Cookware Market Size, Share & Trends Analysis Report By Product (Pots & Pans, Spoon), By Material Type (Stainless Steel, Aluminum), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2021 - 2028
New York, May 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cookware Market Size, Share & Trends Analysis Report By Product, By Material Type, By Application, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06075831/?utm_source=GNW
Cookware Market Growth & Trends
The global cookware market size is expected to reach USD 20.15 billion by 2028. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. Demand for cookware products is on the rise owing to the increase in popularity of home cooking, especially during the ongoing COVID-19 pandemic. Consumers are not just trying new recipes at home but are also looking to improve their cooking skills. The coronavirus outbreak has also led to an increase in cooking at home as consumers want to avoid any outside exposure to their food. This, in turn, has boosted the overall demand for cookware products.
The replacement of old cookware with new items is on the rise, which is another factor fueling the growth of the market. According to the International Housewares Association (IHA), 90% of the consumers in the U.S. will replace their cookware within a decade. This will boost the growth of the overall market over the forecast period.
COVID-19 has also affected the market drastically.After months of being confined to living quarters, more than a few people are ready to upgrade their spaces.
One beneficial outcome of more time spent at home is many people were prompted to learn some often neglected traditional life skills, such as cooking for themselves. Since several consumers are spending more time in the kitchen and cooking exotic recipes, several cookware manufacturers are channelizing this trend and offering customers cooking tips and recipes.
With economies and markets now reopening after stringent lockdowns, there has been an uptick in new household construction and the reinvigoration of commercial kitchen businesses, such as restaurants, street food outlets, fast food chains, and cafes. A long-lasting change that can be evident post-COVID-19 times would be the point of sales moving from traditional brick-&-mortar outlets toward online retail platforms.
The market for cookware is growing at a significant pace.Cookware includes pans, pots, wok turners, whisks, spoons, and soup ladles used for cooking in household and commercial kitchens.
These high-quality products are often expensive and cookware can be rather luxurious.However, a rise in disposable incomes and changing lifestyles of consumers are factors likely to drive the market over the forecast period.
The growing demand from developing economies and rising urbanization in these countries will create various opportunities for manufacturing companies over the years to come.
By product, the spoon segment is expected to expand at the fastest CAGR from 2021 to 2028.Cookware companies offer spoons that are generally designed for longer life cycles and are hence made of stainless steel, after which they may be plated with other materials depending on the design aspects and applications.
In line with the major socio-economic trends that are affecting the hospitality and leisure industries, the design and marketing of spoons have undergone tremendous shifts with novelty offerings. For instance, porcelain spoons have been gaining traction.
The stainless steel material type segment held the largest revenue share in 2019. The segment is growing steadily owing to the characteristics of the material; for instance, it does not react with alkaline or acidic food; it does not impart a metallic flavor to food; and is dishwasher, oven, and broiler safe.
The growing number of residential constructions, rapid urbanization, and the increasing number of nuclear families are acting as major drivers for market growth.Thus, these developments in the residential household category are expected to drive the demand for cookware in the coming years.
In addition, convenient and portable small cookware, which are suited for small kitchens, are driving the segment growth.
The continuous expansion of the residential sector on account of the increasing number of households, coupled with major home improvement projects undertaken by consumers in the region, is boosting the demand for premium cookware in North America. Consumers in the region are likely to invest in high-end cookware that complements their kitchen décor.
Cookware Market Report Highlights
• The pots and pans product segment accounted for the largest share of 62.8% in 2020. This is attributed to the high demand for multi-purpose and colorful pans
• By material type, aluminum is expected to expand at the highest CAGR of 7.4% over the forecast period as it is the second-best heat conductor after copper. The material is inexpensive, and when strengthened, generally by adding copper, magnesium, or other metals, makes responsive and light cookware
• The residential application segment accounted for the largest share of 77.3% in 2020 owing to the growing residential constructions, rapid urbanization, and an increasing number of nuclear families
• Asia Pacific held the largest share of 41.1% in 2020 owing to the continuous expansion of the residential sector, increasing number of home remodeling and renovation projects, and rising disposable income, which is driving the demand for cookware
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