In recent years, several trends have shaped the housewares market in emerging countries such as China, Japan, South Korea, India, and Australia. One of these trends is the growing preference for multifunctional cookware and kitchen appliances. Consumers seek versatile products that perform multiple tasks, promoting efficiency and space-saving in their kitchens. As a result, manufacturers have been responding to these demands by developing innovative cookware sets and kitchen appliances. Moreover, smart technology integration has been a critical trend for kitchen appliance manufacturers. Smart kitchen appliances, with features such as remote control, automation, and compatibility with digital assistants, appeal to tech-savvy consumers. These appliances offer convenience and control, allowing users to manage their kitchen tasks more efficiently. Further, consumers are investing in high-quality bathroom fixtures, accessories, and textiles to create a relaxing and indulgent bathroom environment. This trend reflects a growing interest in self-care and wellness among consumers across the Asia Pacific.
Strategic Development Initiatives by Key Players
Manufacturers are investing significantly in product developments, business expansions, mergers and acquisitions, partnerships, etc., to cater to the increasing demand for housewares. Key market players engage in research and development to launch innovative housewares to attract a large consumer base. For instance, in October 2021, Caraway, a company offering nontoxic cookware, launched bakeware in 5 color variants. These bakeware items, including non-stick pans, come with a ceramic coating and are free from heavy metals. Similarly, in October 2022, Eva Longoria (actress, entrepreneur, and activist) and Heyday (a next-generation platform accelerating e-commerce brands), in partnership, launched a new multifunctional stove-to-table cookware line “Risa.”
Well-established players operating in the housewares market are acquiring other businesses to enhance their global market presence. In October 2021, Lenox Corporation acquired Oneida Consumer LLC along with its product line of tabletop items such as flatware, tableware, and cutlery. The alliance was formed to advertise a significant portfolio of brands and advanced products to boost client awareness through various retail channels. Additionally, companies are partnering with other manufacturers to maintain their market positions. In April 2021, BSH Home Appliances Corporation announced its partnership with Plum to manufacture next-generation kitchen appliances to meet ever-changing consumer demand.
Thus, such strategic development initiatives by key players in the houseware market are driving market growth worldwide.
Housewares Market: Segmental Overview
Based on distribution channel, the housewares market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the global housewares market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Impact of COVID-19 Pandemic on Housewares Market
The COVID-19 pandemic adversely affected economies and industries due to lockdowns, travel restrictions, and business shutdowns. The housewares industry reported severe disruptions in supply chains and shutdowns of processing, wholesale, and smaller retail businesses in the initial phases of the COVID-19 pandemic. The pandemic hindered the supply chains, manufacturing activities, delivery schedules, and goods sales. The imposition of lockdown measures to curb the spread of SARS-CoV-2 compelled many store operators to keep their stores closed, which resulted in decreased sales of housewares. However, after some relaxation in restrictions after late 2020, the production and sales of housewares exhibited an upward trend.
Housewares Market: Competitive Landscape
Bradshaw Home Inc, The Denby Pottery Co Ltd, HF Coors Co Inc, Inter Ikea Holding Bv, Hutzler Manufacturing Co Inc, TTK Prestige Ltd, Newell Brands Inc, BSH Hausgerate GmbH, Kohler Co, and Haier US Appliance Solutions Inc are among the prominent players operating in the housewares market. The global housewares market players focus on providing high-quality products to fulfill customer demand. They also adopt strategies such as investments in research and development activities, new product launches, and expanding production capacities.