Pune, India, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Stainless Steel Flatware Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Distribution Channel, Product, and Geography,” the stainless steel flatware market is expected to grow from $ 14.3 billion in 2022 to $ 20.92 billion by 2028; it is estimated to grow at a CAGR of 6.5% from 2022 to 2028.
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Stainless steel flatware includes spoons, forks, knives, serving utensils, and flatware sets. The rising trend of home dining and cooking drives the demand for durable and attractive stainless steel flatware. Moreover, stainless steel flatware offers numerous benefits, including affordability, high corrosion and rust resistance, durability, and long-lasting luster. Additionally, stainless steel flatware is dishwasher safe. All benefits of flatware propel the global stainless steel flatware market growth.
In 2021, Asia Pacific accounted for the largest share of the global stainless steel flatware market. The market in North America is expected to grow at the highest rate during the forecast period. North America consists of the US, Canada, and Mexico. The US is one of the major countries dominating the stainless steel flatware market in North America. Stainless steel flatware is one of the most popular flatware used among the US population due to its durability and low maintenance. The benefits associated with the use of stainless steel flatware promot the adoption of stainless steel flatware among consumers. Moreover, the growing demand for fine dining experiences and improving kitchen aesthetics influences the market growth in the US.
Benefits of Stainless Steel Flatware to Boost Market Growth
Stainless steel flatware has a bright and attractive appearance due to the high luster of stainless steel, which attracts many consumers. Moreover, these flatware sets are chemically stable and require low maintenance. Furthermore, flatware made of stainless steel is durable due to its high malleability. Therefore, quality-conscious consumers increasingly prefer stainless steel flatware. Additionally, stainless steel flatware is an affordable alternative to silver and gold flatware, which has increased its adoption among all classes of consumers. Further, it adds a modern and attractive touch to different dining arrangements and table setups, including formal, buffets, and informal. All these benefits of stainless steel flatware drive the sales of stainless steel flatware, boosting the market growth.
Stainless Steel Flatware Market: Segmental Overview
Based on product, the global stainless steel flatware market is segmented into spoons, forks, knives, serving utensils, and others. In 2021, the forks segment held the largest market share. The segment is also expected to register the highest CAGR over the forecast period. Based on distribution channel, the global stainless steel flatware market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. 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.
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Impact of COVID-19 Pandemic on Stainless Steel Flatware Market Size
The COVID-19 pandemic hampered the growth of the consumer goods sector, which restrained the global stainless steel flatware market growth. Further, the implementation of preventive measures to combat the spread of SARS-CoV-2 infection has hindered the growth of various industries. Industries, such as packaging, consumer goods, and transportation, had been adversely affected by the disruptions in operational efficiencies and value chains due to the closure of national and international boundaries.
The global marketplace has recovered from the financial losses as governments of various countries have announced a relaxation of COVID-19-related restrictions. The stainless steel flatware market witnessed significant growth in sales post opening of specialty stores and upliftment in delivery restrictions for online retail channels. Manufacturers can operate at full capacity, which helps them bridge the gap between supply and demand. Thus, the growing demand due to the reopening of specialty stores is propelling the growth of the global stainless steel flatware market.
Stainless Steel Flatware Market: Competitive Landscape and Key Developments
Sabre; ZWILLING J.A. Henckels AG; Oneida; Winco; Tramontina USA Inc.; RiverRidge Home; Christofle Silver, Inc.; Eternum S.A.; Wilkens & Söhne GmbH; and Mepra S.p.A. are among the prominent players operating in the global stainless steel flatware market.
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