QY Research has announced the release of a new report on the Global Stainless Steel Cookware Market, which carries the title “Global Stainless Steel Cookware Market Research Report 2018.” According to the report, the global cookware sales increased to a US$ 6.28 Bn in 2017 from a US$ 4.78 Bn touched in 2013 at a healthy CAGR of 7.07%. This ensued from the rise in global economy and development of the cookware industry.
The global consumption is projected to reach 264 Mn Units by the end of 2024 as the sales revenue touches a US$ 9.72 Bn in the same year. This shows that the global consumption will continue to see a rise in the next few years. Stainless steel cookware is widely used in daily life because of its affordable price and high performance. Note that eating habits are expected to influence the consumption of stainless steel cookware.
Global Stainless Steel Cookware Market: Drivers
The safety, durability, and versatility of stainless steel cookware are anticipated to attract a whole lot of demand in the coming years. Stainless steel cookware is very resistant to scratching, cracking, bending, and chipping. It offers convenience to cooks as it does not impart any flavor to the food cooked in. Moreover, it is easy to care for. Some products are even manufactured with enhanced heat retention and transmission capabilities.
Global Stainless Steel Cookware Market: Forecast by Product and Application
The analysts categorize the global stainless steel cookware market into grill pans and griddles, pots and pans, and others.
By application, the global stainless steel cookware market is classified into restaurant usage, home usage, and others.
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Global Stainless Steel Cookware Market: Forecast by Region
The report provides a comprehensive research study on key regions and countries: India, Southeast Asia, Japan, China, Europe, and North America.
As per the report, Asia, North America, and Europe are considered to be the main stainless steel cookware markets in terms of consumption. In 2017, Asia accounted for a 41.82% of the total global consumption. It is said to have great potential for growth in the cookware industry. Europe recorded a consumption share of 34.91% and its production was about 61,658 K Units in the same year.
However, China is an important OEM country and also one of the leading markets in terms of production. It cements a strong position in the global stainless steel cookware market on the back of inexpensive labor cost and abundant resource of raw materials.
Global Stainless Steel Cookware Market: Key Players
With a number of suppliers operating across the world and growing maturity of the production technology, the global stainless steel cookware market shows low concentration. The market includes prominent industry names such as Newell, WMF, Fissler, ZWILLING, and SEB.
According to the authors of the report, SEB is a global market leader that secured a 23.18% share of the market vis-à-vis revenue in 2017. In the same year, its sales revenue reached a US$ 1,456.66 Mn. SEB is a holding company of an important Chinese local brand, Supor. In 2016, it acquired popular German manufacturers, EMSA and MEYER.
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