Tabletop Kitchen Products Market Size is Predicted to Witness 4.1% CAGR till 2030

[sara James]

The global Tabletop Kitchen Products Market size is expected to reach USD 59.81 billion by 2030, registering a CAGR of 4.1% over the forecast years, according to a new report by Grand View Research, Inc. rising disposable incomes, changing lifestyles, and an increasing number of houses are expected to drive the product demand over the forecast period. Furthermore, the evolution of self-service kiosks and the popularity of buffet systems in restaurants have also resulted in the growing adoption of tabletop kitchen products. Moreover, the increasing influence of culinary arts on consumers, coupled with the growing number of luxury hotels and high-end restaurants, further supports the demand for kitchen knives in the commercial segment.

The tourism industry is flourishing, and consumers are increasingly willing to spend on exploring exotic destinations and staying in luxury hotels. This factor has also broadened the scope for culinary travel and is expected to drive the product demand across the globe. In addition, the rising popularity of modular kitchens has resulted in increased instances of kitchen remodeling, thereby driving the demand for cooking products. Consumers are also increasing their expenditure on kitchen tools as open kitchens are trending and ambiance has become a focal point of social gatherings. Moreover, the lockdown is slowly being uplifted in various regions, which is creating a favorable scenario for the restaurant and hotel industry.

This, in turn, widens the scope for tabletop kitchen products in the commercial application. Continuous improvement in restaurant chain transactions was aided by adding 93,000 restaurant units in U.S. states, wherein on-premises dining restrictions were uplifted in May 2021. In addition, according to The NPD Group, Inc., general merchandise sales in the U.S. have also increased by 3% in the week ending June 13, 2020, compared to the previous year. These include houseware and small domestic appliances. Thus, this upscaling of restaurants and the overall growth in the restaurant industry will create high demand for premium and innovative tabletop kitchen products.

Related Press Release @ Tabletop Kitchen Products Market Report

Tabletop Kitchen Products Market Report Highlights

• Europe accounted for the largest share of the global revenue in 2021 due to high the demand for premium tableware on account of the robust growth in the hospitality sector
• Increasing focus on quality tableware and glassware to create the right ambiance in commercial eating places is propelling the demand for glassware and other tabletop kitchen products in the region
• The drinkware segment is projected to register the fastest CAGR from 2022 to 2030. Product manufacturers are avoiding the use of BPA, a harmful chemical. For instance, TOSSWARE offers Crystal Clarity TOSSWARE, which is made of the highest-quality polymer and is 100% BPA-free, recyclable, and shatterproof
• The rapid growth of the hospitality industry and increasing disposable income levels are the main factors driving the growth of this segment
• The commercial segment is expected to grow the fastest CAGR during the forecast period. A thriving travel and tourism industry possesses growth opportunities for different product categories owing to consumer preference for luxurious stays in resorts or highly-rated hotels
• Increasing construction activities of commercial spaces, such as clubs, marriage halls, and group centers, offer growth opportunities for buffet and self-service concepts, thereby driving product demand