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Kitchenware Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global kitchenware products market was valued at USD 170.4 billion in 2022 and is projected to expand at a CAGR of 5.4% from 2023 to 2030. Kitchenware products are gaining popularity among consumers due to an increase in disposable income and an increase in the number of households. The overall growth of the market is driven by the rising trend of cooking at home and the increasing demand for eco-friendly kitchenware products. The kitchenware market is experiencing a rapid growth due to the availability of a wide range of products, such as utensils, cookware, and appliances.
The increasing trend of minimalism in kitchenware is propelling the demand for kitchenware products. Consumers are now opting for kitchenware that is multi-functional and has a longer shelf-life. This has led to the emergence of multifunctional kitchenware. For instance, in February 2021, IKEA launched a kitchenware range called ‘Jokkmokk’ which consists of a series of stackable kitchen utensils, such as a grater, spoon, and ladle, that can be stored in a single space-saving unit.
The increasing trend of online shopping and the availability of kitchenware products on e-commerce websites are expected to fuel the growth of the market. Moreover, the availability of discounts, cashback offers, and easy return policies is likely to drive the growth of the online kitchenware market. Furthermore, the increasing demand for kitchenware products in the commercial sector is expected to propel the market during the forecast period.
The rise in the number of cooking shows and celebrity chefs is expected to drive the demand for kitchenware products. The growing number of cooking shows have motivated consumers to purchase kitchenware to try out new recipes. Moreover, the increasing trend of gifting kitchenware products is further expected to drive the market growth. Furthermore, the introduction of smart kitchen appliances is expected to offer lucrative opportunities for the market in the coming years.
Product Insights
The cookware segment led the market and accounted for a share of around 33.3% in 2022. The rising popularity of cooking shows, along with the consumer shift towards healthy, home-cooked meals, has increased the demand for cookware, such as saucepans, pots, and other cookware items. According to an article published by The Guardian, in January 2020, the popularity of cooking shows, such as MasterChef, has caused a surge in the demand for kitchenware products. Furthermore, macro-level factors such as rising disposable income among consumers and mushrooming growth of distribution channels are bolstering the demand for kitchenware products worldwide.
The bakeware segment is anticipated to expand at the fastest CAGR of 8.8% over the forecast period. The growth of the segment is attributed to the increasing demand for bakery items from consumers, and the popularity of baking as a hobby or pastime. According to an article published by the University of Halmstad, in November 2019, the majority of consumers are opting for bakeware products for making cakes, cookies, muffins, and other bakery items. In addition, increasing fashion trends and beauty awareness among individuals is another factor driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 44.2% in 2022. The rising availability of kitchenware products in supermarkets and hypermarkets has led to an increase in the share of this segment. Moreover, the presence of a wide variety of kitchenware products in these stores helps attract customers looking for different types of kitchenware. Additionally, the presence of knowledgeable sales staff in these stores assists customers in selecting the right kitchenware product as per their needs.
The online segment is expected to expand at the highest CAGR of 13.4% over the forecast period. The growing penetration of smartphones and the internet in developing countries has accelerated the growth of the e-commerce industry in recent years. This has made it easier for consumers to buy kitchenware products from e-commerce websites and mobile applications. In addition, the convenience of doorstep delivery and discounts offered by online vendors are some of the factors that are expected to drive the growth of the online segment in the coming years.
Type Insights
The cookware segment is expected to account for the largest revenue share in 2022. Cookware products are used to cook food in a variety of ways and are a crucial part of a kitchen. Rising demand from end-use industries such as residential and commercial sectors has boosted the demand for cookware segment. For instance, in June 2021, Meyer Corporation, a leading cookware manufacturer, launched its new line of cookware called ‘Gourmet Basics’ to cater to the rising demand for quality kitchenware.
