The flatware market has seen significant growth in recent years, driven by multiple factors. Higher disposable incomes, increasing urbanization, and shifting lifestyles have fueled demand for premium, aesthetically appealing flatware sets. Additionally, the expanding hospitality and foodservice industries have boosted the need for durable, commercial-grade flatware.
The global flatware market is projected to reach a value of USD 10.5 billion in 2023. By 2033, demand is anticipated to grow to USD 16.4 billion, with a compound annual growth rate (CAGR) of 4.5% throughout the forecast period (2023-2033).
The flatware industry has changed over time as it improves both the kitchen’s appearance and the dining experience. The demand for flatware is expected to remain strong in the global flatware market, which is anticipated to experience steady growth over the coming year. Flatware is a necessary component of tableware.
The hospitality industry’s strong growth, changing lifestyles, increased willingness to spend on luxury flatware, and rising product visibility across multiple retail locations and online marketplaces are all driving the flatware market’s expansion.
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Flatware Market – Key Trends
Leading manufacturers in the global flatware market are witnessing the rising popularity of stainless steel flatware due to the associated health benefits. Manufacturers are focusing on offering the best every day and luxury flatware set, designed as per the preferences of the consumers. For instance, Cambridge Silversmiths have launched Julie satin flatware all-purpose lightweight flatware that has a classic silhouette with clean lines.
Sales of flatware are also substantially influenced by consumer’s preference towards European or American Style flatware. Traditional ways of shopping and price difference in local retail outlets and online platforms are substantially driving the flatware market growth. An extensive range of flatware has mushroomed on online stores in recent years.
Growing internet penetration in rural areas, quicker and trusted delivery by several online portals, and replacement possibilities are further driving the segment. Additionally, millennials and Gen Zers cohort with hectic schedules opt to purchase online instead of offline because of easy access and doorstep delivery.
Flatware Market – Growth Restraints
The environmental threat on account of inappropriate disposal of plastics is a major concern for the government and several agencies. This is estimated to arise as the most prominent market constraint. Additionally, increasing raw material costs might hinder market growth over the assessment period.
COVID-19 Impact on Flatware Market
COVID-19 pandemic has led towards nation-wide lockdowns and the shutdown of the majority of retail stores across nations affected sales of flatware. The crisis, however, has escalated sales of flatware via e-commerce distribution channels.
Regional or local players who were yet to enter the online ecosystem are facing the forceful switch to e-commerce distribution channels. Sales through e-commerce channels will help to keep the flatware industry afloat as consumers are increasingly avoiding in-store purchases. Such factors are projected to bring the flatware market back on track in the coming months.
Flatware Market – Region-wise Analysis
Europe is anticipated to gain market prominence in the global market due to its higher adoption, particularly in Western European nations such as France, Italy, and Germany. Over the years to come, the regional growth is projected to be fueled by the unsaturated Eastern European region. Additionally, increased usage of a different kind of flatware is boosting sales in the region.
Asian regions are anticipated to witness rapid growth due to increased implementation of cutlery in nations such as China, which accounts for the majority of the market share in the region. North America will be the second biggest region in the global flatware market in terms of market share due to the rising spending power of consumers.
Flatware Market – Competitive Analysis
Some of the prominent companies identified in the global flatware market are John Boos & Co., BergHOFF, Picnic Time, Inc., KYOCERA International, Inc. Melange, and Picnic at Ascot. The market is moreover fueled by design innovation, joint ventures, and mergers and acquisitions. For instance,
Italian Flatware maker Merpa took over Punto Soave an artisan-based tabletop manufacturer. The acquisition will help the company to upgrade its design by using Punto Soave’s proficiency in wood, glass, porcelain, and ceramic, and not limiting itself to PVD and metal.
WNA (Waddington North America) launched Reflections Renew, an assembling of silver-look knives, forks, and spoons with PCR (post-consumer resin). The manufacturer is producing metalized plastic cutlery with 20% recycled PS. Arbor Investments acquired Steelite International a manufacturer of melamine, flatware, glassware, dinnerware, buffet ware, and accessories. The acquisition will help accelerate growth through an increase in market presence.
Global Flatware Market: Key Players (this is an indicative list – full list of key players available upon request)
- Big Tree Furniture & Industries, Inc.
- WorldKitchen, LLC
- Ginsu
- Zwilling J.A.
- Henckels
- Hampton Forge
- KitchenAid
- Safavieh LLC
Regions and Countries Analyzed in the Report
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Flatware Market – Market Segmentation
By Product Type
- Plastic
- Stainless Steel
- Silver
- Gold
By Distribution Channel
- Online
- Offline
By Application
- Public Consumption Restaurant
- High-end Restaurant
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights, Inc.
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