Global Tabletop Kitchen Products Market - 2022-2029

Global Tabletop Kitchen Products Market - 2022-2029

Market Overview

The global tabletop kitchen products market valued USD XX million in 2021 and is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Tabletop kitchen products are made from sustainable materials free from polymers, coatings, glues, or dyes. Consumers with growing awareness are giving preference for aesthetic appeal and looking for sustainable products that would not harm the environment and can be recycled. Product demand in the commercial and residential sectors is driven by a growing preference for every day serving ware for household usage and rising living standards. Furthermore, the expanding eating trend has raised awareness of various cooking utensils and techniques, resulting in the acceptance of various tabletop kitchen products. Product demand is also being boosted by increased spending on home improvement projects or remodeling and advancements in the hospitality and food service industries to provide better customer service and eating experiences.

Market Dynamics:

Growing urbanization is expected to drive the market during the forecast period

Growing urbanization and product upgrades are also contributing to the market's expansion. As the world's population grows, so does the demand for luxury and premium apartments, which bodes well for tabletop kitchen appliances. The demand for kitchen equipment is expected to be driven by increased extra money and the growing number of working populations in metropolitan countries. High-income groups could be a lucrative market for lifestyle products. Product demand is also being driven by an increase in commercial construction projects, particularly in the hospitality industry. Additionally, buffet systems' popularity and the advancement of self-served base kiosks at social occasions have led to the increasing adoption of tabletop kitchen goods. Dining out has evolved into much more than just eating. Customer retention is crucial, and the consumer experience determines it.

Furthermore, consumers are increasingly demanding sustainability due to increased worries about climate change and global warming. With increased awareness, consumers are looking for sustainable items that are not harmful to the environment and can be recycled in addition to aesthetic appeal. For example, Our Place, a Los Angeles-based company, makes tabletop kitchen equipment that is PTFE and Teflon-free and ethically created with responsible ingredients.

Market Segmentation:

Dinnerware segment is dominating segment

With a revenue share of over XX percent in 2021, the dinnerware type segment accounted for the biggest revenue share of the market. People's increased interest in home cooking and social meals and demand for casual tableware, particularly among the younger generation, are credited with the segment's growth. Modern consumers desire more sophisticated dining practices that offer guests an opulent experience. Furthermore, the growing emphasis on food styling and presentation boosts dinnerware sales.

Based on application, the commercial sector held the highest market revenue share of XX% in 2021. This is due to an increase in the number of hotels and restaurants and progress in the hospitality industry, which aims to provide clients with a high-quality experience. The rapid pace of life in metro and cosmopolitan cities, rising demand for drive-through meals, and millennials' growing preference for Quick Service Restaurants (QSRs) contribute to the commercial segment's growth. The travel and tourism industry's rapid expansion also contributes to the segment's growth. More and more customers are opting for a luxury hotel and resort stay as the sector focuses on excellent service, increasing demand for premium serving ware. Product demand is expected to be driven by rising kitchen remodeling activity. In 2019, 29 percent of consumers updated their kitchens, according to research issued by Houzz Inc. This trend is a major contributor to the segment's growth. These elements are strengthening the commercial sector's product demand.

Geographical Penetration:

Europe is the leading region in global tabletop kitchen products market

In 2021, Europe overtook Asia as the leading global market for tabletop kitchen items, with favorable development prospects expected over the forecast period. People in the foodservice business and home choose to use better tabletop kitchen equipment over the region, driving product sales. With customers' desire for takeaway snacks and breakfast meals rising, the market will see profitable growth potential. Product sales are being fueled by the early adoption of modern tabletop cooking equipment in homes and the foodservice industry across the area. Consumers' strong desire for grab-and-go options for snacks and breakfast meals also drives market expansion.

Over the forecast period, Asia Pacific is expected to develop at the fastest CAGR. Over the next several years, rising disposable income continued residential sector expansion. An increase in home remodeling and renovation projects is likely to drive significant product demand. The market for high-end tabletop kitchen products is increasing across the Asia Pacific, particularly in developing countries like China and India. Furthermore, the area market is being propelled forward by an ever-increasing number of hotel chains, bars, pubs, and other dining establishments.

Competitive Landscape:

The global tabletop kitchen products market is fragmented. The global tabletop kitchen products market is competitive and comprises numerous regional and international competitors. Furthermore, while engaging the consumers with innovation and expansion strategies, key players capitalize on the market revenue. Because of their diverse product portfolios, major firms have a stronghold on the market. To serve customers in diverse regions, the players concentrate on developing and improving their distribution channel network. For example, the Oneida Group, Inc. opened a new retail display at Forty One Madison in April 2019 to present new flatware designs for the Spring New York Tabletop Show. More than 150 different flatware designs were on display, with new additions representing a variety of aesthetic perspectives. Kitchen Possible and GE Appliances (GEA), a Haier company, formed cooperation in May 2021. This partnership intends to provide 46 homes in Chicago's Pilsen and East Garfield Park areas with GE Digital Air Fry 7-in-1 Toaster Ovens as part of GEA's community engagement initiatives with NGOs and community partners, which connect individuals with the resources they need to succeed.

COVID-19 Impact:

Positive impact on the global tabletop kitchen products market

Consumer interest on wellbeing and the kitchen environment have grown during the COVID-19 pandemic. Home remodeling projects are on the rise due to people working from home owing to the epidemic. According to Harvard University's Joint Center for Housing Studies (JCHS), large cosmopolitan cities would have a 2% increase in renovation gains in 2020. In addition, product manufacturers are collaborating with architects and construction contractors. The growing popularity of the cook-at-home trend and concept of self-service and buffet in the culinary world are boosting the market growth. During the unprecedented time of COVID-19, the sales for residence have grown. According to Zillow, the American online real estate marketplace, around 5.64 million homes were sold in 2020, which was up by 5.6% compared to 2019. Mortgage rates, which dropped to record lows during the height of the pandemic have further proven as a stimulus to the growth of the market.

Why Purchase the Report?

Understand the current market scenario and viability of global tabletop kitchen products over the forecast period

Visualize the composition of the global tabletop kitchen products market in terms of product type, application and distribution channel to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global tabletop kitchen products market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global tabletop kitchen products market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:

Large Residential Societies

Foodservice Industry

Kitchen Appliances Manufacturers

Industry Investors

Education & Research Institutes

Research Professionals