Cookware Market to Grow with Impressive CAGR During the Forecast Period
Changing standard of life is driving the growth in Global Cookware Market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Cookware Market By Material (Stainless Steel, Aluminium, Glass, Others), By Application (Residential, Commercial), By Distribution Channel (Online, Offline), By Region, Competition Forecast & Opportunities, 2026”, the global cookware market is projected to grow at an impressive CAGR in the forecast period, 2022-2026. The market attributes responsible for the growth of the market are increasing demand for cookware aesthetics and functionality of the products. Moreover, due to growing penetration of Internet-enabled devices and advancement in technologies the market is expected to show the robust growth in the next five years. Rising urban population, and ever increasing population of middle class in the developing countries like India and China are expected to support the market growth in the next five years. Also, improving lifestyle and increasing disposable income has led to the surge in the demand for cookware. Growing economies are majorly creating the demand for cookware and other kitchen ware, which is a major driver of the market.
In March 2020, the World Health Organization announced the sudden outbreak of COVID-19 as a pandemic. The economy suffered due to the complete lockdown imposed in almost all the countries around the world. Markets were closed and people were rendered inside their homes. The manufacturing and distribution of the cookware were affected, however, the market saw a surge in the demand for cookware as people were bound to remain at home and were not allowed to visit their favorite restaurants, and eateries therefore, everybody cooked at home. Home cooking influenced the demand for cookware in the market. These factors ultimately enhanced the growth of the global cookware market. Keeping in mind that the pandemic is still not over, the demand for the cookware products is anticipated to grow in the future five years period too.
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The global cookware market is segmented into material, application, distribution channel, competitive analysis, and regional distribution. Based on application the market is further bifurcated into residential and commercial. Residential usage of the cookware involves the household cookware like sizeable pots and pans, woks and wok turners, skillets, saucepans , etc. The sudden outburst of COVID-19 pandemic has urged the population indoors and thereby has increased the demand of household cookware more, as the population staying at home is cooking at home instead of visiting restaurants and having home-cooked meals.
Based on distribution channel, the market is further bifurcated into online and offline segments. Online sales of the cookware are anticipated to hold the maximum market share in the next five years. Due to the pandemic, specialty stores and departmental stores are not available to entertain many customers, thus consumers have been making the purchases online. Also, with the convenient delivery system, the online distribution is expected to boom in the upcoming five years.
Holding the major shares of the market, a partial list of the active market players includes, Groupe SEB, All-Clad Group, Werhahn Group, Conair Corp., Gorenje Group, Hawkins Cooker Ltd., The Middleby Corp., The Vollrath Co. LLC, TTK Prestige Ltd., Newell Brands Inc., among others. The market players have actively involved themselves in satisfying the surge in the demand for the cookware products by increasing their manufacturing units. Research over the advancing technologies to provide better material for the manufacturing of the cookware is carried out consistently. Other strategic recommendations include partnerships among the market players as well as the distributors.
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“Asia Pacific is anticipated to be the fastest growing market in terms of highest CAGR out of all other regions. The market growth rate is expected to increase since the countries in the region like India, and China are expected to have a surge in demand for the cookware in the upcoming five years. Changing lifestyle, increasing disposable income are expected to drive the Asia Pacific market for the cookware in the next five years. Also, growing population proportionate the increasing number of households in the countries like China and India therefore the surge in the demand of the cookware. Moreover, countries like Thailand and Malaysia attracts tourism and thus the increase in the number of hotels, resorts, and eateries , etc. thereby supporting the growth of the market in the region. Although, high usage of different types of kitchenware and spending power of the consumer group is driving the market and sustaining the largest market shares in the Europe region,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Cookware Market By Material (Stainless Steel, Aluminium, Glass, Others), By Application (Residential, Commercial), By Distribution Channel (Online, Offline), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global cookware market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global cookware market.
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