Housewares Market: Key Players, Growth, Analysis, by 2030

The scope of our recent study on the "Housewares Market Forecast to 2030 - COVID-19 Impact and Global Analysis - by Product Type, Category, Distribution Channel, and Geography" includes the factors fueling the market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.

The housewares market size was valued at US$ 321.40 billion in 2022 and is expected to reach US$ 442.51 billion by 2030; it is estimated to register a CAGR of 4.1% from 2022 to 2030. The housewares market growth can be attributed to the increasing purchase of housewares with rising number of households. The housewares market is highly competitive, owing to many regional and global players. Players compete based on product quality, product differentiation, and price. Market players are adopting different strategies to stand out as strong competitors.

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Based on product type, the housewares market is categorized into cookware and bakeware, tableware, kitchen appliances, bathroom essentials, and others. The tableware segment is expected to register the highest CAGR during 2022-2030. The tableware segment includes products such as crockery, cutlery, glassware, and serveware. A surge in demand for tableware in the housewares market can be attributed to transformed dining habits during the COVID-19 pandemic. With more people dining at home, people have started focusing on aesthetic and functional tableware, as it enhances home dining experiences. From everyday meals to special gatherings, consumers are looking for tableware sets that elevate their dining experience. Furthermore, the growing appreciation for unique and artisanal designs plays a significant role in driving the demand for tableware. Consumers are increasingly drawn to handcrafted and artistically inspired tableware pieces that bring a touch of individuality and personality to their dining settings. Thus, a shift toward more personalized and visually striking tableware choices has contributed to the progress of the housewares market for the tableware segment. Vivo - Villeroy & Boch Group, Corelle, Pyrex, Luminarc, and Schott Zwiesel are a few of the prominent players operating in the market for tableware.

The global housewares market is segmented into five central regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2022, Asia Pacific region accounted for the largest share of the global housewares market. The housewares market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The growing urbanization and disposable income of the middle-class population is a prime factor that has propelled the demand for modern and convenient housewares, including advanced kitchen appliances and stylish tableware. According to the International Labour Organization (ILO), the total income of Asian and Pacific countries increased by 3.5% in 2021, wherein China accounted for 0.3% in 2021 and 0.7% in the first half of 2022. Similarly, total income grew by 12.4% in Central and Western Asia. Further, the influence of Western lifestyles and cooking trends is another major factor bolstering the demand for specialized cookware and bakeware products in Asia Pacific. Despite the growth opportunities, price sensitivity among consumers presents a significant challenge for the progress of housewares businesses in Asia Pacific. Many consumers in the region tend to opt for affordable and basic houseware products. Moreover, the market is highly competitive, with both local and international brands rivaling for better market positions.

Impact of the COVID-19 Pandemic on the Housewares Market

During the COVID-19 pandemic, the shutdown of manufacturing units and distribution facilities, online and offline channels, declined the demand for housewares, which, in turn, restrained the housewares market growth. During the initial stages of the COVID-19 pandemic, housewares manufacturers were forced to scale back or halt production temporarily. However, businesses gained ground as the governments of various countries eased out the previously imposed restrictions.

Moreover, many sections of the consumer goods industry witnessed growth in demand worldwide post-recovery. As housewares production regained pre-pandemic figures and is growing continuously, the market is expected to expand significantly during the forecast period.

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The report includes the segmentation of the global housewares market as follows:

The global housewares market is segmented on the basis of product type, distribution channel, and geography. Based on product type, the market is categorized into cookware and bakeware, tableware, kitchen appliances, bathroom essentials, and others. By distribution channel, the market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the global housewares market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America housewares market is further segmented into the US, Canada, and Mexico. The Europe housewares market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The housewares market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America housewares market is further segmented into Brazil, Argentina, and the Rest of South & Central America.

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This release was published on openPR.