The global market for tabletop kitchen products size was valued at USD 41.25 billion in 2021, and it is anticipated to reach USD 59.79 billion by 2030 at a CAGR of 4.21%. Tabletop kitchen products are crafted from environmentally friendly materials and do not use any polymers, coatings, glues, or colours in their construction. Consumers are becoming more conscientious, and as a result, they are placing a higher value on products with a high aesthetic appeal. They are searching for sustainable options that are good for the environment and can be recycled. The demand for products in the residential and commercial sectors is driven by a rising preference for everyday serving ware for household consumption and an overall higher standard of living. In addition, the growing popularity of eating out has increased people's understanding of various cooking utensils and methods, which has led to the acceptance of a variety of tabletop kitchen products. Increased expenditure on home repair projects or remodelling, as well as developments in the hotel and food service industries to improve customer service and dining experiences, are also contributing to the rise in product demand.
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White goods and other tabletop cooking equipment are attracting a rising number of consumers because to their compactness, portability, and ease of use. This draws a considerable number of consumers. In addition, the sluggish expansion of the travel and tourist industry has left a long-lasting imprint, highlighting many potentials for a variety of tabletop and kitchen equipment from luxury stay in resorts and star-associated hotels. These kinds of things have a significant impact on the market for products used in the kitchen and tabletop. Aside from that, the recent uptick in the construction of commercial spaces such as nightclubs, wedding halls, and community centres has had a significant impact on the expansion of tabletop and kitchen product lines, which will ultimately lead to an increase in the size of the overall market until the end of the forecast period.
Over the projection period, it is anticipated that factors such as growing discretionary expenditures, shifting lifestyles, and an expanding population would boost demand for the product. In addition, the proliferation of self-service kiosks and the rise of restaurant buffet systems have also contributed to the expansion of the market for tabletop kitchen products. Additionally, the expanding impact of culinary arts on consumers and the growing number of luxury hotels and high-end restaurants further support the need for kitchen knives in the commercial segment. This demand is driven by the growing number of luxury hotels and high-end restaurants.
The tourism business is thriving, and customers are becoming more prepared to spend money on experiences such as travelling to exotic locations and staying in five-star hotels. This element has also increased the potential for gastronomic tourism, which is anticipated to drive demand for the product in other parts of the world. The frequency of kitchen remodels has also increased, which has raised demand for kitchen supplies. Modular kitchens are becoming increasingly popular. Because open kitchens are becoming increasingly popular, and because the atmosphere of social events is becoming essential, consumers are also increasing their spending on kitchen tools.
It is anticipated that the commercial sector will have the highest CAGR growth during the forecast period. Consumers' demand for opulent stays in resorts or hotels with excellent ratings creates expansion potential across various product categories for businesses in the travel and tourism sector, which is seeing robust growth. The increasing construction of commercial venues like clubs, marriage halls, and group centres presents expansion potential for buffet and self-service ideas, which drives demand for products.
Fluctuation in prices of raw materials to produce tabletop kitchen products is the major restraint hindering market growth for tabletop kitchen products.
The global market for tabletop kitchen products is divided into three parts based on product, application and region. Further, based on the product, the market is divided into Dinnerware, Flatware, Whitegoods, Drinkware, Buffet Products and Others. In 2021, the dinnerware industry will dominate the market. The desire for these items among consumers in both the residential and commercial sectors can be linked to the dinnerware products segment's dominance. The demand for metal-based goods like stainless steel and aluminium is increasing as people become more aware of the health advantages of eating from metal plates.
From 2022 to 2030, the drinkware market will grow at the quickest CAGR. The hospitality and food service sector's high product demand and rising beverage consumption are key market drivers. The market will grow due to big corporations' initiatives to introduce cutting-edge, designer items manufactured from sustainable materials. For instance, Tiki Barware by Urban Bar introduced a line of steel drinkware engraved with tiki designs inspired by Hawaii.
The market is broken down into Residential and Commercial based on application. In 2021, the commercial application segment's revenue share was the highest. The demand for premium tabletop products from the industry is increasing due to restaurants and bars making extra efforts to make customers feel unique in the face of increased competition. A more significant number of hotels have been built around the world due to the expansion of the hotel business brought on by changes in the hospitality sector.
According to region, the market is divided into North America, Europe, Asia-Pacific, South America and the Middle East & Africa. Europe dominated the market share in 2021.
According to region, the market is divided into North America, Europe, Asia-Pacific, South America and the Middle East & Africa.
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In 2021, Europe was the most dominant region of the market and accounted for the highest share, which was greater than 34 per cent. Changing tendencies in dining culture, such as a growing desire for social and casual dining, are one factor driving up product demand in hotels and restaurants across the region. Another trend that is having a favourable impact on the industry is the growing influence of numerous cuisines and food cultures from Southern Europe, such as French and Italian, on countries in Northern Europe. This tendency is particularly notable in France and Italy. As a consequence of this, restaurants and other establishments that provide food service have been employing the use of cutlery and plates of a higher quality. Aesthetically pleasing tableware products of high quality enable going out to eat with family and friends an even more delightful experience, which in turn encourages more use of such products.
Due to factors such as a rising target population, rising levels of disposable income, and improved economic conditions in countries like India and China, it is anticipated that the Asia Pacific region will experience the highest CAGR between the years 2022 and 2030. The region's fast-growing commercial and residential construction industry is likely to have a substantial effect on the market.
Some of the key players operating in the global market for tabletop kitchen products are Linen Chest, Haier, Koninklijke Philips N.V, Arc International, Zalto, The Vollrath Company, Hendi, Samsung, MatferBourgeat International, The Oneida Group, Lenox Corporation, and BSH Hausgeräte GmbH.