Stainless Steel Flatware Market Size, Share, Growth and Industry Analysis by Type (Food Preparing Tool, And, Food Serving Tool), By Application (Domestic Use, And, Commercial Use), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

STAINLESS STEEL FLATWARE MARKET REPORT OVERVIEW

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global stainless steel flatware market size was USD 15400 million in 2021 and is projected to touch USD 47316.9 million by 2031 at CAGR 11.88% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Stainless steel flatware are utensils that are made up of steel. These utensils can be used for cooking and can also be used as dishes to serve foods. Stainless steel flatware can also include bottles, mugs, and containers that are made up of stainless steel. Steel is an alloy which is made up of elements like carbon, manganese, Sulphur, silicon, phosphorous, and also oxygen.   

In the recent years people have increased their liking towards American and European style cutlery. This flatware is made up of steel. Introduction of new type of steel utensils with fine lines to provide silhouette effect is increasing the market growth. This is identified as the latest trend in the market.

Stainless steel is a very sturdy material and has high durability. Steel kitchenware is used in most fine dining restaurants. These act as the factors driving stainless steel flatware market share.

COVID-19 impact: Presence of E-commerce Channels to Promote Sales Increased Market Growth

The outbreak of pandemic of COVID-19 resulted in lockdowns nation-wide. As a result, most of the retail stores in the country had to shut down. The temporary shut down in most of the stores resulted in reduction of demand from customers and also a considerable drop in the sales was observed. However, E-commerce channels worked very efficiently amidst the pandemic.

People struggled to buy things for themselves as they couldn’t move out of their houses during the pandemic. This increased the dependency of people on E-commerce platforms as they delivered the items to the doorsteps of their customers. In the same way, presence of several online platforms made the sale of stainless-steel flatware easier. The stainless steel flatware market underwent growth during the pandemic period.

LATEST TRENDS

" Growing Customer Preference Towards European and American Style Flatware’s to Increase Market Growth"

In the past few years, there has been a growing preference towards, European and American style flatware. All of the American and European flatware are made up of steel. Another reason why people are preferring, steel flatware is because of the health benefits provided by them.

The Julie satin flatware which is prepared by the Cambridge silversmiths is an all-purpose flatware which is very light in weight. It is made up of extremely definite, delicate, and clean lines in order to provide a silhouette effect. All of these are considered as the latest trend in the market. 

STAINLESS STEEL FLATWARE MARKET SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Food preparing tool, and, food serving tool. The food preparing tool segment is projected to hold the dominant market share through 2031 the forecasting period.

• By Application:

The market can be divided on the basis of application into the following segments:

Domestic use, and, commercial use. The domestic use segment is predicted to dominate the market through 2031.

DRIVING FACTORS

"Affordability and Durability of Steel Flatware to Amplify Market Growth"

Stainless steel flatware, are meant to be used on a daily basis. Hence, they must be very tough and resist all wears and tears. Stainless steel is a very sturdy material and has high durability. The flatware made of this material are also very affordable. This can amplify the market growth.

Growing urbanization and modernization have led to the increase in the disposable income of people. Post pandemic the rate of employment increased, changing the lifestyle of people. Consumer spending has increased on tableware and kitchenware. Internet penetration is slowly increasing in backward and rural regions. With quick availability of good network connections, customers are easily able to access online e-commerce platform. Several offers and discounts on steel flatware can be availed by the users. All of these factors have together contributed in the stainless steel flatware market growth.

"Growing Standards of Hygiene and Surge in Demand for Luxury Dining to Drive Market Development"

Steel flatware are considered as a symbol of luxury. Steel kitchenware is used in most fine dining restaurants to provide a luxury dining experience to the customers. Increase in the number of hotels and restaurants has also positively impacted the market development.  

An important factor, that has driven customer focus towards the usage of stainless-steel flatware is their concern for health and hygiene.  Using steel containers to store food items is a very safe method of storage as they do not produce any toxins that can affect the health of the consumer. These kitchenware and tableware can also be used for cooking food item. Steel is a material which requires very less maintenance. Growing interest of people in exotic cuisines can also help in driving stainless steel market share.

RESTRAINING FACTOR

"Tendency of Steel to Get Rusted to Deteriorate Market Growth"

Steel is an alloy which contains certain percentage of iron in it. Continuous and long-term exposure of this material to moisture can result in rusting of stainless steel. Using the same flatware can cause a lot of harm to human health.   

In order to avoid the rusting very high-quality stainless-steel cutlery must be adopted. These stainless-steel cutleries must be made up of anti-oxidant materials. However, stainless steel materials incorporated with anti-oxidant properties can be costly. All of these factors can bring down the market growth.

STAINLESS STEEL FLATWARE MARKET REGIONAL INSIGHTS

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"North America to Dominate Market in Upcoming Years"

North America is the region that is dominating the stainless steel flatware market. There are several reasons for this. The major reason for the tremendous growth of the market in North America is the rise of fine dining restaurants.

With the opening of fine dining restaurants, steel flatware is increasing being adopted.   Health and hygiene factors are also taken into consideration by people while choosing their cutlery. Steel is proven to be a very safe material to be used for manufacturing flatware. All of these factors have contributed in the development of market in the North American region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Continental (Germany)
• ZWILLING (Germany)
• Tramontina (Brazil)
• Sabre (U.S.)
• Christofle (France)
• 3M (U.S.)
• Oneida (U.S.)
• Winco (U.S.)
• Walco (U.S.)
• River Ridge Home (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations