Cookware Products Market: Current Analysis and Forecast (2022-2028)
Product (Pots & Pans, Pressure Cooker, Cooking Racks, Cooking Tools, Microwave Cookware); Material (Stainless Steel, Aluminum, Glass, Others); Application (Residential, Commercial); Distribution Channel (Online, Offline); Region/Country
Global Cookware Products Market is expected to grow at a significant rate of around 6% during the forecast period. Due to expanding consumer preference for modular kitchens, increased spending on home remodeling or improvement projects is also boosting product demand. Home renovation spending has increased at a 6% annual rate over the past three years starting in 2015, according to the Leading Index for remodeling activities. Additionally, manufacturers are collaborating with builders and contractors to provide the kitchen with the right cookware supplies.
The popularity of meals prepared at home has been greatly influenced by millennials, and this has in turn increased demand for cookware items. Some of the trends reshaping the residential cookware industry include more colour, flexible pieces for smaller spaces, and items that cater to consumers’ specific needs. Furthermore, the market is expanding due to the increase in commercial kitchens, cafes, and restaurants. The need for cookware is being driven by the commercial sector’s rapid construction, particularly in the hospitality industry. For customers and restaurants, dining out now involves more than just eating. In the hotel industry, customer retention goes beyond food and is based on how well the customers’ overall experience was.
Groupe SEB, Werhahn Group, Gorenje Group, Meyer Corporation, Fissler GmbH, Tramontina USA Icnc., Newell Brands Inc., TTK Prestige Ltd., The Vollarath Co., and Hawkins Cookers Limited, etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, pots & pans category to witness higher CAGR during the forecast period”
Based on product, the market is segmented into pots & pans, pressure cookers, cooking racks, cooking tools, and microwave cookware. The pots and pans segment grabbed the major market share and dominated the market in 2020. The segment is anticipated to expand steadily over the course of the projected period due to the demand for colorful and multifunctional pans. However, the cooking tools would witness considerable growth during the forthcoming years, The growth in demand for these products is attributed to the consistent growth in the requirement for spoons used for cooking and serving.
“Amongst material, the stainless steel to hold a significant share in the market in 2020”
Based on the material, the market is categorized into stainless steel, aluminum, glass, and others. Among these, the stainless-steel segment grabbed the major market share and dominated the market in 2020. After copper, aluminum is the best heat conductor. In most cases, natural aluminum combines with acidic food to give it a metallic flavor and a dull grey color. Numerous producers sell aluminum cookware that has been anodized, coated with stainless steel, or lined with a non-stick coating to address this drawback.
“Amongst application, residential category to witness higher CAGR during the forecast period”
Based on application, the market is segmented into residential and commercial. The residential category grabbed the major market share and dominated the market in 2020. The market is being driven primarily by the increase of new residential buildings, increased urbanization, and the rise of nuclear families. Thus, it is anticipated that in the upcoming years, these changes in the residential household category would fuel the need for cookware.
“Amongst distribution channels, the offline to hold a significant share in the market in 2020”
Based on the distribution channel, the market is categorized into online and offline. Among these, the offline segment grabbed the major market share and dominated the market in 2020. The flexibility of choice, lower costs, and increased visibility of global brands are just a few of the considerable benefits that consumers can enjoy from the offline distribution channel.
“Asia Pacific to hold a significant share in the market”
In 2020, Asia Pacific held a significant share of the global Cookware Products market. A rise in the café, hotels, and restaurants across the region is leading to the growing demand for the Cookware Products market. Moreover, the growth of the travel and tourism industry and the rising attractiveness of Quick Service Restaurants (QSRs) among millennials are also contributing to the growing demand for cookware products. As per Statista, the number of food service establishments worldwide varied greatly by region in 2020. Asia-Pacific had the most establishments at over 17 million. In comparison, the region with the second highest number of food service establishments was Latin America with over 2.3 million.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Cookware Products market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Cookware Products Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global cookware products market were the three major steps undertaken to create and analyze the adoption of cookware products in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global cookware products market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the cookware products market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the cookware products market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, material, application, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the cookware products market. Further, we conducted factor analysis using dependent and independent variables such as product, material, application, and distribution channel of cookware products. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Cookware Products market across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global cookware products market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Cookware Products market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Cookware Products market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Cookware Products market. Data was split into several segments & sub-segments post studying various parameters and trends in the product, material, application, and distribution channel in the global Cookware Products market.
The main objective of the Global Cookware Products Market Study
The current & future market trends of the global Cookware Products market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Cookware Products market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, material, application, and distribution channel
- Define and analysis of the regulatory framework for the Cookware Products
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Cookware Products market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Cookware Products market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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