Global Kitchenware Equipment Market To Surpass USD 230 Billion By 2024

By Goldstein Market Intelligence || 2018-02-03 2:47:18 AM

Global Kitchenware Equipment Market To Surpass USD 230 Billion By 2024

According to Goldstein Research, “Rising urbanization and growing number of restaurants across the globe has significantly raised the demand for kitchenware equipments.” Urbanization is continuing and lead to over 60% of world's population in cities by 2050. This will open avenues for growth opportunities for the various industries as well as kitchenware equipments market players.

Global Kitchenware Equipment Market Outlook 2024”

The global kitchenware equipments market is segmented based on products, by end users and by distribution channel. Product segment is further bifurcated into cook-wares, bake-wares, cutlery & knife accessories, appliances and utensils & small gadgets. Big kitchen appliances such as refrigerators contribute to the largest revenue share of more than 40% in global kitchenware market. Refrigerators are closely followed by the cooking appliances with market share of USD 55 billion in 2016.

The global kitchenware equipments market valued more than USD 176.4 billion in 2016 owing to rapid urbanization and growing hospitality sector in Asia-Pacific and Middle-East region. Global kitchenware equipments market is expected to expand at a CAGR of 3.6% over the forecast period i.e. 2016-2024. Further the market is projected to reach USD 234.6 billion by the end of 2024.

Latin America is one of the most growth opportunistic regions for kitchenware equipments market. Brazil is the largest kitchenware equipments market where major market share is distributed between two largest kitchenware equipments manufacturers. Despite economic slowdown in the region, there exists a considerable growth potential for appliances in the long term especially in low penetrated categories. Growing middle class is expected to drive the demand for basic cook-wares and refrigerators. Latin America accounted for the 11% revenue share in the global kitchenware equipment market, which is expected to expand at a CAGR of 4.1% over the forecast period.

Product Innovation: Turnkey

Innovation of kitchenware equipments offers consumer to achieve culinary experience and cook healthy and nutritious food. For instance, Electrolux Combi steam ovens and the blast chillers bring the cook-and-chill technique of professional to consumers. Development of advanced products and new solutions for restaurants and hotels across the globe has significantly fostered the growth of kitchenware equipments market.

 “Global Kitchenware Equipments Market Outlook 2024” contains detailed overview of the global kitchenware equipments market in terms of market segmentation by product type, by end users and by distribution channel.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Global Kitchenware Equipments Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Hobart Corporation, LG Electronics, Samsung Electronics, Morphy Richards, Phillips, Electrolux, Whirlpool, Pyrex Cookware, Illinois tools Works Inc. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the global kitchenware equipments market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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