Report : South & Central America 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 5.8% CAGR, the South & Central America Stainless Steel Flatware Market is speculated to be worth US$ 829.02 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America stainless steel flatware market was valued at US$ 592.61 million in 2022 and is expected to reach US$ 829.02 million by 2028, registering a CAGR of 5.8% from 2022 to 2028. Surging benefits of stainless steel flatware and introduction of stainless steel flatware with innovative coatings are factors driving the market growth.
Preference for freshly home-cooked meals has increased as people have become health conscious. In recent years, the trend of house parties and dinners has grown massively, especially during the COVID-19 pandemic. Also, hygiene-conscious people prefer home cooking and at-home dining over dining out amid the pandemic. The food delivery and takeaway services witnessed high growth during the pandemic due to the restrictions on dine-in operations in restaurants due to social distancing norms. Stainless steel flatware is affordable, attractive, and durable. Attractive stainless steel flatware with sleek designs and finish can enhance the dining experience at home. Therefore, owing to the rising preference for at-home dining, the demand for modern and eye-catching stainless steel flatware is increasing across the region.
On the contrary, lack of uniformity in operations and regulations may act as restraint to the market growth.
- Based on product, the South & Central America stainless steel flatware market is segmented into spoons, forks, knives, serving utensils, and others. The forks segment held 37.7% market share in 2022, amassing US$ 223.45 million. It is projected to garner US$ 317.16 million by 2028 to expand at 6.0% CAGR during 2022–2028.
- Based on distribution channel, the South & Central America stainless steel flatware market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held 38.8% market share in 2022, amassing US$ 230.03 million. It is projected to garner US$ 324.64 million by 2028 to expand at 5.9% CAGR during 2022–2028.
- Based on country, the South & Central America stainless steel flatware market has been segmented into Brazil, Argentina, and Rest of SAM. Our regional analysis states that Brazil captured 45.8% market share in 2022. It was assessed at US$ 271.71 million in 2022 and is likely to hit US$ 388.54 million by 2028, exhibiting a CAGR of 6.1% during the forecast period.
Key players dominating the South & Central America stainless steel flatware market SABRE; Christofle Silver, Inc.; Tramontina USA Inc.; Eternum S.A.; and Mepra S.P.A among others.
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