The Global Market for Tableware is Projected to Exceed US$47 Billion by 2024

Ability to Reduce Cost, Save Space and Declutter the Kitchen Cabinet Drives Consumer Demand for Multifunctional Tableware, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Tableware market. The global market for Tableware is projected to exceed US$47 billion by 2024, driven by ever changing consumer preferences due to changes in fashion, lifestyle, and gastronomic needs, and growing demand for multifunctional tableware.

The global tableware market is currently experiencing steady growth, with demand, particularly for high-end products gaining momentum. Growing disposable incomes and surging demand from emerging countries constitute some of the key factors currently driving gains in the market. The tableware market is characterized by globalization, consolidation, and casualization trends. Phenomenal global shift to casual lifestyles is leading to changing consumer preferences in product design, color, styles, and patterns. The growing importance being accorded to product appearance and aesthetic appeal is no longer being overlooked, and can be typified by the trend of manufacturers roping in fashion designers to help design professionally styled and elegant products such as dinnerware, flatware, glassware and crystalware. Other important factors poised to benefit market prospects in the coming years include the never ending appetite for change in today’s consumer; surging demand for vintage-styled glassware and dinnerware; shift in preference from white bone china to natural shades and from round to square or oblong shapes; and the use of newer materials such as stainless steel, earthenware, ironstone, wood, cast iron, plastic, and slate in response to the rising focus on materials and functionality of tableware rather than the designs.

Future growth in the market will be driven by growing demand for space-saving and multifunctional tableware as increasing number of Millennials move into apartments with smaller spaces. Factors such as urbanization, increasing prevalence of single-person households, and growing practices of renting are driving individuals to choose to live in apartments generating huge demand for “oven-to-table” cookware that could be used to seamlessly prepare and also serve meals. Rising health consciousness along with the need for consuming small portions is anticipated to result in dynamic demand for smaller dishes, bowls, and plates, benefiting market expansion in the near term. Another important growth driver includes innovations with regards to material and design influenced by changes in lifestyle, fashion, gastronomic trends, demographic factors, and economic conditions resulting in innovative and unconventional products that are not only visually appealing but also highly functional. Social media is also expected to benefit market fortunes in a significant way with millions of pictures of food ordered in restaurants posted on sites such as Facebook, Instagram, and Twitter, among others, generating interest and revenues for tableware in which the food served also gets viewed.

As stated by the new market research report on Tableware, Europe represents the largest market worldwide. Asia-Pacific represents the fastest growing market with a CAGR of 6.4% over the analysis period. Robust demand for imported branded tableware; westernization of lifestyles that are leading to demand for western-style ceramic tableware; increasing middle class population; rapid urbanization; expanding retail network; and growing catering and leisure hospitality sectors represent key factors that are currently fuelling demand in various countries across the region.

Key players in the market include Abert SpA, Anhui Deli Household Glass Co., Ltd., ARC International SA, Auratic Inc., Belleek Pottery Ltd., Aynsley China Ltd., Capdeco SARL, Corelle Brands Holdings, Inc., Dankotuwa Porcelain PLC, Fiskars Oyj Abp, IKEA A/S, LaOpala RG Limited, Lenox Corporation, Libbey Inc., Lifetime Brands, Inc., Pfaltzgraff Co., Mikasa & Company, Noritake Co., Limited, RAK Porcelain, Steelite International plc, Royal Crown Derby Porcelain Company Limited, Stölzle-Oberglas GmbH, The Oneida Group, Inc., Türkiye Sise Ve Cam Fabrikalari A.S., Villeroy & Boch AG, and WMF Group GmbH, among others.

The research report titled “Tableware: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major market participants. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, and Rest of Latin America). Major types of tableware analyzed in the report include Dinnerware, Flatware, and Glassware & Crystalware.

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