Market Forecast By Material Type (Aluminium, Stainless Steel, Others), By Distribution Channels (Offline, Online), And Competitive Landscape
Product Code: ETC005989 | Publication Date: Sep 2020 | Updated Date: May 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Philippines Cookware market currently, in 2023, has witnessed an HHI of 6552, Which has increased slightly as compared to the HHI of 3646 in 2017. The market is moving towards Highly concentrated. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
In the year 2021, China was the largest exporter in terms of value, followed by Turkey. It has registered a growth of 38.16% over the previous year. While Turkey registered a growth of 299.4% as compared to the previous year. In the year 2017, China was the largest exporter followed by the USA. In terms of the Herfindahl Index, which measures the competitiveness of countries exporting, the Philippines has a Herfindahl index of 5271 in 2017 which signifies high concentration also in 2021 it registered a Herfindahl index ofΒ 7438 which signifies high concentration in the market.
The Philippines Cookware Market report thoroughly covers the market by material type and by distribution channel. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The Philippines Cookware Market is experiencing impressive growth over the years. The popularity of eco-friendly materials, such as bamboo, recycled steel and cast iron is increasingly popular due to their environmentally friendly nature as well as the unique cooking experiences they provide. Besides, the integration of technology into cookware products is another popular trend in the Philippines Cookware Industry. Smart cookware that connects to smartphones or other devices has been introduced to make cooking easier and more convenient than ever before, with features like temperature control, automatic stirring, and recipe suggestions.
The Philippines Cookware Market is forecast to grow over the years on the back of several growth factors. The key drivers spurring the growth in this market include a greater focus on convenient cooking, affordability, and healthier methods. Additionally, the increased preference for steaming and boiling has caused an upsurge in demand for multiple-layered stainless-steel cookware with even heat distribution. Furthermore, the rising trend of online shopping has made it convenient for customers to browse through available offers and purchase high-grade items at competitive costs. However, competition from foreign brands, counterfeiting, and low consumer awareness regarding food safety are the challenges that could hinder the Philippines Cookware Market Growth.
According to 6Wresearch, the Philippines Cookware Market share is projected to grow during 2020-26. The Philippines Cookware Market has experienced considerable growth in recent years, driven by the rising demand for cookware products and an increase in disposable incomes and lifestyle changes. However, the high cost of raw materials and competition from established brands are the major barriers impeding the growth of this market. Also, Philippines Cookware Market Share is being propelled by consumer awareness of healthy cooking habits and changing lifestyles. There are also emerging trends that could continue to influence the development of this market. For instance, people are opting for sustainable cookware products while smart cookware technologies are expected to become increasingly popular in the forthcoming years.
The COVID-19 pandemic has drastically influenced the Philippines Cookware Market Size. The lockdowns and social distancing measures imposed by the government have caused consumers to switch from dining out to cooking at home, resulting in increasing demand for cookware items such as pots, pans, and kitchen utensils. Additionally, supply chain turbulences resulting from travel restrictions and factory closures have led to difficulties with obtaining raw materials and delays in production. Furthermore, consumers are now inclined towards more reasonably priced items or become price sensitive.
The Philippines Cookware Market is extremely competitive with the presence of several key players dominating the industry. These companies are known for their superior quality products and innovative designs.
According to Suryakant, Senior Research Analyst, 6Wresearch, the growth of each material type is significant. The demand for aluminium cookware is growing enormously owing to its affordability and versatility in the Philippines Cookware Market. The demand for stainless steel cookware is increasing due to its durability and modern aesthetic appeal.
Based on distribution channels, the online distribution channel refers to e-commerce platforms and websites, this channel has experienced significant growth on the back of its convenience and competitive pricing. However, offline distribution channels are still dominating the market, allowing consumers to physically choose products from physical stores.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Philippines Cookware Market Overview |
3.1 Philippines Cookware Market Revenues & Volume, 2016 - 2026F |
3.2 Philippines Cookware Market - Industry Life Cycle |
3.3 Philippines Cookware Market - Porter's Five Forces |
3.4 Philippines Cookware Market Revenues & Volume Share, By Material Type, 2019 & 2026F |
3.5 Philippines Cookware Market Revenues & Volume Share, By Distribution Channels, 2019 & 2026F |
4 Philippines Cookware Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Philippines Cookware Market Trends |
6 Philippines Cookware Market SegmentationΒ |
6.1 Philippines Cookware Market, By Material Type |
6.1.1 Overview and Analysis |
6.1.2 Philippines Cookware Market Revenues & Volume, By Material Type, 2016 - 2026F |
6.1.3 Philippines Cookware Market Revenues & Volume, By Aluminium, 2016 - 2026F |
6.1.4 Philippines Cookware Market Revenues & Volume, By Stainless Steel, 2016 - 2026F |
6.1.5 Philippines Cookware Market Revenues & Volume, By Others, 2016 - 2026F |
6.2 Philippines Cookware Market, By Distribution Channels |
6.2.1 Overview and Analysis |
6.2.2 Philippines Cookware Market Revenues & Volume, By Offline, 2016 - 2026F |
6.2.3 Philippines Cookware Market Revenues & Volume, By Online, 2016 - 2026F |
7 Philippines Cookware Market Import-Export Trade Statistics |
7.1 Philippines Cookware Market Export to Major Countries |
7.2 Philippines Cookware Market Imports from Major Countries |
8 Philippines Cookware Market Key Performance Indicators |
9 Philippines Cookware Market - Opportunity Assessment |
9.1 Philippines Cookware Market Opportunity Assessment, By Material Type, 2019 & 2026F |
9.2 Philippines Cookware Market Opportunity Assessment, By Distribution Channels, 2019 & 2026F |
10 Philippines Cookware Market - Competitive Landscape |
10.1 Philippines Cookware Market Revenue Share, By Companies, 2019 |
10.2 Philippines Cookware Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |