The global housewares and kitchenware market was valued at USD 52866.23 million in 2018 and the market is predicted to generate revenues of USD 66120.67 million by 2026. The market is estimated to grow at a CAGR of 2.88% over the forecast period i.e. 2020-2026. The increasing introduction of various types of plates, cookware and cutlery at economical prices is expected to establish notable opportunities for the new manufacturers to enter the market. Additionally, availability of new designs and different color options in houseware products is estimated to significantly drive the growth of the market in upcoming years.
The global houseware and kitchenware market has carved a niche for itself by catering to the rising urban population concentrated in cities. This has been possible owing to the changes in consumer behavior accompanied by rising disposable incomes and increasing preferences among consumers to choose luxury and semi-luxury products that has further driven the demand for these products in the market. This change reflects in their choices to choose products of better quality that may include use of crystals, ceramic and other material.
Growing Tourism Industry
Riding on the back of growing tourism industry in regions such as Asia Pacific, Latin America and Middle East and Africa, the allied industries such as the hospitality sector is witnessing noticeable growth. This growth is considerably driving the demand for houseware and kitchenware which is further expected to drive the growth of the market. Moreover, high standard of living and noticeable human development index in developed countries is fuelling the demand for these products, thereby aiding the growth of the market.
Region-Wise Growth Highlights – 2020-2026
The global housewares and kitchenware market is segmented region wise into five major regions comprising of North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Europe occupied the largest market share in 2018 and is projected to hold the largest market share by crossing USD 20, 500 million by 2026. This growth is closely trailed by the market in Asia Pacific region. On the back of rising urbanized population coupled with an emerging introduction of premium houseware and kitchenware products, the huge demand for the cookware and table top utensils has been witnessed in the Asia Pacific market. The market in Asia Pacific region is anticipated to expand at a CAGR of 3.5% throughout the forecast period.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
There is higher number of unorganized houseware and kitchenware manufacturers and suppliers across various countries around the globe that further leads to the circulation of copied products in the market. This circulation might hamper the growth prospects of leading players in the global houseware and kitchenware market.
Kitchenware and housewares are the tools, utensils, appliances, dishes and cookware made of various metals, alloys, non-metal used in food preparation, or the serving of food. Kitchenware can also be used to hold or store food before or after preparation.
Rapid urbanization in several developing and developed countries on account of rise in disposable income is leading to significant increase in utilization of houseware and kitchenware around the world.
Our-in depth analysis of the global houseware and kitchenware market includes the following segments:
By End User
The end user segment is divided into residential and commercial segment, out of which, the commercial segment occupies the leading market share owing to major sales volume generated through kitchenware and houseware products. Also, programs such as World Food Program, Mid-Day Meals and Global Agriculture and Food Security Program are simultaneously increasing the utilization for kitchenware and houseware, thereby driving the growth of commercial houseware and kitchenware segment.
By Sales Channel
The market is bifurcated by sales channel into online and traditional channel segment. Rural market largely depends on traditional means to receive its products. With huge population in developing and under developed countries living in rural areas, traditional channels hold significant share in houseware and kitchenware market.
The product segment is classified into houseware and kitchenware. The kitchenware segment is anticipated to occupy the highest market share by end of forecast period. The regions of Europe, Asia Pacific and North America are expected to benefit immensely owing to vibrant opportunities for growth prevailing in the rapidly developing HoReCa industry.
Some of the leading players operating in the houseware and kitchenware market are Lenox Corporation, Villeroy & Boch, Meyer Corporation, Regal Ware Inc., Newell Brands, Archer Daniels Midland Company, SEB SA and Conair Corporation among other prominent players.
Over the past few years, major companies are investing a significant amount in the research and development activities pertaining to the market along with increasingly concentrating on development and innovation in ceramic material, products and production technologies.
A variety of new product lines have also been introduced in the houseware and kitchenware industry globally which is contributing to the growth of the market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.