Stainless Steel Flatware Market Trends, Industry & Size 2031

Report Description

The global stainless steel flatware market size was USD 14.3 Bn in 2022 and is likely to reach USD 24.2 Bn by 2031, expanding at a CAGR of 6.7% during 2023–2031. The market growth is attributed to the ­­rising demand for high-quality kitchen tableware products and the increasing disposable income of consumers.

Flatware is a term used to describe the commonly used utensils such as spoons, forks, knives, and serving utensils that are used for eating and serving purposes. Pertaining to its variety of uses, flatware is created from different materials including stainless steel for everyday household use, silver flatware for the luxury dining experience, and disposable flatware that is discarded after use.

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Based on the quality and grading, stainless-steel flatware is mainly divided into four different types; 13/0, 18/8, 18/10, and 18/0. These gradings have been made based on the percentage of Chromium and Nickel in the stainless-steel alloy. Flatware gets its durability and resistance to rust and corrosion from Chromium, while it gets luster from Nickel. If the steel alloy contains 18% Chromium and 10% Nickel, it is graded as 18/10 stainless steel. Similarly, if the stainless steel contains 18% Chromium and 8% Nickel, it is graded as 18/8 stainless steel.

If it contains 18% Chromium and 0% Nickel, it gets graded as 18/0 stainless steel. This grading of steel is magnetic in nature, which is a good choice if your business has the implementation of magnetic flatware retrievers. If the stainless-steel alloy has 13% Chromium and 0% Nickel, then it is graded as 13/0 stainless steel. Most of the knives that are used in the dinner set are made with this steel, as it is ideal for forging and has a sharp cutting surface.

The 18/0 stainless steel has 0% Nickel, which makes it less durable and shiny but a more cost-effective and affordable option. On the other hand, 18/10 stainless steel is made of 2% more nickel than 18/8 stainless steel. This makes the 18/10 stainless steel less prone to bending and more durable & resistant to corrosion. The 18/10 steel is also more lustrous and shinier than 18/8, thereby making it the prime choice of steel for flatware used in fine dining establishments and hospitality venues.

The COVID-19 pandemic positively impacted the market.  The stainless-steel flatware rapidly gained popularity among the masses due to the emerging home cooking trend during the pandemic. However, with the increased standards of daily hygiene, the sales of stainless-steel flatware have increased through retail e-commerce, due to the pandemic restrictions and the complete shutdown of the retail shops.

Stainless Steel Flatware Market Dynamics

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Major Drivers

Growing awareness regarding the importance of maintaining hygiene while eating is expected to boost the demand for stainless-steel flatware during the forecast period. Eating food with hands may contaminate the food and increase the risk of illness. Moreover, the rising demand for the luxury dining experience and the rapid expansion of restaurants at a rapid pace are further likely to drive the market.

Existing Restraints

Fluctuations in the price of steel hinder market growth to a certain limit.  Continuous changes in the steel price encouraged manufacturers to increase their manufacturing costs and significantly product costs.  This may become a discouraging factor for customers that are looking to buy fine steel flatware.

Emerging Opportunities

The emergence of e-commerce platforms is expected to create immense growth opportunities for the key players competing in the market. Online marketplaces such as Amazon and eBay are helping enterprises to boost their sales. This allows the enterprises to sell goods in a shorter period of time and generate more revenue in comparison to the retail option.

Scope of the Stainless-Steel Flatware Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

On the basis of product, the stainless-steel flatware market is divided into knives, forks, spoons, serving utensils, and others. The Forks segment held a large market share in 2021 and is expected to expand at a significant growth rate during the projection period, as forks are one of the most commonly used stainless steel flatware. The growing adoption of designer and premium-quality forks to experience luxury dining is further likely to fuel the segment.

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Based on distribution channel, the market is segregated into supermarkets & hypermarkets, specialty stores, online retail, and others. The online retail segment is projected to register a considerable CAGR during the forecast period, as online platforms are providing a large variety of product options at a much discount. However, the covid restrictions cut down people’s access to retail outlets and online shopping became the norm. The quick delivery directly to the doorsteps and easy access encouraged consumers to prefer online shopping, which is expected to boost the segment.

The specialty stores segment is anticipated to grow at a significant pace in the coming years, owing to the wide availability of a narrow category of goods lines with quality under one roof. Specialty stores are embedded with product expertise, which helps in enhancing efficient customer service.

In terms of region, the global stainless-steel flatware market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, due to the high adoption of premium and luxury steel flatware. Consumers in the region demand for stylish flatware with quality and durability, owing to the evolving home decor and aesthetics trend. The regional market growth is further attributed to the rising trend of dinner parties and growing consumers’ disposable income.

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