Oct 08, 2020
Cutlery Market to Cross US$ 10 Bn by 2030; Opening of Food Service Industry after Initial COVID-19-related Lockdowns to Aid Market Growth
by Team Fact.MR
The cutlery market is anticipated to reach a valuation of over US$ 10 billion by 2030, with the growth rate pegged at over 6% from 2020 to 2030. The market has seen multiple changes in recent years, with increasing bans on single-use plastic cutlery. The trend of bans is highly evident in countries such as the United States, Canada and Germany, among others. These bans related to the cutlery market have led to changing preferences of OEM suppliers and commercial end users such as HoReCa. The market is expected to experience fluctuations in demand during the short term, but innovations by manufacturers are expected to reset the lifecycle of multiple products in the cutlery market space.
Key Takeaways from Cutlery Market Study
- North America accounted for a share of nearly 30% in the global cutlery market in 2019. High preference of food delivery and dependence of consumers on external food services have created huge demand for disposable cutlery in the region.
- The market in South Asia and Oceania is expected to portray the highest growth rate over the forecast period, and grow 2.1X by 2030 over the value in 2020.
- Based on end use, institutional food services are expected to experience highest growth during the forecast period.
- In terms of product, spoons are expected to witness moderate growth during the forecast period in the cutlery market.
- In terms of sales channel, the direct sales segment accounts for a higher share in the cutlery market, and is expected to grow 1.8X by 2030.
- The COVID-19 crisis has been slightly detrimental in the early stages to the growth of the cutlery market. However, the market is expected to experience a positive effect hereafter.
“Disposable cutlery is expected to lose significant share during the forecast period, which is expected to be gained by reusable cutlery. Focus on wood and other biodegradable materials is expected to be high in the reusable cutlery segment,” says a Fact.MR analyst.
Companies Banking on Brand Presence in Cutlery Market
Players in the cutlery market have been banking on their established distribution channels and brand presence in their domestic markets. Companies have been increasing their investments in third-party e-Commerce channels in recent years. They have also been collaborating with brick and mortar channels and partnering with companies such as Bath & Body Works, Heineken, Newell, and Walmart, among others, to increase their presence in the cutlery market space.
Find More Valuable Insights on Cutlery Market
Fact.MR, in its new offering, provides an unbiased analysis of the global cutlery market, with historical data on demand (2015-2019) and expected projections for the period (2020-2030). The cutlery market report discloses compelling insights into the demand for cutlery based on product (spoons, soups, forks, knives, sporks, chopsticks, straws, stirrers, and others), end use (food service outlets, HoReCa, institutional food services, residential usage, and other end uses), and sales channels (direct sales, modern trade, specialty stores, online retail, and other sales channels), across six different regions.
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About the Retail & Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the retail and consumer goods team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analysed the retail and consumer goods industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.