Report : Asia Pacific Stainless Steel Flatware Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (Spoons, Forks, Knives, Serving Utensils, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, Online Retail, and Others)
At 6.7% CAGR, the Asia Pacific Stainless Steel Flatware Market is speculated to be worth US$ 8,625.28 million by 2028, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific stainless steel flatware market was valued at US$ 5,849.30 million in 2022 and is expected to reach US$ 8,625.28 million by 2028, registering a CAGR of 6.7% from 2022 to 2028. Introduction of stainless steel flatware with innovative coatings and elevating penetration of e-commerce is boosting the market growth.
Manufacturers are launching products with new finishes, including metallic finish, mirror finish, and matte finish, to attract consumers and boost product sales. The company also offers gold-plated stainless steel flatware, which enhances the aesthetic appeal of the product. Similarly, Fortessa Tableware Solutions, LLC, manufacturer of tableware products, offers gold-plated, 18/10 (18% chromium and 10% nickel) stainless steel flatware set with a mirror finish. The product is durable and can be cleaned by using a dishwasher. Further, CB2, a furniture and home décor company, offers two-toned five-piece stainless steel flatware set with silver-plated tips and gold-plated slender handles. Also, many manufacturers such as Anthopologie and Fortessa offer black and rose gold stainless steel flatware. Flatware with innovative coating is popular among consumers due to their attractive appearance. Hence, rising launches of such products with an attractive coating are expected to provide lucrative opportunities for the stainless steel flatware market over the forecast period.
On the contrary, lack of uniformity in operations and regulations is acting as a restraining factor to the market growth .
Based on product, the Asia Pacific stainless steel flatware market is segmented into spoons, forks, knives, serving utensils, and others. The spoons segment held 31.7% market share in 2022, amassing US$ 1,857.14 million. It is projected to garner US$ 2,735.64 million by 2028 to expand at 6.7% CAGR during 2022-2028.
Based on distribution channel, the Asia Pacific stainless steel flatware market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held 39.7% market share in 2022, amassing US$ 2,320.17 million. It is projected to garner US$ 3,438.97 million by 2028 to expand at 6.8% CAGR during 2022-2028.
Based on country, the Asia Pacific stainless steel flatware market has been segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that China captured 30.4% market share in 2022. It was assessed at US$ 1,780.00 million in 2022 and is likely to hit US$ 2,737.30 million by 2028, exhibiting a CAGR of 7.4% during the forecast period.
Key players dominating the Asia Pacific stainless steel flatware market ZWILLING J.A. Henckels AG; SABRE; Christofle Silver, Inc.; Tramontina USA Inc.; Eternum S.A.; and Mepra S.P.A among others.
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