Asia Pacific Housewares Market Revenue to cross US$ 1,74,669.16 million by 2030

At 4.7% CAGR, Asia Pacific Housewares Market is Speculated to be worth US$ 1,74,669.16 million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific housewares market was valued at US$ 1,20,628.75 million in 2022 and is expected to reach US$ 1,74,669.16 million by 2030, registering a CAGR of 4.7% from 2022 to 2030. Strategic development initiatives by key players and development of smart appliances are among the critical factors attributed to the Asia Pacific housewares market expansion.

Manufacturers are investing significantly in product developments, business expansions, mergers & acquisitions, partnerships, etc., to cater to the increasing demand for housewares. Key market players engage in research & development to launch innovative housewares to attract a large consumer base. For instance, in October 2021, Caraway, a company offering nontoxic cookware, launched bakeware in 5 color variants. These bakeware items, including non-stick pans, come with a ceramic coating and are free from heavy metal. Such product launched propel the houseware market growth.

Well-established players operating in the housewares market are acquiring other businesses to enhance their global market presence. In October 2021, Lenox Corporation acquired Oneida Consumer LLC along with its product line of tabletop items such as flatware, tableware, and cutlery. The alliance was formed to advertise a significant portfolio of brands and advanced products to boost client awareness through various retail channels. Additionally, companies are partnering with other manufacturers to maintain their market positions. In April 2021, BSH Home Appliances Corporation announced its partnership with Plum to manufacture next-generation kitchen appliances to meet ever-changing consumer demand.

Thus, such strategic development initiatives by key players in the houseware market are driving market growth in the region.

On the contrary, lack of uniformity in operations and regulations hurdles the growth of Asia Pacific housewares market.

Based on product type, the Asia Pacific housewares market is segmented into cookware and bakeware, tableware, kitchen appliances, bathroom essentials, and others. The kitchen appliances segment held 47.1% share of Asia Pacific housewares market in 2022, amassing US$ 56,798.19 million. It is projected to garner US$ 83,995.16 million by 2030 to expand at 5.0% CAGR during 2022-2030.

In terms of distribution channel, the Asia Pacific housewares market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held 46.7% share of Asia Pacific housewares market in 2022, amassing US$ 56,363.79 million. It is projected to garner US$ 79,891.65 million by 2030 to expand at 4.5% CAGR during 2022-2030.

By country, the Asia Pacific housewares market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 42.2% share of Asia Pacific housewares market in 2022. It was assessed at US$ 50,952.98 million in 2022 and is likely to hit US$ 68,172.09 million by 2030, exhibiting a CAGR of 3.7% during 2022-2030.

Key players operating in the Asia Pacific housewares market are Bradshaw Home Inc, Inter Ikea Holding Bv, Hutzler Manufacturing Co Inc, TTK Prestige Ltd, Newell Brands Inc, BSH Hausgerate Gmbh, and Kohler Co, among others.