The Global Tabletop Kitchen Products Market size is expected to reach $59. 7 billion by 2027, rising at a market growth of 8. 9% CAGR during the forecast period. The demand for Tabletop kitchen products is boosting because they are safer to use as the items are free from dyes, polymers, coatings, and glues.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Tabletop Kitchen Products Market By Type, By Application, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131637/?utm_source=GNW
Consumers are inclining towards aesthetic and sustainable products which do not cause any harm to the environment and can be reused. For example, companies like Our Place, a Los Angeles-based company, make tabletop kitchen products, which are made with Teflon-free, PTFE, and responsible materials.
The main factors responsible for the growth of tabletop kitchen products are the increasing foodservice and hospitality industry along with the fueling demand for serving ware around the world. In addition to it, food service industries are targeting to improve the service quality and enhance the dining experience. It is estimated that the food serving industries will boost the market growth for tabletop kitchen items in the upcoming years.
Moreover, several product manufacturers are coming into collaboration with architects and construction contractors. Numerous aspects that are responsible for propelling the market growth are the increasing popularity of the self-service & buffet concept and cook-at-home trend. Several trends like colorful palates, various appliances, and adaptable pieces for limited spaces, fulfill consumers’ needs are providing lucrative opportunities to the residential sector market. The growing population is considering products & services from flatware sets and easy-to-use utility appliances like coffee/tea makers, grinders, microwaves, which enables customization as per their needs. Moreover, the rising number of eateries, commercial kitchens, and restaurants & hotels, is boosting the market growth.
With the outbreak of the global COVID-19 pandemic, several industries have suffered from its impact. Governments across the globe have imposed several restrictions like social distancing, travel ban, and a temporary shutdown of manufacturing units to curb the spread of coronavirus. Due to all this, the global tabletop kitchen products market has witnessed a slowdown in its growth since the hospitality and commercial sectors faced complete lockdown.
The customers’ preferences have changed towards the kitchen environment and wellness, due to the pandemic. There is an increase in home improvement projects as people are doing working from home due to the pandemic. According to the Joint Center for Housing Studies (JCHS) of Harvard University, large cosmopolitan cities witnessed a 2% growth in remodeling gains in 2020.
Based on Type, the market is segmented into Dinnerware, Whitegoods, Buffet Products, Drinkware, Flatware and Others. The white goods segment would witness a promising growth rate during the forecast period. This segment includes items like ovens, toasters, microwaves, tea/coffee makers, and an electric kettle. In the modular kitchen concept, these domestic devices are installed in the kitchen in such a way that it gives a spacious look to the kitchen. Increasing usage of these domestic devices in the commercial sector will surge the segment growth.
Based on Application, the market is segmented into Residential and Commercial. The commercial segment acquired the largest share of the market in 2020. This segment is driven by the expansion of the hospitality sector and the rising number of restaurants & hotels attempting to give a better experience to the customers. People living in cosmopolitan and sophisticated cities have fueled the demand for drive-through meals as they are shifting towards Quick Service Restaurants (QSRs) giving rise to the commercial segment growth.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe emerged as the dominating region of the global market of tabletop kitchen products in 2020 and is estimated to witness positive growth prospects over the forecast period. People are preferring to use improved tabletop kitchen appliances in the foodservice industry and at home over the region that is propelling product sales. The market would witness lucrative growth opportunities with the rise in the demand for takeaway options for snacks and morning meals by consumers.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Samsung Electronics Co., Ltd. is the forerunner in the Tabletop Kitchen Products Market. Companies such as The Vollrath Company, LLC, Lenox Corporation, and Haier Smart Home Co., Ltd. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Haier Smart Home Co., Ltd. (Haier Group Corporation), Koninklijke Philips N.V., Robert Bosch GmbH, Samsung Electronics Co., Ltd. (Samsung Group), Arc Group, Rochini, The Vollrath Company, LLC, Hendi B.V., MatferBourgeat International, and Lenox Corporation.
Recent strategies deployed in Tabletop Kitchen Products Market
Partnerships, Collaborations, and Agreements:
May-2021: GE Appliances (GEA), a Haier company entered into a partnership with Kitchen Possible. This partnership aims to offer GE Digital Air Fry 7-in-1 Toaster Ovens to 46 households in Chicago’s Pilsen & East Garfield Park neighborhoods within GEA’s community engagement investments with NGOs & community partners, which link people with the resources they require to be successful.
Apr-2021: BSH Home Appliances entered into a partnership with Dania Beach-based Plum. This partnership aimed to develop new, state-of-the-art smart home appliances. Both the companies would work on a wine dispenser for the Thermador brand that is under the North American division of BSH Appliances Group.
Acquisition and Mergers:
Jun-2021: Lenox Corporation acquired Oneida, an American manufacturer, and seller of tableware and cutlery. This acquisition aimed to expand Lenox’s portfolio of brands & products with Oneida’s branded tabletop products like dinnerware, flatware, and cutlery.
Jan-2021: Lenox Corporation took over Hampton Forge, the flatware and cutlery company. The acquisition aimed to expand its reach and relevance for American consumers and reinforce its position as the Leading American Company.
Product Launches and Product Expansions:
Jun-2021: Haier introduced 17 latest variants of Big Top Mounted Refrigerators in the 3-star range. These latest additions to Haier’s leading Mounted Refrigerator series come with the new magic convertible feature, which enables controlled temperature between a broad range of +7?C to -24?C to address the distinct needs of various food items for sustaining their freshness and nutrition for a longer period.
May-2021: Bosch unveiled its new collection of dishwashers. This collection consists of built-in and freestanding models. The various washing programs, developed for all the needs, together with the EcoSilence Drive brushless motor and latest functions, guarantee an effective usage of water and energy.
Nov-2020: Arc Cardinal launched a new brand of Chef Knives and Cutlery, Richardson Sheffield. Through this launch, the company expanded its product portfolio.
Jul-2020: Samsung launched the connected SpaceMax Family Hub Refrigerator. This launch expanded the company’s Internet of Things (IoT) product portfolio. The SpaceMax Family Hub Refrigerator is built on customer insights & feedback, which includes features that automate meal planning, let a person see inside the refrigerator from anywhere, and connect it with other smart appliances at home like smartphones.
Feb-2020: Haier released 83 products over various categories with its goals to spearhead the IoT period in the home appliances industry. This launch expanded the company’s product range in major categories like air conditioners, refrigerators, LED TVs, washing machines, and others.
Jan-2020: The Vollrath Company introduced the next generation of induction ranges. This latest 4-Series Countertop Induction range makes a sweeping statement, matching or improving the performance of gas varieties in every major aspect. Temperature control is more precise and at the same time, boils in 28 percent quicker than gas and 19 percent quicker than competitive induction ranges.
Jan-2020: Samsung Electronics released a new edition of its Family Hub refrigerator. This version consists of intelligent features, which automate meal planning and other daily activities and provide a more customized experience. This Family Hub enables families to easily share life’s crucial moments with each other and manage more of the connected devices in their smart home.
Scope of the Study
Market Segments covered in the Report:
• Buffet Products
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Haier Smart Home Co., Ltd. (Haier Group Corporation)
• Koninklijke Philips N.V.
• Robert Bosch GmbH
• Samsung Electronics Co., Ltd. (Samsung Group)
• Arc Group
• The Vollrath Company, LLC
• Hendi B.V.
• MatferBourgeat International
• Lenox Corporation
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