The global nonstick cookware market size is expected to reach USD 12.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.9% over the forecast period. Rising awareness regarding convenient cooking methods among the household consumers will promote the utility of non-stick cookware products.
Additionally, the number of fast food quick restaurants is increasing in developed economies including U.S. and Germany. As a result, spending on breakfast menu has been increased by companies including McDonald’s in order to cater to the working class consumers. This is expected to expand the market demand for nonstick pans and vessels over the next few years.
Ceramic coated products are expected to register the fastest CAGR of 6.8% from 2019 to 2025. Consumers are inclined towards non-reactive cookware such as ceramic coated cookware, which is majorly made from aluminum and helps in quick heat transfer. Furthermore, these products have the ability to withstand the temperature up to 2,700 degrees.
The supermarkets and hypermarkets segment emerged as the largest channel and generated a revenue of USD 5.4 billion in 2018. Consumers prefer to purchase through these channels on account of availability of various brands from a single window. Due to availability of a wide range of products, customers can save time, energy, and money to purchase all their required belongings under a single roof. Furthermore, these channels sell products on high discounts to the consumers as they cut down their operational expense.
Asia Pacific is expected to register the fastest CAGR of 6.0% from 2019 to 2025. Expansion in the population of middle-class income groups in developing countries including China, India, Pakistan, and Bangladesh is expected to remain a favorable factor, which, in turn, will promote the usage of nonstick cookware. Furthermore, product innovations in the aforementioned countries by key manufacturers including TTK Prestige and Hawkins are projected to expand the buyer’s reach in the near future.
Some of the key players operating in nonstick cookware market are TTK Prestige Limited, Newell Brands, Groupe SEB, Scanpan, Hawkins Cookers, All-Clad, Calphalon, Cuisinart, Cook N Home, and Tefal. Various manufacturers are concentrating on new product launches and technological innovations as well as collaborating with other companies to increase their product offerings.
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Further key findings from the report suggest:
- Online distribution channel is projected to ascend at a CAGR of 7.0% from 2019 to 2025
- Teflon coated products generated a revenue of USD 3.8 billion in 2018
- Europe dominated the nonstick cookware market in 2018, accounting for more than 35.0% share of the overall revenue.