US$ 40 Billion Modular Kitchen Market: Global Size, Share, Industry Trends and Forecast to 2023
The global modular kitchen market has witnessed a positive
growth over the past few years. This can be attributed to the growing
construction and renovation projects coupled with the introduction of
innovative modular kitchens with advanced features.
The latest report by IMARC Group, titled “Modular Kitchen Market:
Global Industry Trends, Share, Size, Growth, Opportunity and Forecast
2018-2023”, finds that the global modular kitchen market reached a value of US$
30 Billion in 2017. Modular kitchen refers to a modern furniture layout which
facilitates effective usage of space in a kitchen through the usage of modular
cabinets. They use the available space to store and provide easy accessibility
to all the utensils, electronics, groceries, spices and other necessary
commodities. Modular kitchens also offer flexibility to the consumers as they
can be easily assembled and dismantled. In recent times, due to decreasing
household sizes, there has been a huge demand for organized facilities and
modular kitchens which focus majorly on space utilization, convenience and
utility value.
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Report: https://www.imarcgroup.com/request?type=report&id=1052&flag=B
Global Modular
Kitchen Market Trends
With the increasing population and growing urban property
rates, residential units have become more compact in size. Owing to this, the
users are opting for modular kitchens so as to enhance their convenience and
manage the space optimally. Apart from this, due to the inflating income levels
and improving standards of living, there has been a significant rise in
construction and renovation activities. Moreover, the manufacturers are focusing
on customized kitchens which are designed and customized according to the
individual needs and requirements of the consumers. For instance, in India, the
manufacturers are offering products with special spice racks and trolleys for
grains. Similarly, in Japan the manufacturers have come up with innovative
space saving kitchens for small areas which conceal a unit composed of sink,
counters and stoves. In addition, these vendors are introducing eco-friendly
variants which employ green materials such as recycled plastic granules and
acrylic stone. Looking forward, the market is projected to reach a value of US$
40 Billion by 2023, expanding at a CAGR of around 5% during 2018-2023.
Global Modular
Kitchen Market Summary
- Based on product type, the market has been segmented as floor cabinet, wall cabinet and tall storage. Currently, the floor cabinet segment dominates the market, holding the largest share.
- On the basis of design, L-shape design represents the most popular segment. It is followed by straight, U-shape, parallel, island and peninsula designs.
- Based on material, the report finds that lacquer wood currently accounts for the majority of the global share. It is followed by high pressure laminates; wood veneers and melamine; metals; and others (glass, acrylic, etc.).
- On the basis of distribution channel, the market has been segregated into offline and online stores. Amongst these, offline stores are the leading distribution channel, holding the biggest market share.
- Region-wise, Europe leads the global modular kitchen market, accounting for the majority of the overall market share. Other major regions include North America, Latin America, Asia Pacific, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being Hafele, Lineadecor, Nobia, Pedini and Snaidero.
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source: imarc group