Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Serveware market.
Trusted Business Insights presents an updated and Latest Study on Serveware Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Serveware market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Serveware Market
The global serveware market size was valued at USD 12.3 billion in 2018 and is expected to register a CAGR of 3.7% over the forecast period. Growing popularity of ceramic ware and glassware in households across the globe has been propelling the market. The versatility of serveware in commercial applications is also a key factor driving the market. In addition to being aesthetically pleasing, these tableware are suitable for cooking as well as heating in the microwave/oven.
Design, shape, material, and color of dinnerware have been known to play a major role in whetting consumer appetite for various kinds of food. For instance, eating a salad in a bowl rather than out of the box is a lot more appealing. Choosing white serveware makes the colors of the food served stand out, thereby adding to its attractiveness. Players have been paying closer attention to such trends and details and have been incorporating the same in their products.
Social media and cooking shows on T.V. have had a significant influence on building, retaining, and changing consumer demand. Shows like the Great British Bake Off, Chopped, Top Chef, Good Eats, Hells Kitchen, Chefs Table, Master Chef, Iron Chef, and The Kitchen often emphasize on the art of plating and serving. Arranging food in a specific manner adds value to the dining experience and serving platters, bowls, boards, trays, compotes, and tiered stands play an active role in achieving this objective. Food bloggers and social media influencers on platforms such as Pinterest and Instagram lay a lot of emphasis on attractive and aesthetic plating to make food look beautiful and appetizing. This trend will continue to have a positive impact on market growth.
A wide variety of raw materials are used to make serveware: metals such as copper, aluminum, silver, and steel, plastic, glass, ceramic, and wood. Copper is a good conductor of heat and thus, copperware keeps food hot for a longer time. Using materials that can serve multiple purposes is a key demand by consumers. As a result, companies have been working on innovative products that can be used as bakeware and cookware as well as serveware. For instance, Hawkins Futura offers cook-n-serve bowls that are appropriate for cooking and serving.
Product Insights of Serveware Market
Bowls and platters accounted for a share of more than 30.0% in the global market revenue in 2018 as they are the most common variants of serveware in households across the globe, irrespective of the cuisine. These are available in a variety of materials and are chosen depending on the food to be served. Chafing dishes are expected to be the fastest growing segment from 2021 to 2026, registering a CAGR of 4.6%. A variety of chafers are available in the market: chafer girdles, coffee chafer urns, drop in chafers, and marmite chafers. These can be fueled by electricity, wicks, gels, LPG, and various other mediums. Their rapid adoption for residential application to host small gatherings has been propelling the segment. Chafing dishes meant for home usage are smaller in size, easy to clean and maintain, and require less electricity.
Application Insights of Serveware Market
The commercial segment accounted for a share of more than 60.0% in the global serveware market in 2018. Initially, serveware was mostly used in hotels, restaurants, events and gatherings, railway pantry coaches, airlines, and other public dining places. The purpose of the same has been to feed a large group of people and also offer an appetizing view of the food being served. Chafing dishes are commonly used at such meals, which help keep the food warm throughout. Boards and trays are also increasingly useful for serving appetizers to a large crowd. The commercial application segment will continue to dominate the market over the forecast period.
Household is expected to be fastest growing market segment, registering a CAGR of 3.9% from 2021 to 2026. Rising availability of expensive china, ceramic ware, and glassware has been catering to growing product demand. These also make the perfect gift at weddings, anniversaries, promotions, farewells, and other similar occasions. Collecting and handing down expensive and limited-edition serveware from generation to generation is also a practice seen in several families.
Material Insights of Serveware Market
Metal-based products accounted for the largest share in the market in 2018. The dominance of the segment is attributed to the durability of metal-based kitchenware, including those made from steel, iron, aluminum, brass, bronze, silver, and copper. Consumers can choose from a wide variety depending upon their need and design choice. For instance, copperware is shiny and is an excellent heat conductor. Food is uniformly cooked in such vessels and serving food in them also adds an aesthetic touch. Lightweight aluminum is an excellent heat conductor. However, it is known to be highly reactive with acidic foods such as vinegar, tomatoes, and any citrus foods. Cooking these in aluminum-based serveware can change the appearance as well as flavor of the food.
Plastic serveware is expected to register the highest CAGR of 4.4% from 2021 to 2026. These variants are suitable for both baking as well as serving and are hence in high demand among end users. Moreover, plastics can be molded into various attractive shapes and sizes and also come in bright colors, which attracts consumer appeal. Plastic serveware made from high-density polyethylene, low-density polyethylene, and polypropylene are considered safe for food usage and offer stiff competition to glass and ceramic ware. Moreover, they are comparatively cheaper and more durable in nature.
Regional Insights of Serveware Market
Europe was the largest regional market for serveware in 2018, accounting for more than 30.0% of the global revenue. The region houses some of the largest and oldest ceramic ware and stone ware manufacturers, including Amara Living Ltd, Bernardaud, Christofle, Crate and Barrel, Dansk, Legle Legrand Lebouc, Mario Luca Giusti, and Porzellanmanufaktur Furstenberg GmbH. They are popular for their handcrafted serveware. The influence of art, culture, and history is a signature feature of tableware manufactured by these players.
Asia Pacific is expected to be fastest growing regional market for serveware productsservin, registering a CAGR of 4.2% from 2021 to 2026. Countries such as Japan and China have been using ceramic-based serveware for a long time; gradual adoption of these has been observed in households in emerging countries like India and Bangladesh.
Market Share Insights of Serveware Market
Key players in the market include Le Creuset, Borosil Glass Works Ltd., Churchill China plc, Fiskars Group, La Opala RG Limited, and All-Clad Metalcrafters, LLC. Companies in the market have realized the strength of a well-established international distribution network and are thus, focused on creating the same. Companies are also looking to expand their portfolio by developing a large assortment of serveware in various designs and materials. Market participants are also expected to increase spending on establishment of strategic business units in developing economies such as China and India.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Serveware Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global serveware market report on the basis of product, raw material, application, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Bowl & Platters
Boards & Trays
Jugs & Beverage Pots
Condiments & Sauceboats
Compotes & Tiered Stands
Raw Material Outlook (Revenue, USD Million, 2019 – 2030)
Wood & Others
Application Outlook (Revenue, USD Million, 2019 – 2030)
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