Global tabletop market growing, says report

The global tabletop kitchen products market is poised for growth reveals a new industry report from Grand View Research. The market will reach US$61.3 billion by 2025, expanding at a compound annual growth rate (CAGR) of 3.7%, the firm added. Key drivers include increasing prominence towards the buffet and self-service concept in the culinary world. Also, developments in the foodservice and hospitality business, particularly hotels, restaurants, resorts and other service providers are expected to fuel demand for tabletop kitchen products over the forecast period.
Other growth factors are the booming travel industry across the globe, which is also driving the hospitality sector in generating a lucrative market for the commercial application of tabletop kitchen products in hotels. For example, US hotel gross bookings have increased from $116 billion in 2009 to $185 billion in 2017. Thus, indicating growth prospective for tableware and buffet products in the sector, said Grand View.
Meanwhile, Asia-Pacific also witnessed growth in the market with a revenue-based market share of 4.7% in 2018. Presence of a large number of manufacturers of tabletop kitchen products in the region is also contributing to driving factors for the market. Travel and tourism in the area are also paving the way for innovative products in the tabletop category such as fancy drinkware and flatware. Increasing culture of wine drinking provides a growth opportunity for drinkware segments owing to a greater need for wine glasses. Boosting beer sales in Asian countries also drives the market for tabletop kitchen products.