According to a new report published by Allied Market Research, titled, “Wok Market,” The wok market was valued at $1.7 billion in 2021, and is estimated to reach $3 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
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The wok market size is mostly driven by the increase in residential and hospitality kitchens. Over the past few years, there has been an increase in residential and hospitality kitchens that are smaller and more efficient. Moreover, the increase in the catering and hotel industry at the global level because of the increased popularity of dinner out among working-class individuals. The rising standard of living and adoption of trendy cookware products have diversified the scope for wok industry manufacturers. Consumer disposable incomes have been rising in several developing regions, such as the Asia Pacific, creating many wok market opportunities for producers to raise their product prices.
For market players, the wok market in North America and Europe has significant growth potential. Wok market trends is primarily driven by a lot of people being inspired to try new foods by TV shows, especially housewives. As a result, cookware products are used more frequently at home. Moreover, health and wellness awareness has grown, and nutritious home cooking suffered during the start of the epidemic. Furthermore, due to Increasing awareness among end-users regarding the advantages of cast iron cookware is anticipated to present appealing commercial chances.
There are many local manufacturers in the market that sell woks made on their own with a different trademark symbol or different company name. Because of this, the overall quality of the products affects as counterfeit products often have poor workmanship and materials. Product quality is important because it affects the success of the company and helps establish its reputation in customer markets. It is a key factor limiting wok market growth.
The wok market analysis is segmented on the basis of material type, application, distribution channel, and region. On the basis of material type, the market is segmented into carbon steel, cast iron, and aluminum. The carbon steel segment accounted for a major wok market share 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 are mechanically stamped.
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By application, the market is segmented into household and commercial. The commercial segment is accounted for a major share of the market in 2021 and it is expected to grow at a significant CAGR during the forecasted period. In order to properly equip your kitchen, a commercial wok is necessary. Noodles, stir-fries, and a variety of other meals can be produced in large quantities in woks.
As per distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, specialty stores, and online sales channels. The specialty stores segment accounted for a major share of the market in 2021 and it is expected to grow at a significant CAGR during the forecast period. Small retail establishments known as specialty stores specialize in the sale of a certain product line and related goods. In addition to offering customers superior service quality and professional advice, the majority of specialty store business operators maintain considerable depth in the type of goods that they specialize in selling, typically at premium pricing.
In 2021, Asia-Pacific accounted for 39.7% share in the wokmarket and is expected to maintain its dominance during the forecast period. However, North America and Europe are expected to possess the highest CAGRs, owing to the growing consumer awareness of the value of healthy living and an increase in television programs featuring food and recipes.
Exporters in both developed and developing nations faced a number of difficulties as a result of the COVID-19 epidemic. The implementation of lockdown and curfew procedures on a global scale had an impact on both domestic and foreign manufacturers of Woks, which in turn hindered market expansion. As a result, the COVID-19 epidemic had a negative influence on the Wok market in 2020 as a result of decreased company sales and operations being suspended.
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The major players analyzed for the Wok industry are 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.
KEY FINDINGS OF THE STUDY
- By material type, the carbon steel segment was the highest revenue contributor to the market, with $680.6 million in 2021, and is estimated to reach $1,157.5 million by 2031, with a CAGR of 5.5%.
- Depending on the application, the commercial segment was the highest revenue contributor to the market, with $1,020.5 million in 2021, and is estimated to reach $1,810.80 million by 2031, with a CAGR of 6.0%
- As per distribution channel, the Specialty Stores segment was the highest revenue contributor to the market, with $574.3 million in 2021, and is estimated to reach $991.2 million by 2031, with a CAGR of 5.7%.
- Region-wise, Asia-Pacific was the highest revenue contributor, accounting for $655.2 million in 2021, and is estimated to reach $1,159.4 million by 2031, with a CAGR of 5.9%.
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