Tabletop Kitchen Products Market Growth & Trends
The global tabletop kitchen products market size is
anticipated to reach USD 61.3 billion by 2025, expanding at a CAGR of 3.7%,
according to a new report by Grand View Research, Inc. Growing economic
development coupled with luxury lifestyle is driving demand for tabletop
kitchen products on account of increasing prominence towards buffet and
self-service concept in the culinary world. It becomes an essential part of the
table décor and widely used in various applications such as weddings, family
reunions, house parties, and home dinners. Increasing demand for fancy serving
ware owing to increasing influence of western culture is increasing traction in
the market for different tabletop kitchen products for domestic use. In
addition, developments in the food service and hospitality business
particularly hotels, restaurants, resorts, and other service providers is
expected to fuel demand for tabletop kitchen products over the forecast period.
The growth of travel industry across the globe
is driving the hospitality sector, which is certainly boosting the sales of
tabletop kitchen products in the market. Increasing growth in the hotel
industry is generating a lucrative market for the commercial application of
tabletop kitchen products. For instance, U.S. hotel gross bookings have
increased from USD 116 billion in 2009 to USD 185 billion in 2017. Thus,
indicating growth prospective for tableware and buffet products in the sector.
Additionally, China witnessed 1,062 projects
of new hotel construction under operation. This, in turn, has significantly
driven the hospitality sector in the country in 2019. Furthermore, travel and
tourism also paves the way for innovative products in the tabletop category
such as fancy drinkware and flatware. Increasing culture of wine drinking provides
growth opportunity for drinkware segments owing to greater need for wine
glasses. Boosting beer sales in Asian countries also drives the market for
tabletop kitchen products.
Innovative developments in terms of
compactness, portability, and convenience of using small kitchen appliances is
attracting various consumers towards tabletop kitchen products including white
goods. For instance, in 2017, Xiaomi Corporation introduced new extra light
weight Mi electric kettle made of matte plastic and stainless steel, which can
also be used while travelling. Additionally, Griffin Technology introduced new
connected toaster, which is a smart toaster and can get connected to a
smartphone as well.
In terms of product, the market is anticipated
to witness fastest growth of drinkware category, registering a CAGR of 4.8%
from 2019 to 2025. Shifting preference towards drinking wine in the developed
countries owing to health benefits of the drink has surged the need for fancy
drinkware particularly wine glasses among consumers. Also, increasing
consumption of beer and alcohol in the Asian countries, particularly in India
and China, is also helping in the growth of other drinkware products.
In terms of application, the commercial sector
dominated the market with a revenue based share of 64.6% in 2018. As increasing
startups such as Oyo Rooms and FabHotels, the number of hotels has increased to
a great extent in the last few years leading to upgrade in services to gain
competitive edge. Moreover, increasing construction of commercial spaces such
as clubs, marriage halls, and group centers also showcase growth opportunity
for buffet and self-service concept, which is expected to boost the market in
the forecast period.
Asia Pacific witnessed growth in the market
with a revenue based market share of 4.7% in 2018. Presence of large number of
manufacturers of tabletop kitchen products in the region is also one of the
major driving factors for the market.
For full research report on Tabletop
Kitchen Products Market visit here: https://www.grandviewresearch.com/industry-analysis/tabletop-kitchen-products-market
Tabletop
Kitchen Products Market Report Highlights
- The dinnerware segment is expected to reach
USD 21.3 billion by 2025, growing at a CAGR of 3.5% from 2019 to 2025
- The residential segment was valued at USD 16.8
billion in 2018 and is expected to reach USD 21.4 billion by 2025
- North America region is expected to witness
substantial growth over the forecast period with a revenue based CAGR of
4.1% from 2019 to 2025
- Top players’ operating in the tabletop kitchen
products market are Arc International, Zalto, Haier, The Oneida Group, The
Vollrath Company, Hendi, Matfer Bourgeat International, and BSH Hausgeräte
GmbH.
Get request sample of this report here: https://www.grandviewresearch.com/industry-analysis/tabletop-kitchen-products-market/request/rs1
Tabletop
Kitchen Products Market Segmentation
Grand
View Research has segmented the global tabletop kitchen products market by
type, application, and region:
Tabletop
Kitchen Products Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Dinnerware
- Flatware
- Whitegoods
- Drinkware
- Buffet Products
- Others
Tabletop
Kitchen Products Application Outlook (Revenue, USD Billion, 2015 - 2025)
- Commercial
- Residential
Tabletop Kitchen
Products Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- U.S.
- Europe
- Germany
- U.K
- Asia Pacific
- China
- India
- Central & South
America
- Brazil
- Middle East &
Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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