Industries experience growth and fall every year. But no phenomenon like the COVID-19 pandemic caught them off guard. Many industries have experienced record-low sales despite reaching record highs just a year prior. The economy has become more volatile than ever, and people are looking for solutions to keep their investments above water.
One particular industry affected by the pandemic due to health reasons is the kitchenware and tableware industry. It was an industry that many believed and saw record growth. But because of recent events, not many know where the industry will be heading in the future.
If you’re planning to invest in the tableware industry, you must know the current state it’s in right now. Then, it’ll help you plan out your approach and navigate the ups and downs that every industry is experiencing right now.
Reliance in the Hospitality and Restaurant Sector
Many of the tableware industry’s sales come from the hospitality and restaurant sectors. This used to be a thriving industry that accumulated billions in revenues annually. However, when the pandemic hit, the sector’s revenues received massive reductions in its earning potential.
Currently, the hospitality sector has lost more than $83 billion. That’s a staggering amount and one that will take years to recover. However, the pandemic hasn’t ended yet, and experts believe that the sector will receive far more revenue reductions as it rages on. Moreover, tableware in hotels and restaurants has to use disposable tableware due to health concerns.
This shift toward disposable tableware is a good shift for sales. However, it’s a bad shift for the environment.
The Environmental Problem
The United States has been shifting toward reusable tableware for years now. We’ve been trying to eliminate plastic and disposable tableware because of its massive carbon footprint to produce them. It’s also known to clog waterways, contribute to water pollution, and are just a severe nuisance to recycle.
The shift of the hospitality sector toward disposable tableware in efforts to reduce infection rates is an admirable one. However, not many people appear to favor this shift. This opinion is especially true for those trying to minimize the effects of climate change in the world.
The tableware industry is under siege because of this. It’s either the industry tries to push the sales of disposable tableware to survive but look bad in front of the public or try to push reusable tableware and die trying. This approach seems grim for the sector. Thankfully, it’s gaining some traction in other selling platforms, especially in the general consumer market.
A Look into Online Sales
In other parts of the sector, sales are looking good. Many are investing in reusable items as more people stay at home more. Luxurious dinnerware collections have become an essential item for every homeowner. People have decided that if they can’t dine in a fine-dining restaurant, they might as well bring the experience to their homes.
Sales for tableware in the consumer market are skyrocketing because of this. People are investing more into home appliances, and the internet is willing to accept these purchases. There are now two billion people buying necessities online, and some of these necessities are tableware for their homes. Since the pandemic isn’t going anytime soon, and people have learned to accept this, they have decided to improve the current state of their homes.
What about Copper?
Copperware seems like the best choice to solve these problems. Copper has been known to kill microbes and viruses on its surface. However, the problem is that copperware is costly, and not many can afford it. Moreover, using them as dinnerware might not be the best of ideas because certain salts and acids from food can make it dangerous for consumption.
However, this has not stopped the industry from finding alternatives. Many are looking for many options for copperware. Investors are putting a lot of their funds into these researches. However, we’re still unsure whether if these researches will lead anywhere.
The Future of the Industry
The future of the industry is a mixed bag. On the one hand, it’s receiving record sales in online platforms, surpassing projected growths from years before. But, on the other hand, it’s losing money from one of the biggest industries that depend on the hospitality sector. It’s also under siege from environmentally-aware citizens who despise disposable tableware.
It’s unknown whether if the tableware industry can handle these challenges. It still has to contend with various problems, such as manufacturing and delivery. However, the pandemic has undoubtedly forced the industry to adapt, and hopefully, it can.