LONDON, Feb. 13, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Kitchenware Global Market Report 2024, the global kitchenware market is poised for significant expansion in the coming years. With the kitchenware market size reaching $65.44 billion in 2023 and projected to grow to $69.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%, the industry is expected to further flourish, reaching $84.02 billion by 2028 at a CAGR of 5.0% during the forecast period.
Growth Potential and Drivers
The kitchenware market has witnessed robust growth, driven by culinary trends, innovations in cookware, urbanization, and the growing emphasis on healthy eating. Looking ahead, steady growth is anticipated, fueled by factors such as the rise in e-commerce, demand for sustainability and eco-friendly products, proliferation of smart kitchen appliances, and increasing global culinary diversity.
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Major Trends and Development
Key trends shaping the kitchenware market include the adoption of modular and customizable kitchenware, sous vide and precision cooking techniques, resurgence of vintage and retro designs, and the promotion of zero-waste kitchen solutions. These trends underscore the industry's commitment to innovation, sustainability, and meeting evolving consumer preferences.
Segments and Leading Regions
The kitchenware market covered in this report is segmented –
1) By Product: Cookware, Bakeware, Other Products
2) By Distribution Channel: Online, Offline
3) By End-User: Residential Kitchen, Commercial Kitchens
North America emerged as the largest region in the kitchenware market in 2023, with significant growth opportunities anticipated in Asia-Pacific, which is expected to be the fastest-growing region in the forecast period.
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Major players in the kitchenware market, including Whirlpool Corporation, Newell Brands Inc., Groupe SEB, and others, are leveraging smart appliance technologies to enhance user convenience and provide personalized culinary experiences.
To capitalize on growth opportunities, businesses can utilize the insights provided in the comprehensive report to identify emerging trends, assess market segments, and strategize for innovation and expansion. For instance, acquisitions such as The Cookware Company's acquisition of Lumenflon S.p.A. underscore the industry's efforts to meet evolving consumer demands and promote sustainability.
Kitchenware Global Market Report 2024 by The Business Research Company provides insights on the kitchenware market size, kitchenware market segments, kitchenware market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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