Tabletop Kitchen Products Market Size, Analysis, and Forecast Report 2019 - 2025

08/gen/2021 13:16:52 Grand View Research Contatta l'autore

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The global tabletop kitchen products market size is anticipated to reach USD 61.3 billion by 2025, expanding at a CAGR of 3.7%, according to a new report by Grand View Research, Inc. Growing economic development coupled with luxury lifestyle is driving demand for tabletop kitchen products on account of increasing prominence towards the buffet and self-service concept in the culinary world. It becomes an essential part of the table décor and is widely used on various occasions such as weddings, family reunions, house parties, and home dinners. Rising demand for fancy serving ware owing to the increasing influence of western culture is increasing traction in the market for different tabletop kitchen products for domestic use. In addition, developments in the foodservice and hospitality business, particularly hotels, restaurants, resorts, and other service providers, is expected to fuel demand for tabletop kitchen products over the forecast period.

The growth of the travel industry across the globe is driving the hospitality sector, which is certainly boosting the sales of tabletop kitchen products in the market. Increasing growth in the hotel industry is generating a lucrative market for the commercial application of tabletop kitchen products. For instance, U.S. hotel gross bookings have increased from USD 116 billion in 2009 to USD 185 billion in 2017. Thus, indicating growth prospects for tableware and buffet products in the sector.

Additionally, China witnessed 1,062 projects of new hotel construction under operation. This, in turn, significantly drove the hospitality sector in the country in 2019. Furthermore, travel and tourism also pave the way for innovative products in the tabletop category such as fancy drinkware and flatware. The increasing culture of wine drinking provides a growth opportunity for drinkware segments owing to the greater need for wine glasses. Boosting beer sales in Asian countries also drives the market for tabletop kitchen products.

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In terms of application, the commercial sector dominated the market with a revenue-based share of 64.6% in 2018. With the rising number of startups such as Oyo Rooms and FabHotels, the number of hotels has increased to a great extent in the last few years, leading to an upgrade in services to gain a competitive edge. Moreover, increasing construction of commercial spaces such as clubs, marriage halls, and group centers also showcase a growth opportunity for buffet and self-service concept, which is expected to boost the market in the forecast period.

Asia Pacific witnessed growth in the market with a revenue-based market share of 4.7% in 2018. The presence of a large number of manufacturers of tabletop kitchen products in the region is also one of the major driving factors for the market.

Tabletop Kitchen Products Market Report Highlights

·         The dinnerware segment is expected to reach USD 21.3 billion by 2025, growing at a CAGR of 3.5% from 2019 to 2025

·         The residential segment was valued at USD 16.8 billion in 2018 and is expected to reach USD 21.4 billion by 2025

·         North America region is expected to witness substantial growth over the forecast period with a revenue-based CAGR of 4.1% from 2019 to 2025

·         Top players’ operating in the tabletop kitchen products market are Arc International, Zalto, Haier, The Oneida Group, The Vollrath Company, Hendi, Matfer Bourgeat International, and BSH Hausgeräte GmbH.

Tabletop Kitchen Products Market Segmentation

Grand View Research has segmented the global tabletop kitchen products market by type, application, and region:

Tabletop Kitchen Products Type Outlook (Revenue, USD Billion, 2015 - 2025)

·         Dinnerware

·         Flatware

·         Whitegoods

·         Drinkware

·         Buffet Products

·         Others

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