Posted On: 2022-03-03
Offline distribution channel acquired the largest revenue share in the cookware market in Mexico in recent years – 6Wresearch.
Mexico cookware market has witnessed decent growth during 2018-2021 due to the rise in population and increasing urbanization in the country. However, revenue declined in 2020 on account of the Covid-19 pandemic, which caused a disruption in the supply chain and halt in economic activity. However, moderate growth is anticipated in the forecast period on account of development projects across the country in residential sector as well as commercial sector such as construction of new hotels in Cancun and Riviera Maya and real estate development projects in Mexican States.
According to 6Wresearch, Mexico Cookware Market size is projected to grow at a CAGR of 7.1% during 2022-2028. The Mexico cookware market is primarily driven by the rising population in the country and the rise in the income of middle-class people over the years. Additionally, the rising focus of the Mexican government on the development of the tourism sector with the aim to make Mexico an affordable and sustainable destination for tourists and the growing retail and e-commerce sector of the country which would boost the demand for cookware in the country in the upcoming years.
According to Shubham Deep, Research Associate, 6Wresearch, Offline distribution channel accounted for maximum revenue size in 2021 and the same trend is expected in the upcoming years as well, as the country’s most of the population prefer to buy products from offline mode and there are several retail stores available in the Mexico such as Walmart, Oxxo and Sariano.
"Additionally, online distribution channel would expect to have the highest growth in the forthcoming time period as the large portion of Mexican population is on internet and e-commerce sector in the country is rapidly developing " Shubham further added.
According to Suryakant Kashyap, Research Associate, 6Wresearch, central region of the country garnered maximum revenue size in 2021 and the same trend is expected in the coming years as well due to rising focus of Mexican government on developing the commercial and residential sector of the region. Further increasing in the numbers of restaurants, bistros and cafes and increasing nuclear families would further grow the market in upcoming years.
"Moreover, based on applications, Residential Sector holds the maximum market size in the country due to the high demand and uses of cookware in residential sector. Additionally, Mexico has the second highest population in North America and the expansion of population across the states in Mexico would further escalate the market in coming future Suryakant further added.
Further added, some of the major companies in Mexico Cookware Market are T-faL, La Vasconia, Tramontina de Mexico S.A. de C.V., Royal Prestige and CINSA Sa De Cv.
Mexico Cookware Market (2022-2028) provides an in-depth analysis with 19 figures and 6 tables covered in 80 pages. The report estimates and forecasts the overall Mexico cookware market by product type, material type, applications, distribution channels, and regions. The report provides an unbiased and detailed analysis of the Mexico cookware market on-going trends, outlook, 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.