Cookware market report
2022-08-25
The COVID-19 pandemic has brought in a seismic shift in people’s attitudes towards wellness and the kitchen environment. The industry has been witnessing a few pivoting factors determining consumers’ spending on cookware, and additional spending leeway realized from not having any outdoor leisure and travel expenditure.
Increased spending on home improvement projects or home remodeling is also boosting the product demand owing to the rising inclination of consumers toward modular kitchens. According to the leading index for remodeling activity, home improvement spending has risen at 6% annually in the last three years since 2015. Moreover, manufacturers are partnering with contractors and builders for home construction with appropriate cookware products in the kitchen.
Millennials have significantly driven the popularity of cook-at-home meals, which , in turn, is driving the demand for cookware products. More color, adaptable pieces for smaller spaces, and pieces that meet consumers’ individual needs are some of the trends shaping the market for cookware in the residential sector.
Furthermore, the growth of commercial kitchens, eateries, and restaurants is propelling the growth of the market. Rapid construction in the commercial segment, particularly the hospitality sector, is driving the need for cookware. Dining out has become more than just about eating for consumers and food joints. In the hospitality sector, customer retention goes beyond food and depends on how good the overall experience has been for the patrons.
With concerns over climate changes and deforestation, consumers are increasingly demanding sustainable products. Cookware made from sustainable materials that are free of glues, polymers, coatings, or dyes is in demand now more than ever. Consumers are seeking products that are sustainable while also having an aesthetic appeal. Manufacturers cookware that is ethically made with responsible materials and is Teflon as well as PTFE - free.
In terms of value, the pots and pans segment dominated the market with a share of over 30.0% in 2021. The segment is estimated to grow steadily during the forecast period owing to the demand for multi-purpose and colorful pans. Pans and pots are purchased by the consumers based on their requirements and these products should hence meet the personal needs of a consumer. Consumers prefer varieties in terms of features, designs, and colors.
Increased spending on home improvement projects or home remodeling is also boosting the product demand owing to the rising inclination of consumers toward modular kitchens. According to the leading index for remodeling activity, home improvement spending has risen at 6% annually in the last three years since 2015. Moreover, manufacturers are partnering with contractors and builders for home construction with appropriate cookware products in the kitchen.
Millennials have significantly driven the popularity of cook-at-home meals, which , in turn, is driving the demand for cookware products. More color, adaptable pieces for smaller spaces, and pieces that meet consumers’ individual needs are some of the trends shaping the market for cookware in the residential sector.
Furthermore, the growth of commercial kitchens, eateries, and restaurants is propelling the growth of the market. Rapid construction in the commercial segment, particularly the hospitality sector, is driving the need for cookware. Dining out has become more than just about eating for consumers and food joints. In the hospitality sector, customer retention goes beyond food and depends on how good the overall experience has been for the patrons.
With concerns over climate changes and deforestation, consumers are increasingly demanding sustainable products. Cookware made from sustainable materials that are free of glues, polymers, coatings, or dyes is in demand now more than ever. Consumers are seeking products that are sustainable while also having an aesthetic appeal. Manufacturers cookware that is ethically made with responsible materials and is Teflon as well as PTFE - free.
In terms of value, the pots and pans segment dominated the market with a share of over 30.0% in 2021. The segment is estimated to grow steadily during the forecast period owing to the demand for multi-purpose and colorful pans. Pans and pots are purchased by the consumers based on their requirements and these products should hence meet the personal needs of a consumer. Consumers prefer varieties in terms of features, designs, and colors.
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