Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Tabletop and Kitchen Products Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The Global Tabletop and Kitchen Products Market is expected to grow at a CAGR of around 4.5% from 2021 to 2028 and to reach around US$ 70.5 Bn by 2028.
Europe dominates; Asia Pacific registers fastest growing CAGR for tabletop and kitchen products market
Europe dominated the market for tabletop and kitchen products in 2020, with a dominant share that is expected to continue throughout the forecast period. Long-term demographic trends influence kitchen and tabletop demand, which is heavily influenced by factors such as general economic conditions, consumer confidence, and disposable income, furnishing trends, property market trends, and new housing construction. Furthermore, increased digitalization is resulting in the formation of a new customer behavior base. Such factors have a significant impact on the growth of the European regional market, which in turn contributes to the overall growth of the tabletop and kitchen products market.
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Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the tabletop and kitchen products market. Rising urbanization, combined with an affluent lifestyle, drives the demand for tabletop and kitchen products. In the modernized world, this ultimately results in an essential part of kitchen decor combined with a self-service concept. Furthermore, rising food service in the hospitality industry has gained significant traction in the APAC market for a variety of tabletop and kitchen products used in the home. Furthermore, high demand for tabletop and kitchen products, particularly in restaurants, hotels, resorts, and other service providers, is expected to drive the tabletop and kitchen products market in APAC in the coming years.
Market Drivers
Innovation is the key for growth of global tabletop and kitchen products market
Innovative development in terms of compactness, portability, and ease of use of small kitchen appliances attracts a large number of consumers to tabletop kitchen products, with a particular emphasis on white goods. Furthermore, stifled development in the travel and tourism industry has left a lasting impression, highlighting various opportunities for a diverse range of tabletop and kitchen products from luxury stay in resorts and star related hotels. Such factors have a significant impact on the market for tabletop and kitchen products. Apart from that, the current increase in commercial space construction involving clubs, marriage halls, and group centres has strongly influenced the growth of tabletop and kitchen products, which will ultimately boost the overall market until the forecast period.
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COVID-19 impact on the global tabletop and kitchen products market
According to the International Trade Center (ITC) report, the economic impact of the health crisis and lockdowns in remote locations has been devastating. According to the results of an ITC survey, one in every five small businesses went bankrupt within three months. Because tabletop and kitchen products are in high demand, the travel and tourism sector has been severely impacted by a variety of factors. To combat the spread of COVID-19, for example, 113 countries banned travel in May 2020. Furthermore, the World Tourism Organization predicts that international tourist arrivals will fall by 60-80% in 2020 compared to 2019. During the 2008 global financial crisis, this resulted in a reduction that was 15 to 20 times larger. When the pandemic was declared worldwide, it pinpointed those measures restricting goods trade that limit access to these products for the most vulnerable. According to data analysis, nearly two-thirds of micro and small businesses reported that the crisis had a significant impact on business operations, compared to 40% of large businesses. To address this, most governments are implementing program to address both the health and economic consequences of the COVID-19 pandemic. Such factors have had a significant impact on the growth of the global tabletop and kitchen products market.
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Segmental Overview
The global tabletop and kitchen product market is segmented as type and application. By type, the market is segmented as dinnerware, flatware, whitegoods, drinkware, buffet products, and others. Based on application, the market is classified into residential and commercial.
Competitive Landscape
The prominent players of the global tabletop and kitchen products market involve Arc International, EuroCave, Haier Group Corporation, The Oneida Group Inc., The Vollrath Company, LLC, Hendi BV., Matfer Bourgeat USA, BSH Hausgeräte GmbH, and among others
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