Wok Market to Reach $3.0 Billion, Globally, by 2031 at 6.3% CAGR: Allied Market Research

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Nov 08, 2022, 09:30 ET

The adoption of trendy cookware products, rise in commercial kitchens, cafes, and restaurants, and increase in residential and hospitality kitchens drive the growth of the global wok market.

PORTLAND, Ore., Nov. 8, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Wok Market by Material Type (Carbon Steel, Cast Iron, Aluminum), by Application (Household, Commercial), by Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Online sales channel): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global wok industry generated $1.7 billion in 2021, and is anticipated to generate $3.0 billion by 2031, witnessing a CAGR of 6.3% from 2022 to 2031.

Prime determinants of growth

The adoption of trendy cookware products, rise in commercial kitchens, cafes, and restaurants, and increase in residential and hospitality kitchens drive the growth of the global wok market. However,increasing concerns regarding Teflon coating restrict the market growth. Moreover, surge in penetration of online shopping present new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global wok market, owing to temporary closure of wok manufacturing firms during the lockdown.
Curfew implementation and the habit of maintaining social distance on a worldwide scale had an impact on domestic and foreign output, which in turn, hampered the market expansion.
Not only the production but also the sale of wok was hampered due to closure of specialty stores, supermarkets and hypermarkets across the world, especially in the initial period of the pandemic.
However, sales through e-commerce websites generated some revenue and helped the wok industry to recover from the loss.

The carbon steel segment to maintain its leadership status throughout the forecast period

Based on material type, the carbon steelsegment held the highest market share in 2021, accounting for more than two-fifthsof the global wok market, and is estimated to maintain its leadership status throughout the forecast period.Carbon steel is simpler to lift and heat up faster because of its small weight. However, the cast ironsegment is projected to manifest the highest CAGR of 6.9% from 2022 to 2031. This is owing to growth in consumer knowledge of the advantages of cast iron cookware over coated and non-stick cookware in terms of health. Cast iron has a long lifespan and is chemical-free. It is good for one's health because cast iron cookware enriches meals with iron. This kind of cookware is robust, long-lasting, and simple to clean.

The commercial segment to maintain its leadership status throughout the forecast period

Based on application, the commercialsegment held the highest market share in 2021, accounting for more than three-fifthsof the global wok market, and is estimated to maintain its leadership status throughout the forecast period.Commercial woks are widely used in the hospitality sector including restaurants, bars, cafes, and any other food market where people gather to socialize, eat, and drink.However, the household segment is projected to manifest the highest CAGR of 6.7% from 2022 to 2031.This is due to the adoption of Chinese food among consumers, the growth in urbanization and migration of people from rural areas to urban cities, and a shift in consumer food preference.

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The Specialty Stores segment to maintain its lead position during the forecast period

Based on distribution channel, the specialty stores segment accounted for the largest share in 2021, contributing to more than one-third of the global wok market, and is projected to maintain its lead position during the forecast period. This is owing to availability of larger varieties of wok in specialty stores. In addition, these stores offer options such as discounts as well as benefits of immediate gratification, which results in growth of the wok market. However, the supermarkets & hypermarkets segment is expected to portray the largest CAGR of 7.3% from 2022 to 2031, owing to the availability of broad range of consumer goods under a single roof.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global wok market, and is likely to dominate the market during the forecast period. The use of novel and distinctive cookware for preparing various cuisines is a trend that has benefited the expansion of the wok market in this region. For instance, it is customary in India to use different cookware for vegetarian and non-vegetarian food products. However, the North America is expected to witness the fastest CAGR of 7.1% from 2022 to 2031, due to an increase in television programs featuring food and recipes.

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Leading Market Players: -

Bajaj Electricals Ltd
Zwilling J. A. Henckels
TTK Prestige Limited
Tramontina USA, Inc.
Scanpan A/S
Calphalon
Cuisinart
Supor
Target Brands, Inc.
Lodge Cast Iron

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