Commercial Tabletop Kitchen Products Market Growth & Trends
The global commercial tabletop kitchen products market size is expected to reach USD 17.74 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.5% from 2021 to 2028. The evolution of self-service kiosks and the popularity of buffet systems in restaurants have resulted in the growing adoption of commercial tabletop kitchen products. Besides, events such as holiday parties, business meetings, weddings, or any other social gathering require feeding a large number of people, wherein a buffet system is considered to be the ideal service option. This scenario is expected to result in the growing adoption of different buffet service utensils and serving ware, such as plates and drinkware.
The growing trend of food-away-from home, dining out, and takeout has been presenting lucrative growth opportunities for restaurants and eating joints, which has resulted in a surge in the number of eateries. This has driven the need for various tabletop kitchen products for the preparation, service, and delivery of various kinds of foods. The growth of the restaurant industry is mainly attributed to the customer desire for convenience, socializing, and high-quality food and services. This has influenced restaurant owners to invest in modern and quality tabletop kitchen products, including dinnerware and buffet ware.
The rapidly increasing urbanization across developing economies is a prominent factor leading to a positive scenario for the market. In line with this, growing investments by countries in constructing office buildings, hotels, retail stores, malls, hospitals, and other commercial infrastructure will result in the subsequent demand for various kinds of tabletop kitchen products. According to Invest India, the construction market in India is expected to emerge as the third-largest globally by 2025. Similarly, in China, the number of private hospitals doubled to a total of 16,900 hospitals in 2017 from 2011. Such infrastructure development efforts are paving the way for various commercial tabletop kitchen products across countries.
Businesses are gradually shifting from brick-and-mortar sales to e-commerce portals due to increasing digitization, penetration of smartphones, and internet access. To expand product visibility, especially in the emerging markets, manufacturers are showcasing their products on various online platforms, such as company-owned portals and third-party retailers. Appropriate pricing, dealer margins, a strong distribution network, and brand awareness are some of the critical factors determining the success of industry players. Omnichannel is a new strategy implemented by manufacturers in the market.
Asia Pacific held the largest revenue share in 2020 and is expected to expand at the fastest CAGR over the forecast period. In Asia Pacific, China is likely to be at the forefront in terms of revenue share and is expected to expand at a notable CAGR from 2021 to 2028. Factors such as the increasing popularity of commercial tabletop kitchen products and the expanding hospitality sector in the country are driving the market in China. The presence of a large number of manufacturers of tabletop kitchen products in China is another factor boosting the market growth.
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Commercial Tabletop Kitchen Products Market Report
Commercial Tabletop Kitchen Products Market Report Highlights
- Asia Pacific held the largest share of over 33.0% in 2020 and is foreseen to remain at the forefront over the forecast period
- By material, the metal ware segment held the largest share of over 43.0% in 2020. This is attributed to the increased adoption of metal ware in the commercial sector
- The porcelain material segment is projected to expand at the highest CAGR of 8.3% from 2021 to 2028 owing to its favorable properties, such as strength, elasticity, permeability, cost-effectiveness, and translucency
