The plates market has been seeing tremendous expansion through the past few years, owing to the transformation in consumer preferences and the easy availability of the product. With the increased presence of social media, plates have increasingly become imperative to enhance the presentation of food.Manufacturers offer a range of plates which are available in various sizes and shapes.
Moreover, consumers are willing to spend on plates that match with their current styles and will remain trendy over the next few years. Such factors are boosting the sales of the plates market. By 2030, the plates market is slated to grow at a remarkable CAGR.
Market players are witnessing a strong trend for geometric shapes and minimalism through neutrals, earthy blues, matte finishes, hues, and mauves of grey colors. Players are focusing on creating aesthetic and layering options which help to add dimension to the table setting, combining different textures and materials to help make the plates a more rich feel.
Manufacturers are tapping into white spaces that arise from the growing increasing sustainable and green trends. Manufacturers are incorporating biodegradable materials such as paper pulp, bamboo, sugarcane bagasse, and other disposable material during the production process.
The online industry has been providing various services to consumers such as easy payment options, product discounts, product comparison, and free product delivery. Manufacturers are capitalizing on these sales drivers that are well-positioned for lucrative returns. Additionally, manufacturers in the plates market are increasingly focusing on presenting several innovative products and are promoting their offerings through several social media platforms.
High-cost product range and the availability of counterfeit products in the developing, as well as developed regions, are setting forth huge challenges for players in the plates market. Additionally, as the e-commerce platform is becoming a prominent medium for distribution in the plates market, less internet accessibility in the underdeveloped and developing regions will moreover hinder the market growth.
Participants are, thus, making distinctive strategies to deal with these challenges and better serve customers.
With the shutdown of the majority of retail stores trailing the nationwide lockdowns due to the COVID-19 pandemic, the e-commerce channels are coming out as an ideal solution for providing another leg of market growth.
Manufacturers who are yet to enter the online ecosystem are confronting the domineering to switch to e-commerce distribution channels to ascertain their survival. They are turning to ready-return packaging format to receive the products back faster, with no damage. Such factors are expected to bring the plates market back on track in the approaching months.
Europe plates market will be expanding at a remarkable growth in the approaching years due to the high usage of several plate types in addition to the increased buying power of consumer groups.
Germany will be accounting for maximum shares during the forecast period. Asian nations will be the fastest growing regional market as a result of altering lifestyle and growing restaurants and other options of dining out are boosting the regional market growth.
Major market players identified in the plates market are Tesco.com, Inter IKEA Group, Meyer Corporation Group, Bernardaud, Raynaud Limoges, Puiforcat, and Waterford Wedgewood. The market reflects moderate to high entry barriers owing to the existence of prominent market players and a prerequisite of higher setup costs.The plates market is further fueled by innovation in designs, joint ventures, and mergers and acquisitions.
For instance,Fiesta Dinnerware has reinvented as the freshly made Fiesta Tableware Company. The rebranding follows the latest took over of the earlier Homer Laughlin China Company food service operations through Steelite International, a British company to increase product portfolio and boost its market presence.
Fiskars Group prepared a service called Vintage to buy and re-sell old and formerly owned tableware in the recent past. It was opening in three stores situated at Helsinki, Jyväskylä, and Arabianranta. Fiskars Group declared the growth of the Vintage Service in Finland. Churchill China took over Furlong Mills in order to expand its offering for customers.
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