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 the consumers across the globe. Moreover, 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.
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.
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.
Europe was the largest market for tabletop kitchen product in 2018 owing to high living standards, increasing consumer expenditure, rising consumption of wine to promote healthy living, and rising adoption of advance kitchen appliances. Asia Pacific is the fastest growing regional segment over the forecast period owing to rising disposable income levels, growing adoption of western culture & western eating habits, and rising popularity of convenient kitchen appliances.
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Further key findings from the report suggest:
• By type, the segment of drinkware is projected to attain a revenue of USD 21.3 billion by the end of 2025. It is expected to expand at a CAGR of 3.5% over the forecast period
• In 2018, the residential application segment accounted for the revenue share of USD 16.8 billion and is anticipated to generate a revenue of 21.4 billion by the end of 2025
• In 2018, North America dominated the global tabletop kitchen products market and is projected to grow at a CAGR of 4.1% over the forecast period
• Leading players in this industry are Zalto, Arc International, Haier, The Vollrath Company, The Oneida Group, Hendi, BSH Hausgeräte GmbH, and Matfer Bourgeat International.
Million Insights has segmented the global tabletop kitchen products market based on type, application, and region:
Tabletop Kitchen Products Type Outlook (Revenue, USD Billion, 2015 - 2025)
• Buffet Products
Tabletop Kitchen Products Application Outlook (Revenue, USD Billion, 2015 - 2025)
Tabletop Kitchen Products Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa