A $1.7 Billion Global Opportunity for Cast Iron Cookware by 2026 - New Research from StrategyR

SAN FRANCISCO, May 31, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Cast Iron Cookware - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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• Global competitiveness and key competitor percentage market shares
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Edition: 10; Released: May 2021
Executive Pool: 790
Companies: 98 - Players covered include American Metalcraft, Inc.; Calphalon Corporation; Camp Chef, Inc.; Country Door; Cuisinart; FINEX Cast Iron Cookware Co.; LAVA COOKWARE; Le Creuset of America, Inc.; Lodge Manufacturing Company; Marquette Castings; Meyer Corporation; Staub USA, Inc.; The Indus Valley; Tablecraft; The Coleman Company, Inc.; Tramontina USA, Inc.; Vermicular; Victoria Cookware; Williams-Sonoma, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Seasoned, Other Types); End-Use (Household, Commercial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-
Amid the COVID-19 crisis, the global market for Cast Iron Cookware estimated at US$1.6 Billion in the year 2022, is projected to reach a revised size of US$1.7 Billion by 2026, growing at a CAGR of 3.1% over the analysis period. Seasoned, one of the segments analyzed in the report, is projected to grow at a 3.3% CAGR.  Cast iron has been in use for making cookware products for more than hundreds of years. The history of cast iron dates back to China during the 5th century BCE. The material, an economical version of steel, was originally used for designing pans, pots, and farming equipment. A simple blast furnace was designed by China in the 1st century however, cast iron was initially used in Europe in the 15th century. Cast iron was initially used for developing cauldrons by Americans and Europeans. Prior to the 15th century cast iron was brittle and was put to use only after the technological advancements and the casting process developed its strength and quality. Europeans in the early times made use of smelting techniques as well as iron for hammering into cookware and bowls. Cast iron, meanwhile was poured into molds. Cast-iron refers to an alloy that is made by melting and then combining steel and iron together. Cookware made with this material is highly preferred as it offers several advantages such as high durability, high heat retention, and comparatively inexpensive.

Cast-iron cookware, however, demands regular maintenance and can easily rust out if they are not seasoned properly. Also, the material is very heavy in comparison to other materials, and it can react with food if it is not seasoned properly. Cast-iron vessels are non-toxic and can tolerate high heat temperatures and uniformly distribute heat. If these vessels are seasoned well they tend to function like non-stick ones. Cast-iron vessels unlike other non-stick vessels do not leach harmful chemicals into the food, in fact, these utensils transfer smaller amounts of iron into the food. This emerges as an excellent option for intake of natural and organic iron into one's body. Old and well-seasoned cookware leach a lesser amount of iron into the food. Cast iron vessels, however, demand proper seasoning at regular intervals of time, as it is capable of reacting with soap and acidic materials. Seasoning refers to coating the cookware with oil for filling the porous surface available on the cookware. It is always essential to maintain a thin layer of oil on the surface of the utensils. Cast-iron cookware needs to clean with mild and diluted soap and it needs to be completely dried after washing in order to prevent it from rusting. Enameled cast iron is another type of material used in cookware that does not require seasoning. The enamel coating develops a non-porous surface on the utensils that safeguards the iron from rusting and additionally makes cleaning an easy task. Nonetheless, like other coatings, the enamel can wear off easily and thus it is very durable in comparison to the regular cast iron. Though cast iron may emerge as an impractical and inexpensive option, however, with appropriate care the cookware designed with this metal can prove to be very durable, sustainable, and non-toxic. Cast-iron vessels need to be dried completely after washing, re-season regularly, and need to be hand-washed with milder soaps only.

Demand for cast iron cookware in the foodservice sector is expected to remain volatile & uncertain as the recovery of the restaurant industry continues to be hindered by lingering effects of the pandemic, higher costs, staff shortages and low customer traffic. While revenues for the foodservice industry are estimated to surpass pre-pandemic levels in 2022, they are notably lower when adjusted in terms of inflation. Despite continuing recovery, the industry is anticipated to take some time to return to normal conditions. A large number of restaurant owners have left the industry since onset of the pandemic due to increasing food and labor costs that are impacting revenues and recovery. Various foodservice operators have been unable to recover from heavy losses experienced during the pandemic. Restaurant owners are making efforts to adapt to the new normal and doing the business amid numerous challenges, from emerging COVID-19 variants and labor through to inflation. The business remains poor due to the relatively uncertain and volatile environment. Various on-premise businesses are struggling with staff shortages, mainly across the fine and family dining categories. Low customer traffic is also discouraging foodservice operators from hiring new staff as they are running shorter shifts and considering limited staff to save costs. While workforce in the foodservice industry is likely to increase consistently, the overall count is anticipated to remain below the desired mark. Majority of operators are looking forward to devote additional resources for recruiting or retaining staff. Though business conditions are likely to improve over the coming years, occupancy, food and labor costs are anticipated to remain high and continue eroding profit margins. Some of the pressing challenges for the industry include supply delays and shortages of various foods and beverages, which are likely to continue in the year 2022. These issues are further exacerbated by low customer footfall as a large number of adults continue refraining from eating out at restaurants. The issue has coerced various foodservice joints to cut menus and reduce offerings. Several restaurants are betting big on rising demand for outdoor dining and alcohol to-go as various customers are looking for restaurants offering outdoor dining. In addition, the pandemic and labor shortages are prompting operators to consider online ordering and technology, with the latter holding relevance for gaining a competitive edge amid changing dining preferences and consumer behavior. More

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About Global Industry Analysts, Inc. & StrategyR™

Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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SOURCE Global Industry Analysts, Inc.