Dublin, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The "Stainless Steel Flatware Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
The stainless steel flatware market is expected to grow from US$ 14,299.83 million in 2022 to US$ 20,920.77 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2022 to 2028.
Rising health and hygiene standards, the growing food industry, an increasing number of restaurants, and surging demand for luxury dining experiences fuel the stainless steel flatware market growth. Also, the market is likely to witness notable growth during the forecast period owing to the increasing disposable income in developing countries and rising demand for exotic cuisines. In addition, with the increasing penetration of cooking shows, households have started to utilize designer cutlery and flatware; this is increasing the demand for premium flatware.
Further, Tramontina USA, Inc.; and Christofle Silver, Inc. are among the prominent stainless steel flatware manufacturers operating actively in the market. They provide a wide range of fine finish, designer, and traditional flatware. Thus, the wide availability and variety of stainless steel flatware bolster the stainless steel flatware market growth.
Consumers have become conscious related to the metals and materials used in their cutlery and flatware. Hence, there is a high demand for flatware made of a specific blend of materials that is safe for human body. Stainless steel flatware is considered a prominent metal for flatware as it is solid and durable and requires low maintenance costs.
Furthermore, it resists oxidation and is resistant to rust, stains, and damage from fruit acids. Therefore, the benefits associated with stainless steel flatware are contributing to the North America stainless steel flatware market growth.
Many metal flatware products are viable to get rusted in the given time, which poses a health risk and is not an economical option. Hence, rust resistance properties and use of antioxidant stainless steel in the manufacturing of cutlery and flatware have increased its adoption across the globe. Furthermore, as customers across the nation become aware of the importance of cleanliness and sanitation, they are likely to use utensils that are dishwasher safe, propelling the market expansion.
Oneida; ZWILLING J.A. Henckels AG; Winco; Sabre; Christofle Silver, Inc.; RiverRidge Home; Tramontina USA Inc.; Wilkens & Sohne GmbH; Eternum S.A.; and Mepra S.p.A. are among the players operating in the stainless steel flatware market.
These companies provide a wide range of product portfolios for the market. The companies have their presence in developing regions, providing lucrative market growth opportunities. Market players are developing high-quality, innovative products to meet customer requirements.
Market Segments
In 2021, the forks segment accounted for the largest market share. The segment is expected to register the highest CAGR over the forecast period. Forks are one of the most commonly utilized stainless steel flatware. Moreover, increased product offerings with different designs are driving the market growth for this segment.
In 2021, the specialty stores segment accounted for the largest revenue share. However, the online retail segment is expected to register the highest CAGR over the forecast period. Online marketplaces, such as eBay and Amazon, allow enterprises to set up an online store and sell goods in a shorter span, providing easy access to the market for entrepreneurs. Moreover, online retailing benefits sellers due to low operating costs, including costs related to labor, staff, and physical store setups.
In 2021, Asia Pacific held the largest share of the market. However, North America is estimated to register the highest CAGR in the market during the forecast period.
| Report Attribute | Details |
| No. of Pages | 137 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $14299.83 Million |
| Forecasted Market Value (USD) by 2028 | $20920.77 Million |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Key Market Dynamics
Market Drivers
- Rising Preference for Dining at Home due to COVID-19 Pandemic
- Benefits of Stainless Steel Flatware
Market Restraints
- Lack of Uniformity in Operations and Regulations
Market Opportunities
- Introduction of Stainless Steel Flatware with Innovative Coatings
Future Trends
- Rising Penetration of E-Commerce
Company Profiles
- Oneida
- ZWILLING J.A. Henckels AG
- Winco
- SABRE
- Christofle Silver, Inc.
- RiverRidge
- Tramontina USA Inc.
- Wilkens & Sohne GmbH
- Eternum S.A.
- Mepra S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/gxgz7n
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