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According to the recent market study by Technavio, the Cookware Market is expected to increase by USD 5.30 billion from 2020 to 2025, at an accelerated CAGR of 4%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets. APAC will register the highest growth rate of 44% among the other regions.
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Regional Market Outlook
The Cookware market share growth in APAC will be significant during the forecast period. China and India are the key markets for cookware in APAC. Market growth in this region will be faster than the growth of the market in other regions. The rapid penetration of gas stovetops and LPG connections in developing countries such as India and China will facilitate the cookware market growth in APAC over the forecast period.
Several consumers in APAC prefer traditional gas stovetops over induction cooktops. In 2020, the growth of the cookware market in APAC was primarily driven by the rapid penetration of gas stovetops and LPG connections in developing countries such as India and China. Several government initiatives in India, such as the Pradhan Mantri Ujjwala Yojana (PMUY) launched in 2016 are aimed at ensuring the availability of basic cooking amenities for rural households. TTK Prestige and Hawkins Cookers are the major vendors in the Indian market. China's shift toward sustainability and emission control has subsequently led to government measures that encourage the adoption of gas stovetops over traditional wood-fired cooking. With the inclusion of the rural customer base in India and China, the vast customer base in these countries provides high potential for cookware vendors during the forecast period. The rapid growth of residential infrastructure in other emerging countries in the region Malaysia and Vietnam is expected to boost the growth of the cookware market in APAC during the forecast period.
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Vendor Insights-
The Cookware Market is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.
- Groupe SEB -The company offers Ingenio 5 range, Thermal-Spot Titanium Pro Fumeless Wok, and other range of cookware products.
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Latest Drivers & Trends Driving the Market-
- Cookware Market Driver:
- Rapid penetration of regular kitchen stoves using LPG as fuel:
The key factors driving growth in the cookware market is the rapid penetration of regular kitchen stoves using LPG as fuel in emerging countries in APAC. Cookware products made of materials such as cast iron, stainless steel, and aluminum find high application over regular kitchen stoves and cooktops. Over the last few years, the extensive growth of liquefied petroleum gas (LPG) as the primary fuel used for cooking applications, especially in emerging countries in APAC, such as India, and China, has subsequently reflected on the sales of these cookware products. Leading consumers of LPG in APAC such as India, China, and Indonesia are expected to continue to witness high adoption of cooking gas in households during the forecast period.
- Cookware Market Trend:
- Induction-compatible copper cookware:
The induction-compatible copper cookware is another factor supporting the cookware market share growth. With the growing popularity of induction cooktops, there has been a rise in customer demand for multi-cooktop compatible cookware that can be used for both gas and induction stovetops. Copper is a preferred cookware material owing to its even heat distribution properties. While copper cookware continued to be a niche market in 2018, several copper cookware vendors are providing a range of induction-compatible copper pots and pans. These pans are lined with magnetic stainless steel instead of traditional tin linings, thus making them compatible with the induction stovetops. The growing popularity of induction cooktops due to their overall cost efficiency and faster cooking times is expected to continue well into the forecast period. Subsequently, multi-cooktop compatible cookware is expected to remain a key trend during the forecast years.
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Related Reports-
Induction Cookware Market - The induction cookware market has the potential to grow by USD 1.38 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 4.20%. Download a free sample now!
Microwave Oven Market -The microwave oven market share should rise by USD 1.39 billion from 2021 to 2025 at a CAGR of 1.69%. Download a free sample now!
Cookware Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4% |
Market growth 2021-2025 |
USD 5.30 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.43 |
Regional analysis |
APAC, Europe, North America, MEA, and South America |
Performing market contribution |
APAC at 44% |
Key consumer countries |
China, US, India, Germany, and UK |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Conair Corp., Gorenje Group, Groupe SEB, Hawkins Cooker Ltd., Meyer Corp., Newell Brands Inc., The Middleby Corp., The Vollrath Co. LLC, TTK Prestige Ltd., and Wilh. Werhahn KG |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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