Stainless Steel Flatware Market Estimated to reach $9.46 billion by 2031, globally at a CAGR of 4.8%, says Coherent Market Insights

Oct 14, 2024

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 2031

Burlingame, 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)

Knife

Fork

Spoon

Others

By End-use Insights (Revenue, USD Bn, 2019 - 2031)

Household/Residential

Commercial

By Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)

Offline

Online

By Regional Insights (Revenue, USD Bn, 2019 - 2031)

North America

U.S.

Canada

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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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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