SAN ANTONIO, June 29, 2017 (GLOBE NEWSWIRE) -- A new analysis by Verify Markets shows the cookware market for 8 selected countries to be valued over $5.9 billion in 2016 and is expected to reach revenues of over $10.6 billion by 2023. The 8 countries covered in the study include Germany, Italy, Russia, India, Thailand, China, South Korea, and Japan.
Among the countries researched, India and China were the largest cookware markets in 2016. The Indian cookware market was valued over $850 million and the Chinese cookware market was valued over $2.1 billion in 2016.
There is a burgeoning middle class in China with increasing disposable incomes. Several consumers are first-time buyers of several types of cookware. India has a very large young and a dynamic middle class population, which has contributed to a phenomenal growth. The middle class is considered to be a major potential customer group by most cookware manufacturers.
“The market is getting increasingly competitive. Market consolidation has been a huge trend over the last few years. Each market is unique in its own way, with varying trends by country. For example, pressure cookers are predominately used in India, while frying pans are popular in Germany,” notes Shilpa Tiku, Global Vice President of Verify Markets.
For purposes of this research, cookware is defined as utensils used on the top of stove for cooking. The majority of materials fall into the following categories, Regular Stainless Steel, Premium Stainless Steel, Regular Nonstick, Premium Nonstick, and others. The base year for the study is 2016 and forecasts are provided until 2023. The study is a detailed analysis, by country. It captures market drivers, restraints, products trends, pricing trends, distribution trends, forecasts until 2023, market share analysis, data by type of cookware, data by material of cookware, and quotes by key industry participants. The key companies covered in this study include Fissler GmbH, Groupe SEB, Josef Schulte-Ufer Kg (SchulteUfer), TTK Prestige Ltd., Hawkins Cookers Ltd., Vinod Cookware, Nirlep Appliances Private Limited, Zhejiang Aishida Electric Co, Ltd (ASD), Bialetti Industrie, Zwilling J.A. Henckels, Tognana Porcelain SPA, Happy Call Co. Ltd., Neoflam Co. Ltd., Kitchen Art Co., Ltd., Satien Stainless Steel Public Co Ltd, and Thai Stainless Steel Co. Ltd., among others.
A complete analysis of select markets within the Cookware Market can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn.