Wilmington, Delaware, United States, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a study conducted by Transparency Market Research, the global ceramic tableware market is projected to expand at a CAGR of 6.7% between 2021 and 2031. The study also states that ceramic tableware market size was valued at US$ 11.3Bn in 2020.
The past decade has witnessed steady rise in disposable income of several consumer groups, residing in both developed and developing countries of the world. This has led to renovation of residences, which, in turn, has fueled the demand for ceramic tableware and contributed to market growth.
In addition to residences, ceramic tableware products witness significant demand from different commercial establishments such as cafes and bars which has contributed to growth in global market. Few ceramic tableware products that have witnessed increased demand and contributed to market growth, in both residential and commercial application areas, include plates, bowls, cups, and mugs.
Growth strategies such as new ceramic tableware product launches are helping prominent market players in generating new revenue streams and in gaining an edge over other competitors. Furthermore, well-established market players are adopting growth strategies such as collaborating with smaller players to expand their presence in global market and increase their revenue shares.
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Key Findings of Ceramic Tableware Market Study
- Increasing Demand from Hotels Worldwide Triggering Growth in Global Market for Ceramic Tableware: The past decade has witnessed steady growth in tourism industry, worldwide. Increasing travel to different locations for business and leisure activities has led to increase in the number of hotel bookings. Rising number of hotel bookings has fueled the demand for tabletop products and positively impacted the ceramic tableware market dynamics.
- Rising Product Demand over ecommerce Websites Propelling Overall Market: For several years, consumers preferred to purchase different ceramic tableware products over offline distribution channels such as supermarkets, hypermarkets, and specialty stores owing to factors such as need to physically check the product before purchase. However, in the last few years, consumers have shown increased preference to purchase ceramic tableware products from online sales channels such as ecommerce websites owing to benefits such as product availability at reduced prices and doorstep product delivery, which has altered the ceramic tableware market dynamics and boosted the market growth
Ceramic Tableware Market-Key Drivers
- Rising demand for durable handmade crockery products over mass-produced dinnerware products is one of the key driving factors of global ceramic tableware market
- Continuous growth witnessed in the home decor industry worldwide is triggering the demand for ceramic tableware products and propelling overall market
- Increasing demand for circular-shaped ceramic tableware products is boosting the growth in demand for ceramic tableware market
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Ceramic Tableware Market-Key Players
The global market is competitive, with the presence of several prominent ceramic table manufacturers. It is expected that entry of new players could intensify the competition in overall market for ceramic tableware, during the forecast period.
In a bid to produce improved products that would serve customer requirements in different end-use industries, leading ceramic tableware manufacturers are making huge investments in research and development activities.
A key factor that could emerge as demerit for the ceramic tableware market in future could be volatile raw material prices, which could affect cash flows and earnings for leading players.
Some of the leading players include TCL Ceramics Ltd., Mikasa, RAK Ceramics, Steelite International, Abert SpA, and Villeroy & Boch.
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The global ceramic tableware market is segmented as follows:
- Product Type
- Dinnerware
- Plates
- Bowls
- Others
- Beverageware
- Mugs
- Cups & Plates
- Others
- Cookware
- Others (Flatware, Serveware, etc.)
- Dinnerware
- Technology
- Slip Casting
- Spagless
- Jiggering
- Pressure Casting
- Isostatic Casting
- Others
- Slip Casting
- Pricing
- High
- Medium
- Low
- High
- End-use
- Residential
- Commercial
- Restaurants/Hotels
- Cafe
- Bars
- Others
- Residential
- Distribution Channel
- Online
- Company-owned Websites
- E-commerce Websites
- Offline
- Hypermarket/Supermarket
- Specialty Stores
- Others
- Online
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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