Report : Europe 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 6.4% CAGR, the Europe Stainless Steel Flatware Market is speculated to be worth US$ 5,469.67 million by 2028, says Business Market Insights
According to Business Market Insights' research, the Europe stainless steel flatware market was valued at US$ 3,763.62 million in 2022 and is expected to reach US$ 5,469.67 million by 2028, registering a CAGR of 6.4% from 2022 to 2028. Heighten benefits of stainless steel flatware and elevating preference for dining at home due to COVID-19 pandemic has propelled the growth of the market.
Generally, stainless steel is composed of iron, carbon, chromium, nickel, and other trace elements such as magnesium and titanium. The high nickel content increases the corrosion resistance of stainless steel. Stainless steel is rust-free and easy to clean and sterilize. It does not contaminate food and maintains the color and taste of food. Also, it has a low bacterial retention capacity, making it an ideal material for manufacturing flatware. Stainless steel flatware has a bright and attractive appearance due to the high luster of stainless steel, which attracts many consumers. Moreover, these flatware sets are chemically stable and require low maintenance. Furthermore, flatware made of stainless steel is durable due to its high malleability. Therefore, quality-conscious consumers increasingly prefer stainless steel flatware. Additionally, stainless steel flatware is an affordable alternative to silver and gold flatware, which has increased its adoption among all classes of consumers. Further, stainless steel flatware adds a modern and attractive touch to different dining arrangements and table setups, including formal, buffets, and informal. All these benefits of stainless steel flatware drive the sales of stainless steel flatware, boosting the market growth.
On the contrary, lack of uniformity in operations and regulations may act as a restraining factor.
Based on product, the Europe stainless steel flatware market is segmented into spoons, forks, knives, serving utensils, and others. The forks segment held 33.4% market share in 2022, amassing US$ 1,255.78 million. It is projected to garner US$ 1,904.20 million by 2028 to expand at 7.2% CAGR during 2022-2028.
Based on distribution channel, the Europe stainless steel flatware market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. The online retail segment held 33.6% market share in 2022, amassing US$ 1,266.40 million. It is projected to garner US$ 1,863.12 million by 2028 to expand at 6.6% CAGR during 2022-2028.
Based on country, the Europe stainless steel flatware market has been segmented into the Germany, France, the UK, Italy, Russia, and Rest of Europe. Our regional analysis states that Rest of Europe captured 27.2% market share in 2022. It was assessed at US$ 1,024.38 million in 2022 and is likely to hit US$ 1,494.71 million by 2028, exhibiting a CAGR of 6.5% during the forecast period.
Key players dominating the Europe stainless steel flatware market ZWILLING J.A. Henckels AG; SABRE; Christofle Silver, Inc.; Tramontina USA Inc.; Wilkens & Söhne GmbH; Eternum S.A.; and Mepra S.P.A among others.
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