Demand for Tableware and Impact of COVID-19……..Posted by Mrudula Anil Karmarkar on May 5th, 2022 The global tableware market size is expected to reach USD 60.4 billion by 2025, as per the new report by Grand View Research, Inc., expanding at a CAGR of 6.0% over the forecast period. Increasing number of households, changing lifestyle, and rising disposable income of the consumers are the prominent factors fuelling the market growth. The home care & decor industry has been witnessing inconsistent growth, since the Covid 19 outbreak. As a result of the ongoing pandemic crisis, there has been a drop in the overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. The virus outbreak has, however, led to substantial growth in categories such as cleaning and hygiene products. Prominent growth in the e-commerce business is also one of the positive influences of the outbreak, wherein companies are focusing on expanding their distribution networks to online channels in order to cater to the surging consumer demand. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. The metalware segment dominated the market in 2018 and accounted for 33.6% share of the overall revenue. The growth is attributed to its high usage in developing countries such as India and china in both the residential as well as commercial sectors. Ceramicware is anticipated to witness significant growth in the coming years due to its rising demand, which is attributed to increasing disposable income and changing lifestyle of the young consumer groups. The offline distribution channel accounted for the largest share of 83.0%. Being a traditional way of shopping and consumer preference for offline shopping due to presence of leading market players such as Inter Ikea Group and homecentre are the leading factors driving the segment. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/tableware-market/request/rs1 The online channel is the fastest growing segment in the market. It is expected to expand at a CAGR of 7.5% in the forecast period. Increasing number of young consumer groups, hectic work schedules, and growing preference for online shopping due to less time and easy accessibility are impelling the segment growth. Tableware Market Report Highlights
Europe accounted for the largest share of 35.0% in 2018. Frequent changes in lifestyle and presence of high income and elite consumer groups are the key factors driving the market in this region. Asia Pacific is expected to emerge as the fastest growing regional tableware market with a CAGR of 6.8% in the forecast period. The growth is attributed to rapid increase in urbanisation, shifting inclination towards western lifestyle, and increasing disposable income. Furthermore, increasing urbanization is one of the prominent factors as it leads to change in purchasing behavior of the consumer group. Growing residential sector is also propelling the demand for the product. For instance, as per census 2011, in India, the number of houses has increased from 52.06 million to 78.48 million. In other countries, growing population due to migration of consumer group from different countries has increased the number of household consumption, thus propelling the market demand for the product. Growing commercial sectors, especially the hospitality sector, are influencing the market growth. In developing countries such as India and China, the hospitality industry is growing at a robust pace and high investment has been made in the sector. For instance, due to increasing startups such as oyo rooms and fabhotels, the number of hotels has increased to a great extent in the last few years. This has led the other industry players in hospitality to upgrade their products and services in order to gain a competitive edge over new entrants, thus fueling the demand in the forecast period. Inter ikea group, Tesco.com, Meyer Corporation Group, Cuisinart, Saint-Louis, Mikasa, Raynaud Limoges, Bernardaud, Waterford Wedgewood, and Puiforcat are some of the major market players in the industry. The market presents moderate to high entry barriers due to presence of leading market players and requirement of high setting cost. The market is further driven by innovation in designs, mergers and acquisitions, and joint ventures. For instance, Royal Copenhagen merged with Orrefors/Kosta Boda to form Royal Scandinavia. Joint venture has also become one of the common business strategies. Libbey Inc. came into a partnership with Mexico’s Victrocrisa. This trend has been followed by various European companies as well. Grand View Research has segmented the global tableware market on the basis of product, distribution channel: Tableware Product Outlook (Revenue, USD Billion, 2015 - 2025)
Tableware Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Like it? Share it! More by this author |