporation of smart technology in kitchen products is also expected to be a key trend in the market.
[Q]: Who are the Major Players in the Commercial Tabletop Kitchen Products Market?
[A]: Major players in the commercial tabletop kitchen products market include Electrolux AB, Haier Group, Whirlpool Corporation, The Middleby Corporation, Koninklijke Philips N.V., AB Electrolux, LG Electronics Inc., KitchenAid, Newell Brands, and Hamilton Beach Brands Holding Company.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. 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. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
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. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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