NEWARK, DEL, June 05, 2023 (GLOBE NEWSWIRE) -- Worldwide, the total value of Tableware sold in the year 2022 was summed up by FMI to be around US$ 47 billion. The Tableware market analysis report further predicts it to progress by an astounding average growth rate of 14% over the years between 2023 and 2033. By following this impressive CAGR, the overall market value is predicted to be around US$ 81.8 billion by the end of the year 2033.
The demand for tableware is also expanding as a result of increasing home remodeling projects, and modular kitchen installations in tier 2 cities. The tableware sales might increase further with the fast expansion of the tourism and hospitality industry supported by paying guests and home décor arrangements. Additionally, the growing number of hotel, restaurant, and cafe (Horeca) businesses is also moderately boosting the need for tabletop items.
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Nowadays, Tableware makers concentrate on designs inspired by Mexican folk art and Turkish antiquities, which could offer great opportunities in the future. Meanwhile, the growing demand for ceramic and bone china tableware is projected to continue the rise of China market through the forecast years.
Key Takeaways:
- Traditionally the demand for different types of tableware is always great in the countries of Europe. In the year 2022, all the countries in Europe together held a 36.4% share of the global market.
- Among the countries of Europe, Germany is the leading producer of tableware and was figured out to have contributed to 4.6% global market share. On the other hand, the demand for tableware in the United Kingdom is projected to exhibit a high CAGR of 2.3% through 2033.
- Based on total tableware business within territorial boundaries, the United States of America leads the market that held 16.1% of the global revenue in 2022. However, the total contribution of the North American region is lower than Europe and it held a market share of 30.7% that year.
- Japan is a well-known country for its supply of tableware for a long and in the year 2022. It contributed 11.1% to global revenue share.
- China and India are recently gaining traction in sales of tableware and are anticipated to exhibit 7.4% and 8% CAGRs respectively through 2033.
Competitive Landscape:
The overall industry has moderate to high entry barriers owing to the existence of some giant market participants and the need for substantial setup costs.
The fragmentation of the global market is expected to increase over the course of the projected period with the emergence of new regional players. Such start-ups and new players are promptly creating their market positions in the slow-growing sectors while concentrating mainly on local demands. They are also resorting to possibilities in the notably-growing segments such as online sales channels to take advantage of the chances.
A few other popular business techniques of design innovation and the adoption of high-quality materials have produced attractive prospects for tableware producers worldwide. Online distribution channels for tableware are steadily growing throughout the world assisting manufacturers and suppliers in this sector to market their goods online.
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Major Players:
- Lenox Corporation
- Abert SpA
- Anhui Deli Household Glass Co., Ltd.
- Meyer Corporation Group
- Saint-Louis
- Steelite International plc
- Raynaud Limoges
- ARC International SA
- Villeroy & Boch AG
- Noritake Co., Limited
- Others
Key Segmentation:
By Material Type:
- Glass
- Ceramic
- Metal
- Others (Plastic, Fiber, Wood, etc.)
By Distribution Channel:
- Online
- Offline
By Product Type:
- Plates
- Bowls
- Cups
- Trays
- Cutlery
- Other Products
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
4. Global Market Analysis 2018 to 2033 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2033
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2033 and Forecast 2023 to 2033, By Material
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Material, 2018 to 2033
6. Global Market Analysis 2018 to 2033 and Forecast 2023 to 2033, By Distribution Channel
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Distribution Channel, 2018 to 2033
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About the Packaging Division at Future Market Insights (FMI):
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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Old Source: Tableware Market to Reach US$ 76.8 Bn, Globally, by 2032 at 5.6% CAGR: Future Market Insights
