The global cutlery market is projected to grow at a CAGR of 3.59% to reach US$1,128.037 million by 2025, from US$912.886 million in 2019.
Increasing demand from consumers in order to improve their dining experience and kitchen aesthetics.
The changing lifestyle of people and the shift in the eating etiquette trends have resulted in the consumers to purchase different types of cutlery or a complete set of cutlery. This includes spoons, forks that are suited to specific purposes such as dessert forks, and table forks and tablespoons, teaspoons, and dessert spoons among others in order to make their eating experience more aesthetically pleasing and efficient. This is thereby augmenting the market growth.
The rising interest among the cooking enthusiasts to try different cuisines and try to make new dishes is encouraging them to improve their cutlery collection.
The increasing penetration of cooking shows on Cable TV, and Video on Demand channels has introduced the viewer's and cooking enthusiasts to different cuisines from different regions, globally and is causing them to try cooking new dishes. However,some of these dishes require special knife sets, which include products such as slicing knife, meat knife, vegetable, and fruit knife among other products, which can carry out the applications efficiently and more aesthetically. This factor is thereby leading to an increase in the demand for cutlery and is bolstering the market growth.
Product Offerings by key market players in the cutlery market space
The offering of better and advanced varieties of cutlery with enhanced quality and materials such as stainless steel and damascus steel among other properties by existing and new players is estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
The North American region to hold a considerable share over the forecast period
The North American region is expected to hold a significant amount of share over the forecast period owing to the fact there are market players involved in catering to the demands of the consumers by offering top-quality cutlery sets and products. In addition, there is an influx of investments for R&D activities in order to source better raw materials and composition material so as to make the cutlery products more effective and efficient.
The increasing popularity and the rising trend of edible cutlery in order to minimize the amount of plastic waste.
The fast-food chains and restaurants provide plastic cutlery for the takeout meals that the increasing numberof individuals are purchasing over the past few years, which results in improper disposal of plastic waste and has led topollution in the environment. According to the NRDC, the plastic cutlery from the takeout order ends up in the environment of polluting the oceans, and around 269,000 tons of plastic is swept to the shores every year and poses dangers to the marine life. This has encouraged some of the individuals and startups such as Bakeys, which was established in India in 2010, to find a solution to this problem by launching their edible cutlery product in order to stop the pollution caused by plastic. Therefore, edible cutlery is gaining immense popularity and traction among individuals and making them aware of the hazards of plastic pollution. This factor will also attract a lot of new entrants over the next few years and boost the market share of his segment over the feat period.
Furthermore, initiatives and actions are being taken by governments of the different countries, which is minimizing the use of plastic items including cutlery and causing a slight obstruction inthe growth of the plastic cutlery segment. For example, in December 2019, the ACT (Australian Capital Territory) Government announced that they have rolled out legislation in order to phase out the single-use plastics in order to reduce plastic pollution. According to the legislation, plastic items such as plastic cutlery were banned immediately. In May 2018, The UK Government announced that are planning to ban the plastic cutlery and plates, whereas, France was the first county in the European region to place a ban on plastic cutlery, which was passed in 2016, but will come in effect this year.
Stainless steel cutlery to hold a considerable market share and silverware cutlery to witness significant growth over the forecast period.
Stainless steel cutlery sets are the most type of cutlery that is purchased by the middle income and the lower-income population and thereby are expected to hold considerable market share over the forecast period. On the other hand, the increasing disposable income among the individuals in the high-income economies and middle-income economies is allowing them to spend more a purchase silverware cutlery.This is attributed to the fact that it is regarded as a status symbol in the society, which causes a mild increase in its demand, and hence, his segment isexpected to witnesssignificant growth over the forecast period.
Segmentation:
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