Ceramic Tableware Market to Hit US$ 92.1 Bn, Globally, by 2031 at 6.7% CAGR| Finds TMR
Transparency Market Research delivers key insights on the global ceramic tableware market. In terms of revenue, the global ceramic tableware market is estimated to expand at a CAGR of 6.7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global ceramic tableware market report.
In this market report, TMR predicts that the global ceramic tableware market would be largely driven by factors such as extensive usage of ceramic tableware in the hospitality industry across the world. Moreover, rising construction activities and home renovation are expected to boost the demand for ceramic tableware in the upcoming years.
The ceramic tableware market report covers product type, material, end-use, pricing, and distribution channel. In terms of product type, the market has been segmented into dinnerware, beverageware, and others. The material segment has been classified into earthenware, stoneware, and porcelain. The end-use segment has been bifurcated into residential and commercial. The pricing segment has been divided into high, medium, and low. The distribution channel comprises online and offline.
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Based on product type, dinnerware is the major segment in the global ceramic tableware market. The growing adoption of ceramic tableware can be attributed to their aesthetic and trendy look as compared to metal tableware; they are also lightweight. Dinnerware plates, a sub-segment of the dinnerware segment accounted for the largest share of the ceramic tableware market and expand constantly during the forecast period.
In terms of pricing, the low range segment holds prominent position in the ceramic tableware market. Products with low price are sold the most, as such products are cost effective. However, ceramic tableware with improved and innovative designs and of high quality are costlier as compared to general ceramic tableware products.
In terms of end-use, usage of ceramic tableware among individuals has been rising substantially since the pandemic hit, and the residential segment is likely to grow continually in the near future. The catering and food service industry is huge and likely to grow. The ceramic tableware market is dominated by the commercial segment in terms of revenue generation, and it can be attributed to higher usage frequency.
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Ceramic Tableware Market: Prominent Regions
North Americans have higher per capita income, which indicates high disposable income and hence, the demand for kitchen and home décor products is high in the region, Europeans spending on exquisite home décor and kitchen products is high and that leads to constant growth of the ceramic tableware market.
Asia Pacific is expected to lead in terms of sales of ceramic tableware during the forecast period, followed by Europe. Presence of major manufacturers, increasing consumer awareness about leading a healthy lifestyle, and rising disposable income, especially in developing countries such as India and China, are leading to increasing adoption of ceramic dining products, which will help the ceramic tableware market to grow rapidly during the forecast period.
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China accounted for major share of the ceramic tableware market due to the presence of major manufacturers in the country, followed by India holding a prominent position in the market. Rising demand for ceramic tableware due to increasing home renovations and growing residential construction are major factors helping in the adoption of ceramic tableware in the region. China and India are expected to show huge growth in the ceramic tableware market during the forecast period. Rising consumer income, various ongoing construction projects, growing urbanization, and changing lifestyle of people in the region are projected to propel the demand for home décor and dining ware products in these countries in the upcoming years.
Ceramic Tableware Market: Key Players
The competition landscape of the ceramic tableware market is moderately fragmented with leading players accounting for majority of the revenue share. Key players operating in the global ceramic tableware market include Degrenne, Fiskars Group, Lenox Corporation, Libbey Inc., RAK Ceramics, ROSENTHAL GMBH, Staatliche Porzellan-Manufaktur Meissen GmbH, Steelite International, Tognana Porcellane, and WMF GmbH.
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