The bakeware segment is expected to register the highest CAGR of 9.1% during the forecast period. The increasing demand for baking products from the food and beverage industry is likely to drive the market in the forecast period. Furthermore, the rising trend of baking at home amid the COVID-19 pandemic is expected to propel the growth of the bakeware segment in the coming years. For instance, in November 2020, the U.S. Department of Agriculture reported that the sales of baking products increased by 28.6% in the U.S. during the pandemic.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of over 36.5% in 2022. Rising disposable incomes, improvement in living standards, and the increasing preference for convenient and modern kitchenware are some of the major factors driving the market in this region. In addition, the presence of a large number of local manufacturers coupled with the availability of low-cost labor is further boosting the growth of the market in this region. For instance, in March 2021, Chinese kitchenware brand Supor launched a new series of kitchen products, which included a smart kitchenware set.
North America is expected to witness the second-fastest growth in the coming years. An increasing demand for smart kitchenware and eco-friendly products such as stainless steel and bamboo kitchenware is expected to drive the growth of the market in the region. For instance, in August 2021, US-based Tabletops Unlimited launched a new range of eco-friendly and sustainable kitchenware, which included stainless steel cookware and bamboo servingware.
Financial Projections
In this part of the kitchenware products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your kitchenware products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a kitchenware products business comes from the sales of kitchenware products, such as cookware, cutlery, tableware, bakeware, utensils, and dinnerware. Other possible sources of profit include online sales, wholesale sales, and the sale of promotional merchandise.
Projecting Expenses
In this section, all the regular expenses related to keeping the kitchenware products business running will be described. The list of operating expenses includes rent, wages, inventory, packaging, advertising, insurance policies, utilities, legal fees, and others.
Key companies & market share insights
Some of the major companies operating in the 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 May 2022, Corelle Brands LLC launched a new line of kitchenware products, including plates, bowls, cups, mugs, and more, designed to provide consumers with a more durable and stylish kitchenware set.
– In June 2022, Pyrex, a part of World Kitchen LLC, launched a line of glass kitchenware products designed to provide users with an easier and more efficient way to store, cook, and serve food.
– In July 2022, Tupperware Brands Corporation launched a new line of kitchenware products, including containers, baking dishes, and more, designed to provide consumers with a more convenient way to store and reheat food.
Some of the prominent players in the kitchenware market include:
– Corelle Brands LLC
– World Kitchen LLC
– Tupperware Brands Corporation
– Newell Brands Inc.
– Meyer Corporation
– Wilton Brands LLC
– Trudeau Corporation
– Helen of Troy Limited
– Core Kitchen LLC
– Joseph Joseph Ltd.
Global Kitchenware 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 kitchenware products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Cooking Equipment
– Cutlery
– Tableware
– Bakeware & Cookware
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. 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 Key Drivers of the Kitchenware Products Market?
[A]: The kitchenware products market is driven by factors such as the growing trend of online shopping, rising disposable incomes, and increasing demand for convenient and innovative products. Additionally, the growing demand for modern kitchen products from millennials and the growing trend of compact kitchenware products is expected to drive the growth of the kitchenware products market.
[Q]: Who are the Key Players in the Kitchenware Products Market?
[A]: Key players in the kitchenware products market include Newell Brands, The Oneida Group, Jarden Corporation, Tupperware Brands, Corelle Brands, The WMF Group, Global Home Products, and Anchor Hocking.
[Q]: What are the Major Products in the Kitchenware Products Market?
[A]: Major products in the kitchenware products market include bakeware, tableware, cookware, cutlery, storage and organization, and other kitchenware products.
[Q]: What are the major trends in the kitchenware products market?
[A]: Major trends in the kitchenware products market include the increasing demand for multi-functional kitchenware products, the growing popularity of eco-friendly kitchenware products, and the increasing demand for smart kitchenware products. Furthermore, the increasing demand for kitchenware products with innovative designs and features is expected to drive the market growth.
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation is expected to be an important factor in driving the growth of the kitchenware products market. Companies are introducing product innovations such as multi-functional kitchenware products, eco-friendly kitchenware products, and smart kitchenware products to meet the changing demands of customers. Furthermore, the introduction of innovative designs and features is expected to drive the growth of the kitchenware products market.
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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