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 d?cor 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.
Further key findings from the report suggest:
- 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 Hausger?te GmbH.