Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Tabletop Kitchen Products market.
Trusted Business Insights presents an updated and Latest Study on Tabletop Kitchen Products Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Tabletop Kitchen Products market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Tabletop Kitchen Products Market
The global tabletop kitchen products market size was valued at USD 47.5 billion in 2018 and is expected to witness a CAGR of 3.7% from 2019 to 2025. Market growth is driven by rising adoption of serving ware for everyday domestic use. In addition, significant development in the food service and hospitality industry has been majorly driving demand for tabletop kitchen products to provide a better customer service and dining experience.
Moreover, the concept of buffet and self-service in the culinary world is also expected to contribute to the growth of the market for tabletop kitchen appliances. Consumers, these days are looking for products and services starting from serving ware and easy to use utility appliances such as microwave and coffee/tea machine that enable them to customize their meals both in the food service industry and social gatherings at residential properties.
The evolution of self-service kiosks and popularity of buffet system in the restaurants have resulted in growing adoption of tabletop kitchen products. Moreover, residential application of tabletop kitchen products is also a major factor expected to impact market growth. Occasions such as holiday parties, business meetings, weddings or any other social gathering require feeding large number of people, wherein buffet system is considered to be the ideal service option. This scenario is expected to result in growing adoption of different buffet service utensils and serving ware such as plates and drinkware.
The process of arranging various serving ware is considered to add value to the dining experience. Rising trend of separate beverage counters in the commercial and residential sector have significantly contributed to the drinkware category. Evolving concept of structuring bar counters at homes is also expected to impact the tabletop drinkware application. Restaurants, buffets, parties, and other public dinning places feed a large number of people and thus, offer an enticing and quick service. Additionally, feeding a large number of people, along with keeping food on display, also requires regulating their temperature for which chafing dishes have been helpful, thereby generating demand for various buffet tabletop utensils.
Type Insights of Tabletop Kitchen Products Market
White goods category includes products such as electric kettles, toasters, coffee maker, and microwave ovens, which are easily placed in the kitchen as per convenience and less storage space. Large application of these products in the commercial sector owing to wide range of consumers develop the need for increased investments in these products for greater convenience and top customer service. Also, greater penetration of electric kettles and toasters by consumers for everyday use on as a result of hectic lifestyle allowing for minimum time for meals have added benefit of such products in their busy schedule. Thus, dominance of such product category on account of its fast service and convenience of portability and less storage space is driving demand for tabletop kitchen products.
Drinkware category of products segment is expected to witness growth at a CAGR of 4.8% from 2019 to 2025. Shifting preference towards wine culture in western countries as a sign of healthy living have influenced consumers in residential as well as commercial sectors to invest in fancy and luxurious drinkware on account of increased disposable income and high end lifestyle. Moreover, dominance of tea culture in Asian countries is also driving demand for drinkware. In addition, introduction of low cost ceramic ware as well as increasing attraction towards bone china which reflects a high end product are also driving the growth of the drinkware segment.
Application Insights of Tabletop Kitchen Products Market
The commercial sector dominated the tabletop kitchen products market and accounted for more than 64.6% of global share in 2018. Rising development in the hospitality sector has resulted in growth of the hotel industry leading to increasing number of hotels construction across the globe. As increasing startups such as Oyo Rooms and FabHotels, the number of hotels has increased to a great extent in the last few years. This, in turn, is leading to upgrade in services to gain a competitive edge which is also fueling product demand.
A thriving travel and tourism industry also poses growth opportunity for different product categories owing to consumers preference towards luxury stay in resorts or star rated hotels. Thus, these trends are likely to shift industry trends towards premium serving ware. In addition, increasing construction of commercial spaces such as clubs, marriage halls, and group centers also showcase growth opportunity for buffet and self-service concept of tabletop kitchen products, which is also expected to boost the market in the forecast period.
The residential segment is expected to witness growth in the market for tabletop kitchen appliances with a revenue based CAGR of 3.5% from 2019 to 2025. Growing residential sector is fueling demand for the product. As per census 2011, in India, the number of houses has increased from 52.1 million to 78.5 million which have increased the residential consumption.
In addition, increasing adoption of convenient electric and portable small appliances which can be suited for small kitchen and tabletops are paving the way for white goods in the tabletop category. Thus, manufacturers pose constant efforts in producing convenient goods for superior customer satisfaction. For instance, in 2017, Xiaomi Corporation introduced new Mi electric kettle made of matte plastic and stainless steel, with LED light indictor. Moreover, rising adoption of western culture habits of eating with premium serving ware and cutlery particularly among millennials has outgrown the scope for luxurious tabletop kitchen products for residential purpose.
Regional Insights of Tabletop Kitchen Products Market
Europe emerged as the largest regional market for tabletop kitchen appliances in 2018 and was valued at USD 16.6 billion. Greater adoption of advanced kitchen appliances in the food service industry as well as in homes across the countries is boosting product sales in the regional market. Tabletop kitchen products are also driven by high demand for convenient options for breakfast meals from consumers, at home as well as cafes and diners with shorter wait time and efficiency. High demand for different product categories in the market coupled with increased spending power is likely to boost the sales of these products in North America.
Asia Pacific is anticipated to witness fastest growth in the regional market owing to high demand from the developing countries such as India and China and increasing penetration of high end tabletop kitchen products. Increasing number of houses due to growing population and urbanization is also a prominent driving factor. Moreover, increasing number of hotels, pubs, bars, and various other options for dine out is fueling the regional market growth in the forecast period.
Market Share Insights of Tabletop Kitchen Products Market
The market for tabletop kitchen appliances is highly competitive with the presence of large number of domestic and international players, thus resulting into a fragmented nature. Some of the key players operating in the global market include Arc International, Zalto, Haier, The Oneida Group, The Vollrath Company, Hendi, Matfer Bourgeat International, and BSH HausgerAte GmbH.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Tabletop Kitchen Products Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global tabletop kitchen products market report on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion, 2019 – 2030)
Application Outlook (Revenue, USD Billion, 2019 – 2030)
Quick Read Table of Contents of this Report @ Tabletop Kitchen Products Market Size, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)
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