Global Cutlery Market Projected to Add Nearly 2x Value through 2031: Fact.MR Study
Published : 10 Aug 2021 Industry: Consumer Goods
A recently published report by Fact.MR expects global demand for cutlery is anticipated to surpass US$ 10 Bn by 2031, registering a CAGR exceeding 6% throughout the assessment period. The market is expected to receive credible stimulus with the introduction of edible and recyclable cutlery in forthcoming years.
From 2016 to 2020, global cutlery sales flourished at a CAGR of 4%, clocking a valuation exceeding US$ 5 Bn by the end of the historical period. There has been an increase in the demand for products during the ongoing COVID-19 pandemic due to the increasing trend of home cooking as consumers try to avoid exposure to the virus across restaurants.
With the growing popularity of social dining, tabletop kitchen products are expected to increase in demand. Market expansion is expected to be driven by increasing demand for organic, sustainable products derived from wheat stalks and other edible materials. Growing demand for cutlery in the kitchen and dining room raises the need for innovative and fashionable cutleries in the market
Key Takeaways from the Market Study
- Online sales channels to account for 50% of global cutlery distribution platforms
- Demand from food services outlets is poised to be valued at an expansion rate of 6% CAGR
- By product, spoons to remain top selling category, accounting for 3 out of 5 sales
- U.S to register high sales, expected to grow at a CAGR of 5% through 2031
- Europe to emerge as an opportunistic market, capturing a market share exceeding 33%
- Asia to emerge as a highly profitable market, with India and China spearheading demand
“With single-use cutlery becoming more and more adaptable to natural and food waste, biodegradable cutlery will be increasingly sought after in the near future,” says a Fact.MR analyst.
Strategic collaborations and innovations have increased revenue and market share. The development of new products and technologies will reduce the amount of plastic that is disposed of in nature.
- On June 4th, 2021, Lenox Corporation, a leading supplier of tabletop, home entertaining products, and giftware announced the acquisition of Oneida Consumer LLC. Oneida Consumer LLC agreed to acquire all of its existing tabletop products including dinnerware, flatware, and cutlery.
- The recent acquisition of Hampton Forge and Oneida tabletop products has resulted in Lenox having a diversified portfolio throughout its total retail channels that are recognized by consumers.
- BioFase has created a novel solution to replace plastic cutlery with avocado pits. Compared to conventional plastics, avocado pit cutlery contains only 40% synthetic organic compounds, reducing our pollution from plastic by 60%.
More Insights Available
Fact.MR's, in its new offering, presents an unbiased analysis of the cutlery market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product type (spoon, soup spoons, forks, knives, sporks, chopsticks, straws, stirrers and others), end use (food service outlets, HoReCa, institutional food service, residential usage and other end uses), and Sales Channel (direct sales, modern trade, specialty stores, online retail, and other sales channels ) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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Shambhu Nath Jha
Sr. Consultant - Consumer Products