The global flatware market is setting the table for impressive growth, with a projected market value of US$ 16.4 billion by 2033. This signifies a compelling Compound Annual Growth Rate (CAGR) of 4.5% over the forecast period (2023-2033), according to a new report by Future Market Insights (FMI). This growth builds upon a solid foundation, with the market already registering a CAGR of 2.7% from 2018 to 2022.
Stylish Appeal Drives Demand
Several key factors are propelling this market expansion:
- Aesthetics Take Center Stage: Consumers are increasingly seeking stylish and attractive flatware to elevate their dining experiences, both at home and when dining out. This has led to a surge in demand for flatware with unique designs, finishes, and colors. Manufacturers are responding with a diverse range of options to cater to various preferences.
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- Disposable Income on the Rise: As global economies strengthen, consumers have more discretionary income to invest in higher-quality and more stylish flatware. Manufacturers are offering premium options crafted from luxurious materials like silver and gold.
- Evolving Lifestyles, Evolving Needs: Changing lifestyles with more home dining and entertaining are driving demand for flatware that is both functional and aesthetically pleasing. Consumers seek flatware that reflects their personal style and elevates their tablescapes.
Hospitality Industry a Major Player
The hospitality sector is a significant consumer of flatware, requiring durable products that can withstand constant use. Manufacturers are innovating to create flatware specifically designed for the hospitality industry’s demanding needs.
E-commerce Plates Up Convenience
The rise of e-commerce platforms has transformed how consumers purchase flatware. Online retailers offer a wider selection at competitive prices, fueling online flatware sales. Manufacturers are adapting by increasing their online presence and introducing exclusive online offerings.
Regional Market Highlights
- North America Leads the Way: The North American flatware market is expected to hold the dominant share throughout the forecast period. Factors like a growing preference for premium flatware, casual dining trends, rising online sales, and a focus on sustainability are driving regional growth.
- Europe Shines with Eco-Conscious Choices: The European flatware market is experiencing significant growth, fueled by a demand for sustainable and eco-friendly products, along with a rising desire for casual dining, premium flatware, and well-designed pieces.
A Bright Future for Flatware
The flatware market outlook is optimistic, with a confluence of factors driving sustained growth. As consumers prioritize style, functionality, and sustainability, the future of flatware looks bright. Manufacturers who cater to these evolving preferences and leverage the power of e-commerce are well-positioned to capture a significant share of this flourishing market.
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Flatware Market – Growth Restraints
The environmental threat on account of inappropriate disposal of plastics is a major concern for the government and several agencies. This is estimated to arise as the most prominent market constraint. Additionally, increasing raw material costs might hinder market growth over the assessment period.
Flatware Market – Region-wise Analysis
Europe is anticipated to gain market prominence in the global market due to its higher adoption, particularly in Western European nations such as France, Italy, and Germany. Over the years to come, the regional growth is projected to be fueled by the unsaturated Eastern European region. Additionally, increased usage of a different kind of flatware is boosting sales in the region.
Asian regions are anticipated to witness rapid growth due to increased implementation of cutlery in nations such as China, which accounts for the majority of the market share in the region. North America will be the second biggest region in the global flatware market in terms of market share due to the rising spending power of consumers.
Flatware Market – Competitive Analysis
Some of the prominent companies identified in the global flatware market are John Boos & Co., BergHOFF, Picnic Time, Inc., KYOCERA International, Inc. Melange, and Picnic at Ascot. The market is moreover fueled by design innovation, joint ventures, and mergers and acquisitions. For instance,
Italian Flatware maker Merpa took over Punto Soave an artisan-based tabletop manufacturer. The acquisition will help the company to upgrade its design by using Punto Soave’s proficiency in wood, glass, porcelain, and ceramic, and not limiting itself to PVD and metal.
WNA (Waddington North America) launched Reflections Renew, an assembling of silver-look knives, forks, and spoons with PCR (post-consumer resin). The manufacturer is producing metalized plastic cutlery with 20% recycled PS. Arbor Investments acquired Steelite International a manufacturer of melamine, flatware, glassware, dinnerware, buffet ware, and accessories. The acquisition will help accelerate growth through an increase in market presence.
Global Flatware Market: Key Players (this is an indicative list – full list of key players available upon request)
- Big Tree Furniture & Industries, Inc.
- WorldKitchen, LLC
- Ginsu
- Zwilling J.A.
- Henckels
- Hampton Forge
- KitchenAid
- Safavieh LLC
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Regions and Countries Analyzed in the Report
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Key Segmentation
By Product Type
- Plastic
- Stainless Steel
- Silver
- Gold
By Distribution Channel
- Online
- Offline
By Application
- Public Consumption Restaurant
- High-end Restaurant
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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