Tableware Market Overview 2018 – China & US Market Trends

Tableware Market Overview 2018 – China & US Market Trends

Tableware Market Overview 

What is TABLEWARE?

Tableware includes everything you need for eating meals at your table, from plates to cutlery. With the growing popularity of hosting social dining events, there has never been so much choice in the tableware market. Consumers can choose products to suit their needs, from basic dining sets for day-to-day eating, to elegant dining sets made from fine materials for that special occasion. Table decorations and accessories are also available to add the finishing touch to celebrate that special festival or occasion in the perfect way.

At a Glance

Pros

  • Strong market growth
  • Increase in frequency of purchase
  • Fastest growth in Asia Pacific

Cons

  • Increasing demand for disposable dinnerware
  • Competition from plasticware is restraining growth in ceramicware

Key Stats

  • Global market to exceed US$ 41 billion by 2020
  • Asia Pacific is the fastest growing market
  • Global glass tableware market to be worth US$ 14.2 billion by 2024

Tableware Industry Market Overview

The global market for tableware is forecast to exceed US$ 41 billion by 2020, driven by greater consumer interest in social dining events and sophisticated fine dining.

The tableware market is also supported by favorable demographic factors and a growing preference for at-home entertainment amongst consumers. As consumers are enjoying more sophisticated dining practices, the importance of food presentation and styling as the finishing touch to culinary skills is boosting sales in the tableware market. Suppliers are seeing growing demand for vintage glassware and dinnerware as this style becomes more fashionable, and more demand for smaller plates and bowls due to a preference for smaller portion sizes.

Industry Drivers 

  • Rising living standards
  • Growing consumer interest in fine dining
  • Preference for at-home entertainment and hosting social dinner events

Most Profitable Demographic Groups

  • First-time homeowners or renters
  • Homeowners with a large disposable income

Industry Leaders

  • Royal Doulton
  • Villeroy & Boch AG
  • Lenox Corporation
  • Noritake Co. Ltd.
  • EveryWare Global Inc.

Glassware Growth

The global glass tableware market was valued at US$ 8.8 billion in 2015 and is forecast to be worth US$ 14.2 billion in 2024. From 2016 to 2024, the compound annual growth rate (CAGR) for the global glass tableware market is predicted to be 6.1%.

Drinkware is expected to have the largest share of the global glassware market by 2024, with a predicted market share of 34.9% The overall increasing consumption of beverages and the easy recyclability of drinkware is driving the growth of glass drinkware.

The global glass tableware market is being led by Asia Pacific, with a predicted market share of 35.8% by 2024. Demand is being driven by rising amounts of disposable income in the region.

US Market Trends

The US market for tableware and kitchenware is robust and forecast to be worth US$ 12.7 billion by 2021. Plasticware is expected to continue outpacing other segments of this market, such as ceramic products. The low cost and convenience of microwavable plasticware and disposable flatware is highly attractive to busy consumers. Souring Suppliers of ceramicware are noticing a shift in demand towards casually-styled products, rather than more expensive formal styles made from bone china and porcelain.

Flatware trends in China

Revenue from the flatware and kitchen utensil industry in China has been growing annually by 10.6%, from US$ 17.6 billion in 2012 to a predicted US$ 29.1 billion in 2017. The domestic market for flatware has been driven by rising disposable incomes, improved living standards and growing Western culinary influences. Improvements in product design and lower prices have been contributing to export growth.

If you are a newbie looking to sell tableware you need to be prepared for the fiercely competitive environment. To achieve stable profitability, the most important thing you must do is control costs.

How do you control costs effectively?

First, you need to find a suitable and reliable supplier. This is where EC4U Sourcing comes in with over 10 years of purchasing experience in China. We can find quality suppliers for you and help you negotiate the best prices with the suppliers. EC4U Sourcing has professionals that can arrange shipment saving you the transportation costs. If you still need to take photos, do labeling and other services, contact our customer service staff at info@ec4ulimited.com or chat with us online. We guarantee you excellent customer service.

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