Tableware Market is estimated to reach USD 60.4 billion, by 2025, and is projected to grow at a CAGR of 6.0% from 2019 to 2025, according to a new report by Million Insights. The change in lifestyle along with the rise in the disposable income level of consumer, and growth in number of houses are expected to surge the market growth.
In 2018, metalware segment held
the largest share of over 33.0% in the overall market. In countries such as
India, people prefer metal made dinnerware over others. Ceramicware products
are expected to have significant growth in the next few years. The availability
of ceramicware at low cost and rising disposable income levels is expected to
proliferate the demand of the product.
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The key driving factors responsible for the growth of Tableware
market :
The offline channel held the
largest share of over 83.0% in the overall market. The availability of wide
range of products across wholesale markets, and retail outlets is a prominent
factor gaining traction among consumers.
Online channel is projected to
grow at a CAGR 0f 7.5% during the forecasted period. The growing network of
e-commerce platforms, faster delivery services provides by online retailers is
expected to boost the market growth.
Europe accounted for the largest
market share of over 35.0%, in 2018. Rapid change in lifestyle, and the rise in
income levels of consumers are the primary factors driving the growth of
regional market. Asia Pacific is projected to grow at the highest CAGR of 6.8%
from, 2019 to 2025. The rise in the number of hotels, bars, and other outlets
is fostering the growth of the tableware market.
Some of the key players in market
players in the market include, Tesco.com, Inter ikea group, Mikasa, Cuisinart,
Raynaud Limoges, and others. These companies strategically focus on partnering
with other to expand their product portfolio and revenues across the world.
Further key findings from the report suggest:
• Based on product, ceramicware
is anticipated to grow at a CAGR of 6.2% from 2019 to 2025.
• Asia Pacific is projected to
grow at a significant CAGR of 6.8% in the tableware market, owing to the growth
in the number of houses along with rapid urbanization.
• Based on the distribution
channel, in 2018,offline segment contributed to over 83.0% in the overall
market.
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