Modular Kitchen Global Market Report 2023: Sector to Reach $35.59 Billion by 2028 as Consumers Demand Space-Saving Solutions
DUBLIN, April 13, 2023 /PRNewswire/ -- The "Modular Kitchen Market, Size, Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Modular Kitchen Market is expected to be US$ 35.59 Billion by 2028, according to the publisher.
The growing demand for space-saving, efficient storage to optimize small spaces is expected to drive the global market. These kitchen setups provide convenient and efficient storage for essential commodities such as utensils, appliances, and groceries.
Global Kitchen Industry is expected to grow with a CAGR of nearly 6.38% from 2022 to 2028
The increasing demand for space-saving and efficient storage among consumers and the rising consumer preference for charcoal grey, champagne, and cream color interiors have significantly driven the growth of the global modular kitchen market. In addition, the increasing purchasing power parity across most regions allows customers to spend more on products that ease their daily household chores.
Recent Trends
Rising disposable income of the population: The disposable income of the population is growing, increasing demand for luxury items such as modular kitchens. Some trends are Growing smart homes worldwide, Increasing technological advancement in the kitchen industry.
The rapid growth in the residential construction industry is significantly contributing to the development of the modular kitchen market.
Automation is the key trend being followed by companies operating in the modular kitchen industry. For instance, in May 2021, RTA Outdoor Living introduced a new modular outdoor kitchen system (MOKS) that allows customers to choose designs and place ready-assembled outdoor kitchens.
The high demand for convenient and customized kitchens with a comprehensive design variety is notably driving the modular kitchen market growth.
Increasing urbanization: The trend is growing, with more and more people going to cities and increasing demand for modular kitchens, typically considered luxury items in cities.
Artificial Stone Modular will hold the Largest Share
The market is divided into several categories, including stainless steel, fire resistance board, natural stone and artificial stone modular kitchens. Artificial stone modular kitchens offer a combination of natural and artificial materials as an alternative to traditional natural stone kitchens. They are gaining popularity in the market due to their advantages such as easy maintenance, durability, cost-effectiveness, and availability of different products like granite and quartz composite.
Natural stone modular kitchens, which combine natural stone countertops and cabinets with appliances, hardware, and fixtures, are expected to hold the second-largest market share. Consumers appreciate the eco-friendly nature of these products, which are 100% biodegradable and are made from natural materials such as marble, granite, limestone, or quartz. This significantly reduces their environmental impact.
Numerous Technological Innovations make the Floor Cabinet Market more Reachable and Attractive to Customers
The market was classified into the floor Cabinet segment, Wall Cabinet, and Tall Storage by Product. Floor Cabinet holds the significant share due to the demand for storage. In addition, the ability to place bulk quantities of food products to boost market demand. These cabinets, also known as utility cabinets, store various items, including electronics and crockeries. Furthermore, the vertical look of the Product has been attracting consumers.
Rising Middle-class Population creates more demand for L-shaped designs on a Global Level
Based on Design, the market was classified into L-Shape, U-Shape, Parallel, Straight, and Island. The L-shaped Design captures the most market share as this design is well suited for kitchens with minimal spaces. Therefore, these products have gained significant popularity among the growing nuclear families with limited reach due to the heir efficient utilization of floors and flexible work zones. Usually, these products have separate parts for cooking and clean-up areas, and they easily fit into open-living floor plans as they optimize storage space.
Growing Number of Real Estate Projects and Increased Demand for Space-Saving Homes are helping the Modular Kitchen Market Grow
Based on the Application, the market is classified into Residential, Commercial, Industrial, Healthcare, and Education. The Residential market holds the significant market share because these kitchens have highly valued among homes, apartments, and villas for changing their boring kitchen style. They have granite slabs, wooden cabinets, and shelves that provide a classy look to the kitchen area.
In addition, Residential Modular Kitchens are easy to clean and require less maintenance. For instance, the US construction industry is estimated to grow 8.7% between 2020 & 2025. Also, according to the US Census Bureau and The Department of Housing and Urban Development United States, there were 1,873,000 building permits granted. At the same time, the number of housing completions stood at 1,295,000 in 2021. Therefore, the rapid growth in the residential construction industry is driving the modular kitchen market. As a result, the Worldwide Modular Kitchen Market was valued at US$ 24.55 Billion in 2022.
Wide Range of Available Products makes more demand for Offline Channel
Based on Distribution Channel, the offline distribution channel holds the largest market share due to the manufacturer's primary use of offline channels, including direct sale, wholesale, and brick-motor retail. The availability of a wide range of products in these stores will remain one of the major factors attracting more consumers to purchase from offline retailers. In recent years, producers have adopted a hybrid business model that combines physical stores with online retailers.As a result, the market was segmented into Online and Offline Distribution channels.
The online distribution channel's rapid growth of e-commerce in the home appliances industry boosts product sales through online platforms. Furthermore, the massive expansion of online retailers, including company-owned shopping portals, will accelerate online sales.
Increasing Investment in Construction Industry has made more demand in North America
Based on Region, North America dominates the market share in 2022 due to the rising demand for space-saving and efficient storage among buyers, which had assisted by rising consumer preference for a charcoal grey, champagne, and colors interiors, which has expected to drive the growth of North America Modular Kitchen market. It can be allocated to rising construction activities and the growing population. In addition, rising living standards among middle-class groups fuel demand for luxury modular kitchen products over the forecast period. Europe will be forecasted to grow owing to high-end artificial stone modular kitchen product demand from Germany, U K.
Type: The market was segmented into four types
1. Stainless steel modular kitchens
2. Fire Resistance Board Modular kitchens
3. Natural stone modular kitchens
4. Artificial stone modular kitchens
Product: - The market was segmented into three types:-
1. Floor Cabinet segment
2. Wall Cabinet
3. Tall Storage
Design: - The market was segmented into five types:-
1. L-Shape
2. U-Shape
3. Parallel
4. Straight
5. Island
Application: - The market was segmented into five types:-
1. Residential
2. Commercial
3. Industrial
4. Healthcare
5. Education
Distribution Channel; - The market was segmented into two types:-
1. Online
2. Offline
Region: - The market was segmented into five types:-
1. North America
2. Europe
3. Asia-Pacific
4. Latin America
5. Middle East and Africa
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
5. Porters Five Forces
6. Global Modular Kitchen Market
7. Market Share - Global Modular Kitchen Market
8. Type - Global Modular Kitchen Market
9. Product Type - Global Modular Kitchen Market
10. Design - Global Modular Kitchen Market
11. Application - Global Modular Kitchen Market
12. Distribution Channel - Global Modular Kitchen Market
13. Region - Global Modular Kitchen Market
14. SWOT Analysis - Global Modular Kitchen Market
15. Company Analysis
Companies Mentioned
- Indian Fline Blanks (IFB) Ltd.
- IKEA Groups
- Electrolux
- Robert Bosch
- LG Electronics
- Nobilia
For more information about this report visit https://www.researchandmarkets.com/r/udkdpx
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