According to a new report published by UnivDatos Markets Insights, the Cookware Products Market is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Product (Pots & Pans, Pressure Cooker, Cooking Racks, Cooking Tools, Microwave Cookware); Material (Stainless Steel, Aluminum, Glass, Others); Application (Residential, Commercial); Distribution Channel (Online, Offline); Region/Country.
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The cookware products market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the cookware products market. The cookware products market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Cookware Products market at the global and regional levels.
Market Overview
The popularity of cooking programs like Anthony Bourdainc coupled with the rising number of cooks are attracting more people's attention to modular kitchen and cookware products. Additionally, the introduction of new dishes necessitating the use of specialist cookware and the rising popularity of international levels cooking events like the Global Chefs Challenge, Culinary Olympics, World Food Championships, and others are driving market demand for cookware globally.
Over the projected period, it is anticipated that the rapid uptake of gas stovetops and LPG connections in developing nations will increase significantly. As an illustration, the Pradhan Mantri Ujjwala Yojana in India offers free LPG gas connections. as of May 1, 2021
The Cookware Products Market is expected to grow at a steady rate of around 6%. Due to expanding consumer preference for modular kitchens, increased spending on home remodeling or improvement projects is also boosting product demand. Home renovation spending has increased at a 6% annual rate over the past three years starting in 2015, according to the Leading Index for remodeling activities. Additionally, manufacturers are collaborating with builders and contractors to provide the kitchen with the right cookware supplies.
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Some of the major players operating in the market include Groupe SEB, Werhahn Group, Gorenje Group, Meyer Corporation, Fissler GmbH, Tramontina USA Icnc., Newell Brands Inc., TTK Prestige Ltd., The Vollarath Co., and Hawkins Cookers Limited.
COVID-19 Impact
The COVID-19 epidemic has caused a sea change in people's perceptions about health and the kitchen setting. Working from home, making purchases on online marketplaces, and having extra spending money available since they don't have to pay for travel or outdoor recreation expenses are a few important variables the business has been seeing
The global Cookware Products market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on application, the market is segmented into Residential and Commercial. The residential category grabbed the major market share and dominated the market in 2020. The market is being driven primarily by the increase of new residential buildings, increased urbanization, and the rise of nuclear families. Thus, it is anticipated that in the upcoming years, these changes in the residential household category would fuel the need for cookware.
· Based on the distribution channel, the market is categorized into online and offline. Among these, the offline segment grabbed the major market share and dominated the market in 2020. The flexibility of choice, lower costs, and increased visibility of global brands are just a few of the considerable benefits that consumers can enjoy from the offline distribution channel.
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Cookware Products Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. The continuous expansion of the residential sector, increasing number of home remodeling and renovation projects, and rising disposable income are likely to generate significant demand for cookware products over the forecast period. However, the North America region would witness a considerable CAGR during the forthcoming years.
The major players targeting the market include
• Groupe SEB
• Werhahn Group
• Gorenje Group
• Meyer Corporation
• Fissler GmbH
• Tramontina US Inc.
• Newell Brands Inc.
• TTK Prestige Ltd.
• The Vollarath Co.
• Hawkins Cookers Limited
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Cookware Products market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Cookware Products market?
• Which factors are influencing the Cookware Products market over the forecast period?
• What are the global challenges, threats, and risks in the Cookware Products market?
• Which factors are propelling and restraining the Cookware Products market?
• What are the demanding global regions of the Cookware Products market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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