The global serveware market is anticipated to reach USD 15.9 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 rising popularity of glassware and ceramic ware across the residential sectors coupled with its high affordability and easy availability. A variety of serveware are used across the commercial application segment to serve foods of different cuisines. Moreover, these serveware are widely used for baking and cooking. Melamine serveware which is one of the categories of ceramic ware are known for its durability because they are less prone to breakage.
The buffet system is gaining high popularity across different nations such as India, Hong Kong, U.K., China, Italy, and U.S. In this system, metal-based serveware and chafing dishes are used for serving meals to large masses of people. In Europe and North America, there is a growing trend for lunch and dinner buffets which require huge quantity of serveware for serving food. This trend is expected to boost the product demand over the forecast period.
Leading players in this industry include include Borosil Glass Works Ltd., Le Creuset, Fiskars Group, Churchill China plc, La Opala RG Limited, Arc International Company, Crown Brands, LLC, All-Clad Metalcrafters, LLC, Royal Doulton, and Meyer Corporation. These players are focusing on expanding their product portfolio by launching innovative products in the global market. For example, EcoBurner’s offers chafer dishes that are cleaner, greener, and safer than other categories. They are non-toxic and emit less carbon. Thus, there is high adoption of these plates across countries such as U.K., Amsterdam, Mexico, Dubai, Singapore, Canada, and Abu Dhabi.
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Further key findings from the report suggest:
• The segment of bowls & platters held the largest market share of over 30% in 2018 owing to rising product demand across different restaurants and residential sector.
• The chafing dishes segment is projected to grow at the fastest CAGR of 4.6% over the forecast period due to growing popularity of buffet system across different regions.
• In 2018, the metal-based serveware segment held the largest market share of over 30%. The plastic-based segment id projected to grow at the fastest rate due to high affordability and easy availability.
• Leading players in the serveware market are Borosil Glass Works Ltd., Le Creuset, Fiskars Group, Churchill China plc, La Opala RG Limited, Arc International Company, Crown Brands, LLC, All-Clad Metalcrafters, LLC, Royal Doulton, and Meyer Corporation. Product innovation and new product development are considered to be the most prominent strategies adopted by these companies to expand their product portfolio.
Million Insights has segmented the global serveware market based on product, raw material, application and region:
Serveware Product Outlook (Revenue, USD Million, 2015 - 2025)
• Bowls & Platters
• Boards & Trays
• Chafing Dish
• Jugs & Beverage Pots
• Condiments & Sauceboats
• Compotes & Tiered Stands
Serveware Raw Material Outlook (Revenue, USD Million, 2015 - 2025)
• Wood & Others
Serveware Application Outlook (Revenue, USD Million, 2015 - 2025)
Serveware Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa