Market Forecast By Material Type (Aluminium, Stainless Steel, Others), By Distribution Channels (Offline, Online) And Competitive Landscape
Product Code: ETC005990 | 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 | |
Vietnam Cookware market currently, in 2023, has witnessed an HHI of 7771, Which has increased slightly as compared to the HHI of 4567 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.
Vietnam Cookware Market report thoroughly covers the market by material type and by distribution channel. The Cookware Market Outlook report provides an unbiased and detailed analysis of the ongoing Cookware 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.
Vietnam Cookware Market has seen substantial growth over the past decade, and this trend is anticipated to continue in the future years with advancements in technology and the growth of the middle-class population. Additionally, the increased tourism is further expected to fuel demand for superior quality cookware products in Vietnam. Currently, cookware products made from aluminum or stainless steel are becoming more popular. Also, there is a growing trend for cast iron and ceramic cookware. In recent years, there has been a growing trend in Vietnam to own multiple sets of cookware due to the increasing popularity of international cuisine in the country.Β Moreover, there is an increasing trend towards eco-friendly cookware as consumers become more aware of environmental issues.
According to 6Wresearch, the Vietnam Cookware Market size is projected to grow over the forecast period 2023-2029. The foremost drivers of this market include the surging population that results in a larger potential consumer base for cookware products. In addition, the per capita income levels in Vietnam are rising enormously, which results in an increased demand for premium quality and more expensive cookware products. The government is investing heavily in the country's infrastructure, which is further contributing to expanding the Vietnam Cookware Market growth to a great extent. However, the market for cookware faces several challenges, including a lack of innovation to keep up with the latest trends and technologies, competition from cheaper cookware products, and high production costs primarily due to rising labor and raw material costs. The Vietnam cookware industry is forecast to grow at the highest CAGR, driven by continued economic development and rising household incomes.
The COVID-19 pandemic has had a great influence on the global economy, including the Vietnam cookware industry as the epidemic led to changes in consumer behavior and supply chain disruptions. Typically, consumers have shifted towards home dining as restaurants and cafes were closed during the pandemic. Consequently, this has increased the demand for cookware products. However, the pandemic has disturbed the functioning of supply chains which in turn, has affected the availability of raw materials and manufacturing processes. Moreover, the tourism industry was also affected by the pandemic, which has resulted in a decrease in demand for cookware products in the hospitality industry.
The Vietnam cookware industry is extremely competitive with some of the leading companies, including;
Kangaroo Group - Kangaroo Group is a company that concentrates on manufacturing and distributing premium cookware products.
Masan Consumer - Masan Consumer is a company that specializes in distributing consumer goods.
Other notable players in the cookware market of Vietnam include Lien Minh, Sunhouse Group, and Berndes.
According to Ravi Bhandari, Research Head, 6Wresearch, the aluminum material type is expected to dominate the Vietnam cookware market share during the forecast period due to its lightweight and affordable nature. On the other hand, the stainless steel segment is also expected to grow during the forecast period owing to its easy maintenance.
By Distribution Channel, the offline distribution channel is accounted to dominate the Vietnam cookware market due to the high preference of consumers to physically test the product before buying. However, the online distribution channel is growing steadily, driven by the increasing penetration of smartphones and the internet.
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 Vietnam Cookware Market Overview |
3.1 Vietnam Cookware Market Revenues & Volume, 2019 - 2029F |
3.2 Vietnam Cookware Market - Industry Life Cycle |
3.3 Vietnam Cookware Market - Porter's Five Forces |
3.4 Vietnam Cookware Market Revenues & Volume Share, By Material Type, 2022 & 2029F |
3.5 Vietnam Cookware Market Revenues & Volume Share, By Distribution Channels, 2022 & 2029F |
4 Impact Analysis of COVID-19 on Vietnam Cookware Market |
5 Vietnam Cookware Market Dynamics |
5.1 Impact Analysis |
5.2 Market Drivers |
5.3 Market Restraints |
6 Vietnam Cookware Market Trends |
7 Vietnam Cookware Market, By Material Type |
7.1 Overview and Analysis |
7.2 Vietnam Cookware Market Revenues & Volume, By Material Type, 2019 - 2029F |
7.3 Vietnam Cookware Market Revenues & Volume, By Aluminium, 2019 - 2029F |
7.4 Vietnam Cookware Market Revenues & Volume, By Stainless Steel, 2019 - 2029F |
7.5 Vietnam Cookware Market Revenues & Volume, By Others, 2019 - 2029F |
8 Vietnam Cookware Market, By Distribution Channels |
8.1 Overview and Analysis |
8.2 Vietnam Cookware Market Revenues & Volume, By Offline, 2019 - 2029F |
8.3 Vietnam Cookware Market Revenues & Volume, By Online, 2019 - 2029F |
9 Vietnam Cookware Market Import-Export Trade Statistics |
9.1 Vietnam Cookware Market Export to Major Countries |
9.2 Vietnam Cookware Market Imports from Major Countries |
10 Vietnam Cookware Market Key Performance Indicators |
11 Vietnam Cookware Market - Opportunity Assessment |
11.1 Vietnam Cookware Market Opportunity Assessment, By Material Type, 2029F |
11.2 Vietnam Cookware Market Opportunity Assessment, By Distribution Channels, 2029F |
12 Vietnam Cookware Market - Competitive Landscape |
12.1 Vietnam Cookware Market Revenue Share, By Companies, 2022 |
12.2 Vietnam Cookware Market Competitive Benchmarking, By Operating and Technical Parameters |
13 Company Profiles |
14 Recommendations |
15 Disclaimer |
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