The global tabletop kitchen products market is anticipated to reach USD 61.3 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 3.7% during the forecast period, 2019 to 2025. This growth is attributed to growing food service and hospitality industries along with increasing popularity of serving ware among consumers across the globe. Moreover, the emerging trend of self-service and buffet systems on occasions such as weddings, house warming parties, birthday celebrations, corporate events, and other such gatherings has expected to drive the product demand over the forecast period.
Growth Drivers:
Shifting of the trend towards buffet system is anticipated to further drive the product demand. Demand for appliances such as coffee machines and microwaves is growing at a robust pace across both commercial and residential sectors owing to their easy utility and the option of getting customized meals. Moreover, serving ware is gaining high popularity among consumers owing to the growing trend of platting and presenting food items. This is projected to fuel the market growth over the forecast period.
The shifting of the trend towards buffet systems and self-service kiosks at food chains and restaurants has driven the demand for such products. In addition, tabletop kitchen products have witnessed rising traction among consumers across the residential segment. This is also projected to impact positively on the market growth. Furthermore, a buffet system is an ideal option for serving large masses of people coming for various occasions and social gatherings such as weddings, holiday parties, and business meetings. Therefore, serving ware and utensils such as drinking ware and plates are extensively being used on such occasions. This is anticipated to drive the product demand over the forecast period.
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Prominent Companies Insights:
Leading players operating in this industry include Zalto, Arc International, Haier, The Vollrath Company, The Oneida Group, Hendi, BSH Hausgeräte GmbH, and Matfer Bourgeat International. The presence of such international and domestic players in the industry has made the market highly competitive in nature.
Type Outlook:
- Dinnerware
- Flatware
- Whitegoods
- Drinkware
- Buffet Products
The drinkware segment is gaining traction across commercial as well as residential sector owing to emerging concept of having separate bar section in houses as well as restaurants. This has propel the demand for fancy drinkware over the forecast period. Furthermore, chaffing dishes are extensively used in buffet system to serve hot or warm food to large masses of people.
The white goods segment includes convenient kitchen appliances such as coffee marker, electric kettles, microwave ovens, and toasters. These appliances are extensively used by large consumer groups owing to busy schedules and hectic lifestyle. These appliances help in reducing the time for consumer heavy meals by preparing snacks and beverages in less time. The drinkware segment is the fastest growing segment with a CAGR of 4.8% from 2019 to 2025.
Application Outlook:
- Residential
- Commercial
The commercial application dominated the global tabletop kitchen products market in 2018 owing to rising number of domestic and international hotels across the globe. Moreover, growing hospitality and tourism sector is positively impacting the market growth. The residential application segment is anticipated to register a CAGR of 3.5% over the forecast period owing to rising population, improving lifestyles, increasing number of households, and rising demand for serving ware and white goods among youngsters across different regions.
Regional Insights:
In 2018, the tabletop kitchen products market in Europe accounted for a revenue share of USD 16.6 billion. Kitchen appliances such as electric kettles, toasters, and microwave ovens are prominently used by the majority of the households and foodservice sectors owing to their convenience, improved technology, faster processing, and high efficiency. Moreover, high-end lifestyles along with hectic schedules are some of the factors projected to fuel the regional demand over the forecast period.
Asia Pacific is projected to grow at the fastest CAGR over the forecast period due to the growing adoption of advanced kitchen appliances and the prevalence of tea culture in countries such as China and India. Moreover, rising population and rapid urbanization are also contributing to the growth of the regional market. In addition, the rising number of restaurants, pubs, hotels, bars, fine dining, and luxury star-rated hotels in the region is projected to drive the regional market growth from 2019 to 2025.
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