Wok Market Research, 2031
The global wok market size was valued at $1.7 billion in 2021, and is projected to reach $3 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
A wok is a shallow bowl-shaped, thin-walled cooking pan with handles that is popular in Chinese cookery. The wok's rounded bottom focuses heat, allowing food to cook fast and with only a small amount of oil. While other food cooks at the bottom, cooked food can be transferred up the wok's sloping side to stay warm without continuing to cook. The wok was created as a tool for conserving limited fuel. Typically, it is constructed from iron, carbon steel, copper, or aluminum. Household woks typically measure between 30 and 36 cm in diameter, despite the fact that woks range in size from 25 to 80 cm. China has utilized woks for many types of cooking for almost 3,000 years, including stir-frying, boiling, braising, poaching, and stewing. The wok becomes a steamer when a rack and lid are added. Woks have been modified for Western usage by the installation of a metal ring, which is placed on top of a gas or electric burner to retain the wok and prevent it from toppling. Originally made for use on wood or charcoal-burning Chinese stoves, woks were originally built for those stoves. Meals may be prepared at the dining table using electrically heated woks that include a thermostat and a removable heating element.
Moreover, the adoption of trendy cookware products is the major driver which propels the wok industry demand. In order to try new meals at home, consumers are working to improve their cooking skills. One more factor influencing the market growth is the replacement of out-of-date cookware with new items. The International Housewares Association (IHA) estimates that 90% of American consumers will replace their cookware in ten years. Since economies and marketplaces have now resumed after stringent lockdowns, there has been an upsurge in new home construction and the revitalization of commercial kitchen businesses such as restaurants, street food vendors, fast food chains, and cafes. Following COVID-19, there will be a substantial transition at the point of sale from traditional brick-and-mortar establishments to online retail platforms.
Moreover, the increase in residential and hospitality kitchens is a factor driving the wok market growth. Customer retention in the hospitality industry is influenced by more than just the quality of the cuisine and relies on how well the guests were treated all around. Furthermore, the market is expanding due to the increase in commercial kitchens, cafes, and restaurants. The need for woks is being driven by the business sector's rapid construction, especially in the hospitality industry. The increasing penetration of online shopping is a great opportunity for the market. Currently, a lot of merchants partner with one another or have their own online stores where customers may learn more about the company and its goods.
Additionally, increasing concerns regarding Teflon coating is expected to obstruct the wok market demand during the forecast period. Teflon is normally safe, however, it offers a health risk when heated above 300 degrees Celsius, or 570 degrees Fahrenheit.
The wok market is segmented into Material Type, Application, and Distribution Channel.
The wok market is segmented on the basis of material type, application, distribution channel, and region. On the basis of material type, the market is classified into carbon steel, cast iron, and aluminum. By application, the market is bifurcated into household and commercial. By distribution channel, the market is categorized into supermarkets & hypermarkets, convenience stores, specialty stores, and online sales channels. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By material type, the market is segmented into carbon steel, cast iron, and aluminum. The carbon steel segment accounted for a major share of the market in 2021 and is expected to grow at a significant CAGR during the wok market forecast period. Carbon steel is simpler to lift and heat up faster because of its small weight. The price, style, and quality of carbon steel woks can vary significantly on the basis of ply and forming procedures. The lowest quality steel woks are often made from a single "ply," or piece, of steel that is mechanically stamped.
By application, the market is segmented into household and commercial. The commercial segment is accounted for a major share of the market in 2021 and it is expected to grow at a significant CAGR during the forecasted period. In order to properly equip your kitchen, a commercial wok is necessary. Noodles, stir-fries, and a variety of other meals can be produced in large quantities in woks.
By distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, and online sales channel. The specialty stores segment accounted for a major wok market share of the market in 2021 and it is expected to grow at a significant CAGR during the forecast period. Small retail establishments known as specialty stores specialize in the sale of a certain product line and related goods. In addition to offering customers superior service quality and professional advice, the majority of specialty store business operators maintain considerable depth in the type of goods that they specialize in selling, typically at premium pricing.
By region, the wok market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The North America market is projected to witness the fastest growth during the forecast period, Due to an increase in television programs featuring food and recipes, the market in the North American area is expected to grow rapidly over the forecast period.
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the cigarette paper industry include Bajaj electricals limited, Zwilling J. A. Henckels, TTK prestige limited, Tramontina USA, Inc., Scanpan A/S, Calphalon, Cuisinart, Supor, Target Brands, Inc., and Lodge cast iron.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wok market analysis from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the wok market segmentation assists to determine the prevailing wok market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as wok market trends, key players, market segments, application areas, and market growth strategies.
Wok Market Report Highlights
Market Size By 2031
USD 3 billion
CAGR of 6.3%
2021 - 2031
By Material Type
By Distribution Channel
Key Market Players
Bajaj Electricals Ltd, TTK Prestige Limited, Supor, Target Brands, Inc., Zwilling J. A. Henckels, Calphalon, Tramontina USA, Inc., Scanpan A/S, Lodge Cast Iron, Cuisinart
According to the insights of the CXOs, the wok market is expected to witness robust growth during the forecast period. This is attributed to an increase in residential and hospitality kitchens because of the increased popularity of dinner out among working-class individuals. Moreover, increasing awareness among end-users regarding the advantages of cast iron cookware has fueled the growth of the market. Consumers are more attracted to online shopping There is an increase in the number of online shoppers, owing to the availability of varied product options and price comparison on online shopping sites. Furthermore, the key players in the market are investing in R&D activities and advertising and promoting products to get traction with consumers around the globe.
CXOs furthermore added rising demand for flat-bottomed wok Because it can be used on conventional ranges and is frequently made with either two side handles or one long handle, the flat-bottomed version is growing in popularity. However, the increasing concern regarding Teflon coating and the increase in the number of fake products in the market are expected to hamper the growth of the wok market in the future.