As a result, industry participants create products that are reliable, simple to use, and robust. The overall commercial buyer market is anticipated to expand at a CAGR of 4.6% from 2023 to 2023.
During the forecast period, the global market for kitchen hand tools is anticipated to grow at a moderate rate of 4.9%. The market is now valued at US$ 786 million in 2023. By the year 2033, it is expected that the market value will increase to a maximum of US$ 1265 million. The specialists at Future Market Insights have calculated a historical market valuation of US$ 750 million for the relevant market during the base year.
The kitchen hand tool market grew globally by 3.1% in the first half of 2022. While not evenly spread across all regions, this growth is more pronounced in developing markets, where it is anticipated to have increased by 4.9% by the end of 2023.
According to recent research, the leading tool type, the spatula, will increase at a CAGR of 3.7% from 2017 to 2022. The market experienced a CAGR of 5.3% from 2023 to 2033. Food preparation for big crowds of people is the main application of commercial equipment.
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Analyzing the Drivers of the Kitchen Hand Tools Market
The emergence of energy-efficient hand tools and the increased efforts made by governmental organisations to reduce power consumption in the upcoming years are likely to continue to fuel the expansion of the market for kitchen hand tools.
Additionally, customers are using these hand tools as a result of their busy schedules and lack of time for traditional cooking. They are reducing cooking time as a result, which will help the market expand in the near future.
In the upcoming years, the Kitchen Hand Tools Market will rise primarily due to the expanding urban population and rising consumer spending power.
The rising popularity of modular kitchens is anticipated to boost market growth throughout the anticipated time frame. Additionally, there is a rising need for kitchen gadgets that are stylish and inventive. In the upcoming years, a sizable percentage of consumers are probably going to be drawn to new hand tools that make cooking simpler and more convenient.
Top Companies in the Kitchen Hand Tools Market
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Market Opportunities for Kitchen Hand Tools
Due to rising disposable incomes and changing lifestyles, consumers in emerging markets are seeking more products that let them express their individual sense of style in the kitchen. They also want a wider variety of distinctive colour options.
Kitchen Hand Tools Market by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Feb 05, 2023
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