The global tableware market is estimated to reach USD 60.4 billion, by 2025, and is projected to grow at a CAGR of 6.0% from 2019 to 2025, according to a new report by Million Insights. The change in lifestyle along with the rise in the disposable income level of consumer, and growth in number of houses are expected to surge the market growth.
In 2018, metalware segment held the largest share of over 33.0% in the overall market. In countries such as India, people prefer metal made dinnerware over others. Ceramicware products are expected to have significant growth in the next few years. The availability of ceramicware at low cost and rising disposable income levels is expected to proliferate the demand of the product.
The offline channel held the largest share of over 83.0% in the overall market. The availability of wide range of products across wholesale markets, and retail outlets is a prominent factor gaining traction among consumers.
Online channel is projected to grow at a CAGR 0f 7.5% during the forecasted period. The growing network of e-commerce platforms, faster delivery services provides by online retailers is expected to boost the market growth.
Europe accounted for the largest market share of over 35.0%, in 2018. Rapid change in lifestyle, and the rise in income levels of consumers are the primary factors driving the growth of regional market. Asia Pacific is projected to grow at the highest CAGR of 6.8% from, 2019 to 2025. The rise in the number of hotels, bars, and other outlets is fostering the growth of the tableware market.
Some of the key players in market players in the market include, Tesco.com, Inter ikea group, Mikasa, Cuisinart, Raynaud Limoges, and others. These companies strategically focus on partnering with other to expand their product portfolio and revenues across the world.
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Further key findings from the report suggest:
• Based on product, ceramicware is anticipated to grow at a CAGR of 6.2% from 2019 to 2025.
• Asia Pacific is projected to grow at a significant CAGR of 6.8% in the tableware market, owing to the growth in the number of houses along with rapid urbanization.
• Based on the distribution channel, in 2018,offline segment contributed to over 83.0% in the overall market.
Million Insights has segmented the global tableware market based on product, distribution channel, and region:
Tableware Product Outlook (Revenue, USD Billion, 2015 - 2025)
Tableware Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Tableware Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia