(MENAFN- GlobeNewsWire - Nasdaq) Global stainless steel flatware market is estimated to be valued at USD 6.81 Bn in 2024 and is expected to reach USD 9.46 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031Burlingame, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The global stainless steel flatware market , valued at 6.81 billion dollars in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to 9.46 billion dollars by 2031, as per a recent report by Coherent Market Insights. Rising demand for stainless steel flatware from the foodservice industry is expected to drive the market growth over the forecast period. Hotels, restaurants and catering businesses widely use stainless steel utensils as they are durable and can withstand high heat and impacts during commercial dishwashing. Additionally, increasing focus on sustainability is also contributing to the market growth. Many foodservice operators and consumers prefer stainless steel over other materials due to its recyclability and reusable nature.
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Market Dynamics
Increasing demand from commercial sector will drive market demand. Commercial establishments like restaurants and hotels highly prefer stainless steel flatware. Its sleek appearance and durability make it an ideal choice for frequent use.
Stainless steel does not break or crack easily which reduces replacement costs. It can also withstand high temperature during cleaning. Thus, it is suitable for commercial usage such as luxury hotels, cruises, and high-end casual dining. These factors will drive the demand for stainless steel flatware market forward.
Stainless Steel Flatware Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $6.81 billion |
| Estimated Value by 2031 | $9.46 billion |
| Growth Rate | Poised to grow at a CAGR of 4.8% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Packaging Type, By Distribution Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | . Growing restaurant industry
. Increase in disposable income |
| Restraints & Challenges | . Volatility in raw material prices
. Availability of alternatives like plastic flatware |
Market Trends
Increasing Focus on Green Products : With growing awareness regarding environment protection consumers prefer green and sustainable products. This preference has increased significantly over the past few years. Stainless steel is completely recyclable without loss in quality and performance. Being non-toxic and long lasting, stainless steel flatware qualifies as a green product. This has encouraged manufacturers to promote their products to attract conscious consumers.
Transition to Modern Designs : Consumers prefer trendy yet functional stainless steel flatware. Leading players are focusing on innovative designs without compromising utilitarian nature. Flatware sets with minimalist, linear and geometric designs aligned with modern aesthetics are gaining popularity. The availability of flatware in many colors besides traditional silver has also expanded their appeal.
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Market Opportunities
With rising income levels in developing countries, consumers are willing to spend more on high quality kitchen tools and accessories. These high quality accessories include stainless steel flatware. Stainless steel flatware offers durability and rust resistance compared to other materials.
Consumer preferences are changing towards products that enhance their lifestyle and dining experiences.
Stainless steel flatware provides an elegant and sophisticated look that appeals to modern consumers. Manufacturers are innovating with new designs and styles to cater to changing consumer tastes.
The growth of the foodservice industry such as HoReCa will fuel the demand for stainless steel flatware. Stainless steel flatware is durable and corrosion resistant making it ideal for high volume commercial use. It can withstand frequent washing, handling, and usage.
Foodservice providers prefer stainless steel over other materials. This is due to its cost effectiveness over the long run. Growth in tourism and eating out culture is driving more foodservice outlets to opt for stainless steel cutlery and tableware.
Key Market Takeaways
The global stainless steel flatware market is anticipated to witness a CAGR of 4.8% during the forecast period 2024-2031. This is owing to rising living standards and busy lifestyles.
On the basis of product type, the knife segment is expected to hold a dominant position during the forecast period. This is owing to its widespread application in food preparation and consumption.
On the basis of end use Industry, the household/residential segment is expected to hold a dominant position over the forecast period. This is due to home comfort and familiarity trend.
On the basis of distribution channel, the offline segment is expected to hold a dominant position over the forecast period. As it provide touch and fell advantage to people. People can touch the product and examine it physically while buying,
North America is expected to hold a dominant position over the forecast period. This is due to presence of major manufacturers in the region and rapid adoption of modern cutlery and kitchenware.
Competitor Insights
WMF Oneida Zwilling J.A Henckels Robert Welch Villeroy & Boch Christonfle George Jensen Rosle Laguiole en Aubrac Sola Carter & Myers Ercuis Hampton Forge
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Stainless Steel Flatware Industry News
In March 2024, Tramontina announced the launch of its professional cookware line in India. It is specifically designed to cater to the HoReCa.
In March 2023, Victorinox launched its stunning new cutlery collection. The company introduced five new Swiss Modern Collective knives for kitchen in classy colors
Detailed Segmentation:
By Product Type Insights (Revenue, USD Bn, 2019 - 2031)
By End-use Insights (Revenue, USD Bn, 2019 - 2031)
Household/Residential Commercial
By Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
By Regional Insights (Revenue, USD Bn, 2019 - 2031)
North America Latin America Brazil Argentina Mexico Rest of Latin America
Europe Germany U.K. Spain France Italy Russia Rest of Europe
Asia Pacific China India Japan Australia South Korea ASEAN Rest of Asia Pacific
Middle East GCC Countries Israel Rest of Middle East
Africa South Africa North Africa Central Africa
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