Pune, India, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Housewares Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, Distribution Channel, and Geography,” the housewares market is expected to grow from $321.40 billion in 2022 to $442.51 billion by 20230; it is estimated to grow at a CAGR of 4.1% from 2022 to 2030. The report highlights key factors driving the housewares market growth and prominent players along with their developments in the market.
Bradshaw Home Inc, The Denby Pottery Co Ltd, HF Coors Co Inc, Inter Ikea Holding Bv, Hutzler Manufacturing Co Inc, TTK Prestige Ltd, Newell Brands Inc, BSH Hausgerate GmbH, Kohler Co, and Haier US Appliance Solutions Inc are among the prominent players operating in the housewares market. The global housewares market players focus on providing high-quality products to fulfill customer demand. They also adopt strategies such as investments in research and development activities, new product launches, and expanding production capacities.
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The housewares market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The growing urbanization and disposable income of the middle-class population is a prime factor that propels the demand for modern and convenient housewares, including advanced kitchen appliances and stylish tableware. According to the International Labour Organization (ILO), the total income of Asian and Pacific countries increased by 3.5% in 2021, wherein China accounted for 0.3% in 2021 and 0.7% in the first half of 2022. Similarly, total income in Central and Western Asia grew by 12.4% in 2021. Further, the influence of Western lifestyles and cooking trends is another major factor bolstering the demand for specialized cookware and bakeware products in Asia Pacific. The housewares market in this region is highly competitive, with both local and international brands rivaling for better market positions. Despite such growth opportunities, price sensitivity among consumers presents a significant challenge for the progress of housewares businesses in Asia Pacific. Many consumers in the region tend to opt for affordable and basic houseware products.
In recent years, several trends have shaped the housewares market in emerging countries such as China, Japan, South Korea, India, and Australia. One of these trends is the growing preference for multifunctional cookware and kitchen appliances. Consumers seek versatile products that perform multiple tasks, promoting efficiency and space-saving in their kitchens. As a result, manufacturers have been responding to these demands by developing innovative cookware sets and kitchen appliances. Moreover, smart technology integration has been a critical trend for kitchen appliance manufacturers. Smart kitchen appliances, with features such as remote control, automation, and compatibility with digital assistants, appeal to tech-savvy consumers. These appliances offer convenience and control, allowing users to manage their kitchen tasks more efficiently. Further, consumers are investing in high-quality bathroom fixtures, accessories, and textiles to create a relaxing and indulgent bathroom environment. This trend reflects a growing interest in self-care and wellness among consumers across the Asia Pacific.
Strategic Development Initiatives by Key Players
Manufacturers are investing significantly in product developments, business expansions, mergers and acquisitions, partnerships, etc., to cater to the increasing demand for housewares. Key market players engage in research and development to launch innovative housewares to attract a large consumer base. For instance, in October 2021, Caraway, a company offering nontoxic cookware, launched bakeware in 5 color variants. These bakeware items, including non-stick pans, come with a ceramic coating and are free from heavy metals. Similarly, in October 2022, Eva Longoria (actress, entrepreneur, and activist) and Heyday (a next-generation platform accelerating e-commerce brands), in partnership, launched a new multifunctional stove-to-table cookware line “Risa."
Well-established players operating in the housewares market are acquiring other businesses to enhance their global market presence. In October 2021, Lenox Corporation acquired Oneida Consumer LLC along with its product line of tabletop items such as flatware, tableware, and cutlery. The alliance was formed to advertise a significant portfolio of brands and advanced products to boost client awareness through various retail channels. Additionally, companies are partnering with other manufacturers to maintain their market positions. In April 2021, BSH Home Appliances Corporation announced its partnership with Plum to manufacture next-generation kitchen appliances to meet ever-changing consumer demand. Thus, such strategic development initiatives by key players in the houseware market are driving market growth worldwide.
Housewares Market: Segmental Overview
The global housewares market is segmented on the basis of product type, distribution channel, and geography. Based on product type, the market is categorized into cookware and bakeware, tableware, kitchen appliances, bathroom essentials, and others. The tableware segment is expected to register the highest CAGR during 2022–2030. The tableware segment includes products such as crockery, cutlery, glassware, and serveware. A surge in demand for tableware in the housewares market can be attributed to transformed dining habits during the COVID-19 pandemic. With more people dining at home, people have started focusing on aesthetic and functional tableware, as it enhances home dining experiences. From everyday meals to special gatherings, consumers are looking for tableware sets that elevate their dining experience. Furthermore, a growing appreciation for unique and artisanal designs has played a significant role in driving the demand for tableware. Consumers are increasingly drawn to handcrafted and artistically inspired tableware pieces that bring a touch of individuality and personality to their dining settings. Thus, a shift toward more personalized and visually striking tableware choices has contributed to the progress of the housewares market for the tableware segment. Vivo - Villeroy & Boch Group, Corelle, Pyrex, Luminarc, and Schott Zwiesel are a few of the prominent players operating in the market for tableware.
Based on distribution channel, the housewares market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the global housewares market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
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Impact of COVID-19 Pandemic on Housewares Market
The COVID-19 pandemic adversely affected economies and industries due to lockdowns, travel restrictions, and business shutdowns. The housewares industry reported severe disruptions in supply chains and shutdowns of processing, wholesale, and smaller retail businesses in the initial phases of the COVID-19 pandemic. The pandemic hindered the supply chains, manufacturing activities, delivery schedules, and goods sales. The imposition of lockdown measures to curb the spread of SARS-CoV-2 compelled many store operators to keep their stores closed, which resulted in decreased sales of housewares. However, after some relaxation in restrictions after late 2020, the production and sales of housewares exhibited an upward trend.
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