Publication Month: Oct 2022 | Report Code: TIPRE00029733 | No. of Pages: 137 | Category: Consumer Goods | Status: Published
The global stainless steel flatware market is growing due to increased concerns about the health of consumers and the surged preference for aesthetic flatware to grace the dining table. Moreover, numerous consumers are looking for affordability and durability of the products. Stainless steel flatware has been gaining popularity due to the cost-effectiveness of the product. Moreover, during COVID 19 pandemic, there was an increase in the purchase of stainless steel flatware in through online distribution platforms owing to restrictions and the shutdown of retail shops. In addition, the growing penetration of unique cuisines and the use of specialized flatware coupled with the influence of western culinary styles are boosting the market growth.
The stainless steel flatware market is driven by changing lifestyles and increasing disposable income. Since the COVID-19 pandemic, the emerging home cooking trend, backed by the increased interest in cooking enthusiasts, is likely to boost the demand for stainless steel flatware. The growing preference for fine and casual dining coupled with professional cooking at home drives the market growth. In addition, the increasing number of food bloggers and influencers further spurs the demand for different flatware suitable for different food items.
In 2021, Asia Pacific held the largest revenue share of the global stainless steel flatware market, whereas the market in North America is expected to grow at the highest rate over the forecast period. The North America stainless steel flatware market is segmented into the US, Canada, and Mexico. The market is mainly driven by factors such as the increasing demand for smooth and modern shapes and styles paired with distressed finish flatware, evolving home decor and aesthetics trends, and surging trend of creating the ambience for several celebrations or events by using heritage or vintage collections of flatware.
|Market Size Value in||US$ 14,299.83 Million in 2022|
|Market Size Value by||US$ 20,920.77 Million by 2028|
|Growth rate||CAGR of 6.5% from 2022 to 2028|
|No. of Pages||137|
|No. of Tables||59|
|No. of Charts & Figures||77|
|Historical data available||Yes|
|Segments covered||Product, and Distribution Channel|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Many businesses recovered from the adverse effects of COVID-19 pandemic as governments of various countries eased the lockdown restrictions. The introduction of the COVID-19 vaccine further eased the situation, leading to a rise in business activities across the world. The resumption of operations in the manufacturing units propelled the stainless steel flatware market and has led to the stainless steel flatware production recovery. Manufacturers overcame the demand and supply gap as they were permitted to operate at full capacity. The reopening of specialty stores is another factor that led to the stability of stainless steel flatware sales.
Generally, stainless steel is composed of iron, carbon, chromium, nickel, and other trace elements such as magnesium and titanium. The high nickel content increases the corrosion resistance of stainless steel. Stainless steel is rust-free and easy to clean and sterilize. It does not contaminate food and maintains the color and taste of food. Also, it has a low bacterial retention capacity, making it an ideal material for manufacturing flatware. Thus, the numerous benefits of stainless steel flatware drive the market growth.
Based on distribution channel, the specialty stores segment held the largest share in 2021. However, the online retail segment is expected to register the highest CAGR over the forecast period. Rising internet and smartphone penetration has boosted the e-commerce industry. People are increasingly purchasing various products using online retail channels due to heavy discounts, availability of multiple brands under one roof, and home delivery services. Moreover, availability of detailed product descriptions, customer reviews and ratings, and video tutorials on these platforms help consumers choose desired products. These factors are driving the sales of stainless steel flatware through online retail.
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 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 opportunities. Market players are developing high-quality, innovative products to meet customer requirements.
The "Global Stainless Steel Flatware Market Forecast to 2028" is a specialized and in-depth study of the consumer goods industry with a special focus on the global stainless steel flatware market trend analysis. The report aims to provide an overview of the market with detailed market segmentation.
The stainless steel flatware market is segmented on the basis of product type, distribution channel, and geography. Based on product, the market is segmented into spoons, forks, knives, serving utensils, and others. Based on distribution channel, the global stainless steel flatware market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America.
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 prominent players operating in the global stainless steel flatware market.