The Global Wok Market size was valued at $1.7 billion in 2021, and is projected to reach $3 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.The consumer goods sector was one of the most heavily impacted sectors during the COVID-19 pandemic. The supply chain disruption due to trade and lockdown restrictions had a negative impact on the market. On the other hand, the rise in online sales for wok had a positive impact on the market. Curfew implementation and the habit of maintaining social distance on a worldwide scale, however, have an impact on domestic and foreign output, which in turn restrains market expansion.
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By region, the wok market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The North America market is projected to witness the fastest growth during the forecast period, Due to an increase in television programs featuring food and recipes, the market in the North American area is expected to grow rapidly over the forecast period.
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The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the cigarette paper industry include Bajaj electricals limited, Zwilling J. A. Henckels, TTK prestige limited, Tramontina USA, Inc., Scanpan A/S, Calphalon, Cuisinart, Supor, Target Brands, Inc., and Lodge cast iron.
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By material type, the market is segmented into carbon steel, cast iron, and aluminum. The carbon steel segment accounted for a major share of the market in 2021 and is expected to grow at a significant CAGR during the wok market forecast period. Carbon steel is simpler to lift and heat up faster because of its small weight. The price, style, and quality of carbon steel woks can vary significantly on the basis of ply and forming procedures. The lowest quality steel woks are often made from a single “ply,” or piece, of steel that is mechanically stamped.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wok market analysis from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the wok market segmentation assists to determine the prevailing wok market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as wok market trends, key players, market segments, application areas, and market growth strategies.
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