The global kitchenware market size is expected to reach USD 77.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.5% over the forecast period. Growing hospitality industry, urbanization, increasing number of households, and rising disposable income are some of the prominent factors for the market growth.
The cookware product segment dominated the market and accounted for more than 35.0% share of the overall revenue in 2018. Consumers prefer to cook different types of cuisines, especially in countries such as India and China. This is likely to drive the market for cookware to the positive side in the forecast period. Bakery ware is anticipated to register the fastest CAGR of 5.0% in the forecast period. Increasing popularity of baked foods and usage of breads and cakes are propelling the market demand for bakery ware in the timeframe.
The offline segment constituted majority of the market share due to being a traditional way of shopping and perception that the online retailers will fail to deliver the fragile item properly. Online channel is expected to register the fastest CAGR of 5.3% in the forecast period. Increasing usage and penetration of internet in the rural areas is influencing the segment growth. Young working consumer group with hectic schedules prefer to shop online due to easy accessibility and door step services with replacement and return guarantees. These are the prominent factors boosting the segment growth.
Europe dominated the kitchenware market and accounted for 34.0% share of the overall revenue. Presence of high and elite income groups and improved lifestyle are some of the factors driving the market in the region. APAC is anticipated to expand at the fastest CAGR of 5.0% in the forecast period. Rapid urbanization, economic growth, and changing lifestyle are propelling the market growth in the region.
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Further key findings from the study suggest:
- By product, bakeryware is projected to ascend at a CAGR of 5.0% over the forecast period
- The offline segment is among the most preferred distribution channel and the segment accounted for more than 80.0% share of the global revenue in 2018
- Asia Pacific is the fastest growing region with a CAGR of 5.0% due to growing urbanization and increasing number of households.