Cookware Market A Global Perspective and Consumer Preferences

Cookware Industry Overview

The global cookware market size was valued USD 30.59 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2030. The rising preference for modular kitchens, coupled with the improving standard of living, is driving the demand for cookware products in the commercial as well as residential sectors. In addition, the growing trend of food-away-from-home has raised awareness regarding different cooking techniques and utensils, thereby driving the adoption of various cookware products.

Increased spending on home improvement projects or home remodeling is also boosting product demand. The growing home values have doubled the homeowners’ equity in the last five years since 2019, indicating a surge in the spending capacity toward home improvement. Houzz, an online platform for home remodeling and design, conducted its 12th annual U.S. Houzz & Home Study, surveying over 46,000 respondents in the U.S. The findings revealed that in 2022, almost 58% of surveyed homeowners chose to renovate their homes, while nearly half, or 48%, focused on essential repairs and also on quality cookware. These developments are likely to positively influence the market.

Gather more insights about the market drivers, restrains and growth of the Cookware Market

Rapid expansion in commercial constructions, particularly in developing economies such as India, and China is paving the way for eateries, restaurants, and food joints, indicating rising growth prospects for cookware products. The increasing number of meals consumed away from home due to the surge in the working population worldwide will further drive market growth, particularly in the commercial sector. For instance, according to The World Cooking Index Report published by Cookpad Inc. in 2022, the average number of meals consumed at home each week has declined overall, from 9.9 meals in 2020 to 9.8 in 2021.

Consumers with a high level of affordability spend make informed choices to elevate their quality of life, leading to the acquisition of practical and versatile household products like cookware. This trend is expected to contribute to the growth of the market in the foreseeable future. According to a report published by The National Kitchen & Bath Association (NKBA) in 2021, rising homeowner expenditure on kitchen remodeling projects would boost the demand for kitchenware and cookware products. Improved standards of living, backed by rising disposable income levels, drive the demand for high-end and exquisite cookware products across the globe.

Customers are appealing for more sustainable products due to worries about deforestation and climate change. Demand for eco-friendly cookware that is devoid of adhesives, polymers, coatings, or colors is higher than ever. Customers are looking for environmentally friendly products that also look good. For instance, Our Place, a Los Angeles-based firm that produces Teflon and PTFE-free cookware that is created responsibly with responsible materials. Such initiatives are expected to propel the market growth over the forecast period.

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.

Key Companies profiled:

• Groupe SEB

• Werhahn Group

• Target

• Meyer Corporation

• Fissler

• Tramontina

• Newell Brands Inc.

• SCANPAN

• TTK Prestige Ltd.

• The Vollrath Co., L.L.C.

• Hawkins Cookers Limited

Recent Developments

• In October 2023, Le Creuset added the newest color variant—thyme—to its enameled cast iron and stoneware product lines. This fresh color option is now accessible on the company's website, at its signature stores, and at Crate & Barrel.

• In May 2023, Groupe SEB acquired Pacojet, a Swiss family-owned company that specializes in developing and marketing a unique culinary appliance that has been popular with chefs for three decades. The acquisition is part of Groupe SEB's strategy to expand its presence in the professional market.

• In January 2023, Groupe SEB had its partnership extended with GXO, a contract logistics provider. The partnership will provide Groupe SEB with additional warehouse space to support sustainable growth, enabling its omnichannel business to deliver a superior customer experience in the UK and Ireland using customized end-to-end supply chain solutions.

• In November 2022, Target intends to open large-format stores that will cover an area of approximately 150,000 square feet. The new store design will enable the company to expand its online ordering services and in-store merchandise offerings. In addition to enhancing Target's drive-up and in-store pickup capabilities, the new store design will be intended to provide more space for employees to prepare online delivery orders.