“Cookware segment was market’s most lucrative in 2011, with total revenues of $18 billion” – Source: Research and Markets
African culture and its attendant accessories such as Foodware, etc. have historically lacked the same level of investment guided modernization that its Western counterparts have received over the last 200 to 300years. As a direct and indirect consequence, you find Africans more often than not, using Western and Oriental cookware, food-wear, etc. at all major social events.
The economic downside to this dynamic has meant, the development of a $100Billion Global Housewares & Specialties industry that is dominated almost exclusively by Western Houseware manufactures.
I therefore find it very exciting to see, young Africans finally awakening from their cultural and economic slumber, and beginning find ways and means of modernizing and incorporating traditional and local cookware, bakeware, dinnerware, beverage-ware, cutlery, etc. into contemporary African lifestyle.
Highlights of the Global Houseware Sector
- The global houseware & specialities market consists of the total revenues generated through the sale of cookware, bakeware, dinnerware, beverageware, flatware and cutlery.
- The global housewares & specialties market had total revenues of $49.3 billion in 2011, representing a compound annual growth rate (CAGR) of 3.3% for the period spanning 2007-2011.
- The cookware segment was the market’s most lucrative in 2011, with total revenues of $18 billion, equivalent to 36.6% of the market’s overall value.
- The performance of the market is forecast to accelerate, with an anticipated CAGR of 6.5% for the five-year period 2011-2016, which is expected to drive the market to a value of $67.4 billion by the end of 2016.
Key Sectoral Players:
- Arc International
- Newell Rubbermaid Inc.
- Tupperware Brands Corporation