According to a new market research report published by Research Nester “Housewares and Kitchenware Market: Global Industry Analysis & Opportunity Evaluation” 2016-2026” delivers detailed overview of the Housewares and Kitchenware Market in terms of market segmentation by end user, by sales channel and by product.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Generally, when we come across words such as housewares and kitchenware, we are reminded that they are nothing but the tools, utensils, appliances, dishes, and cookware that are being used commonly for preparing food. We can store or hold the food either during or after preparation of the food. The global housewares and kitchenware market is set to attain a CAGR of 2.88% over the forecast period (2020-2026). Basically, the global market is segmented into three types, first being on the basis of end user, by sales channel, by product and by region. The commercial segment falling under end-user is estimated to achieve a market size of USD 41,008 million by the end of forecast period (2020-2026).
Led by numerous factors such as rapid urbanization throughout the world and especially in developing nations that is accompanied by rising disposable incomes of individuals have significantly impacted the demand for housewares and kitchenware from the market. The changes in food preferences accompanied by increase in social strata of individuals who are opting for luxury and semi-luxury products is providing ample opportunities for growth of the market in all the regions, especially among the developing nations. A new set of urban middle class population who are seeing a rise in their individual per capita incomes as well as their social stature, including the fact that they are evincing interest in owning a variety of products made of either steel, ceramic, crystals, glass etc. is creating sufficient demand for these products that is boosting the growth of the market.
Further, the market is divided into 5 regions that comprises of North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The prevalence of street food and the existence of a growing hospitality industry in both developed nations such as the U.S.A., United Kingdom, France, Germany and developing nations such as India, China, Malaysia and Brazil is increasing the demand for the products in both these markets. The North American region is estimated to grow at a CAGR of 2.50% over the forecast period and is projected to generate revenue of USD 15485.60 million by end of forecast period.
The end user segment is expected to register phenomenal growth, owing to the establishment of many restaurants that act as food delivery chains and which involve the use of apps such as Zomato, Foodpanda and Uber is aiding the growth of the commercial kitchenware and housewares market over the forecast period. Online Stores segment that forms part of sales channel is marked by the presence of online stores such as Amazon, Alibaba and Flipkart that deliver products to even remote locations across the domestic markets. This has helped achieve a significant gain in the volumes of sales in housewares and kitchenware industry.
However, the global market is likely to be adversely affected on account of a few factors such as the presence of an unorganized market that may affect the market negatively due to piracy factors or copyright issues in the standard offerings made by companies and lack of sufficient initiatives from the governments in order to curb piracy that could dampen the growth prospects of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Global Housewares and Kitchenware Market which includes company profiling of Newell Brands, Conair Corporation, Meyer Corporation, Villeroy & Boch AG, SEB, Regal Ware, Inc. and Lenox Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global Housewares and Kitchenware Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.