The global stainless steel flatware market size is expected to reach US$ 20,920.77 million by 2028, registering at a CAGR of 6.5% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Rising Preference for Dining at Home due to COVID-19 Pandemic Drives Stainless Steel Flatware Market Growth
The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Preference for freshly home-cooked meals has increased as people have become health conscious. In recent years, the trend of house parties and dinners has grown massively, especially during the COVID-19 pandemic. Also, hygiene-conscious people prefer home cooking and at-home dining over dining out amid the pandemic. According to a survey by Grocer in November 2020, one out of five people in the UK spent their time on improving their culinary skills during the pandemic, and 40% of the surveyed audience confirmed that they enjoyed cooking at home. Further, food delivery and takeaway services witnessed high growth during the pandemic due to the restrictions on dine-in operations in restaurants due to social distancing norms. According to the report by CGA Tracker, combined sales of food delivery and takeaway services in the UK increased by 130% in September 2020 from 2019. Stainless steel flatware is affordable, attractive, and durable. Attractive stainless steel flatware with sleek designs and finish can enhance the dining experience at home. Therefore, owing to the rising preference for at-home dining, the demand for modern and eye-catching stainless steel flatware is increasing across the world.
Oneida; ZWILLING J.A. Henckels AG; Winco; Sabre; Christofle Silver, Inc.; RiverRidge Home; Tramontina USA Inc.; Wilkens & Söhne GmbH; Eternum S.A.; and Mepra S.p.A. are among the key players operating in the global stainless steel flatware market. These companies provide a wide range of product portfolios for the market. They have a widespread global presence, which provides lucrative opportunities for the market to serve a large set of customers and increase the market share. The market players are highly focused on developing products with advanced technology platforms to serve their customers better.
Global Stainless Steel Flatware Market Breakdown – by Region
Stainless Steel Flatware Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Spoons, Forks, Knives, Serving Utensils, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others)
Stainless Steel Flatware Market Analysis & Forecast 2022, 2028
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Impact of COVID-19 Pandemic on Stainless Steel Flatware Market
Consumers were confined to their homes during the lockdown caused due to COVID-19 pandemic. Therefore, they spent time cooking food, exploring different cuisines and improving their culinary skills. According to a report by The Grocer, one in five people in the UK spent time improving their culinary skills within the first six months of the COVID-19 outbreak compared to 2019. The Grocer also reported that delivery and takeaway sales in the UK doubled in 2021. In 2020, dining in homes became more popular than dining out owing to the restrictions related to the customer capacity in restaurants and cafés. Further, people enjoyed cooking at home or ordering food online, which created strong demand for stainless steel flatware. However, there was a demand and supply gap due to the disruptions in supply networks. Manufacturers with high inventory levels could meet the rising demand. However, the manufacturers with lower inventories faced significant losses.
Consumers increasingly purchased various products, including home and kitchen products, groceries, and appliances, through e-commerce platforms, as these platforms offered home delivery services and heavy discounts even during lockdowns. The COVID-19 pandemic resulted in the rising penetration of e-commerce, which is expected to boost the growth of the stainless steel flatware market in the coming years.
The report includes the segmentation of the global stainless steel flatware market as follows:
Based on product type, the global stainless steel flatware market is segmented into spoons, forks, knives, serving utensils, and others. In 2021, forks segment accounted for the largest market share and is expected to register the highest CAGR over the forecast period. Based on distribution channel, the 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.
By geography, the stainless steel flatware market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The Europe stainless steel flatware market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in Middle East & Africa (MEA) is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The stainless steel flatware market in South & Central America is subsegmented into Brazil, Argentina, and the Rest of South & Central America.
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