Cookware Market Expected to Reach $34.1 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cookware Market," The cookware market was valued at $19.0 billion in 2020, and is estimated to reach $34.1 billion by 2030, growing at a CAGR of 6% from 2021 to 2030.

Cooking is an activity that one performs out of necessity or has a personal interest, or rather takes it up as a profession, because food is the basic necessity for human survival. Traditionally, mud pots or earthen cookware were used to cook food. But with the evolution of human beings and the development of economies & technology gave rise to the production of modern cookware products and techniques. Due to this, the cookware industry has started expanding. An increasing number of chefs, the growing popularity of cooking shows, inclination of both men and women in cooking practices, engagement of children in cooking to try out new dishes, increase in popularity of international level cooking competitions, and the advent of new dishes requiring specialized cookware are becoming popular cookware market trends and it is expected to drive the demand for cookware in the market.

In almost every industry, health & fitness and usage of eco-friendly products have become an ongoing trend. The cookware sector is observing a similar trend, where demand for green or sustainable products that cause no harm to the surroundings is on the rise. For instance, chefs across the globe prefer cookware or eco-friendly pans that do not cause any harm to consumer health. Cuisinart’s green gourmet non-stick cookware is one such non-stick cookware that consumes less energy and also limits carbon emissions.

The cooking pans segment was the highest contributor to the cookware market size, garnering a share of 32% in 2020, owing to the fact that cooking pans allow to enhance the cooking speed. This segment is also estimated to witness a healthy growth in the future.

In 2020, by material, the stainless steel segment acquired the maximum cookware market share of around 45%, and is anticipated to grow with the healthy CAGR of 6.0% during the cookware market forecast period. This has attributed to rise in stainless steel is more durable and it does not corrode and it does not get affected by heat easily. And it is easier to maintain. In addition, stainless steel and aluminum material cookware does not react with food and it keeps the food healthy.

However, materials such as nonstick cookware is a utensil whose surface is engineered in such a way that the risk of food items to stick on the cookware minimizes. A coating of a smooth texture (non-stick coating) on non-stick cookware prevents the food from sticking to the utensil or from getting burned or overcooked. A variety of non-stick cookware is present in the global market, coated by using different raw materials such as Teflon, aluminum, enameled iron, ceramic, and many others.

Using non-stick cookware enables less oil utilization while cooking and it is also easy to wash as there are no remains of food stuck on the cookware. Also, non-stick cookware is available in different shapes, sizes, colors, and materials, which supports its market growth. Therefore, non-stick market is projected to witness growth significantly during the forecast period. Rise in business-related travel and increase in number of food joints such as hotels & restaurants fuel the cookware market growth because of commercial end users.

According to the cookware market analysis, by region, Asia-Pacific is expected to witness the highest growth rate of 6.3% during the forecast period, owing to increase in adoption of westernization among the consumers and their rise in disposable income are few of the major factors supporting the growth of cookware demandand will creates the cookware market opportunities.

KEY FINDINGS OF THE STUDY

• Region wise, Asia-Pacific is anticipated to lead the cookware market in 2030, growing at a CAGR of 6.3%, from 2021 to 2030.
• By type, the cooking pans segment occupied nearly 32% of the global market share in 2020.
• By material, the stainless steel segment dominated the overall market in 2020, and is expected to grow at a CAGR of 6.0% during the forecast period.
• The nonstick segment is anticipated to grow at a significant CAGR of 6.6%.

The major companies profiled in the report include Conair Corporation, Fissler GmbH, Groupe SEB, Hawkins Cookers Limited, Meyer Corporation, Newell Brands, Prestige, Target Brands Inc., Vinod Cookware and Wilh. Werhahn KG.