The global kitchenware market is projected to reach USD 77.4 Billion by the end of 2025, according to a new report released by Million Insights. It is anticipated to grow at a CAGR of 4.5% during the forecast period, 2019 to 2025. There has been rapid increase in urbanization in developing nations. Furthermore, the lifestyle of people has changed drastically, and the buying power of the consumer has also increased. These factors have fueled market growth from 2019-2025.
In terms of revenue, the segment of cookware products held the largest share with more than 35.0%, in 2018. In Asian countries like China and India, consumers prefer cooking a wide range of cuisine at home. This factor is estimated to proliferate the market significantly in the upcoming years. However, the bakeryware segment is projected to grow at the fastest CAGR of 5.0% from 2019 to 2025. Consumers prefer to have baked food products and there is a high consumption of cakes and bread. This is boosting the growth of the segment.
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The offline segment in the distribution channel held the largest share in the kitchenware market because it is prevailing in the market since the past few decades. Moreover, consumers have developed a perception that online distribution channels will not deliver the products properly as they are delicate. However, the online distribution channel segment is projected to grow at the fastest CAGR of 5.3% from, 2019-2025. There has been a significant increase in the number of internet users among the rural population. Moreover, youngsters prefer shopping online because of their tiring lifestyle and ease of accessibility. These are some of the major factors that are driving the growth of the segment.
Europe held the largest market share of 34.0%, in 2018. Increase in disposable income of consumers and improvement in the lifestyle of people have driven the market growth. Asia Pacific is projected to grow at a CAGR of 5% from the year 2019 to 2025 owing to rapid changes in the lifestyle of consumers, increasing urbanization and growing economy.
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Further key findings from the report suggest:
• The segment of bakeryware is estimated to grow at a CAGR of about 5% over the forecast period.
• In terms of revenue, the segment of offline distribution channel has the largest share in the market which accounted for 80%, in 2018.
• The Asia Pacific region has seen the fastest growth in the market at a CAGR of about 5% owing to an increase in the residential segment and rapid urbanization.
Million Insights has segmented the global kitchenware market based on product, distribution channel and region:
Kitchenware Product Outlook (Revenue, USD Billion, 2015 – 2025)
Kitchenware Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Kitchenware Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
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