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Modular Kitchen Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global modular kitchen products market was valued at USD 89.7 billion in 2022 and is projected to expand at a CAGR of 6.3% from 2023 to 2030. The market is driven by the increasing demand for efficient and organized storage solutions. Growing urbanization and increasing disposable income, especially in developing countries, are contributing to the growth of the modular kitchen products market.
The increasing preference for organized and efficient kitchen spaces is driving the demand for modular kitchen products. The kitchen is considered to be the heart of any home, and people prefer to invest in efficient and organized kitchen storage solutions. The modular kitchen products provide customized options and are easy to clean and maintain. Furthermore, the availability of various storage options such as cabinets, drawers, and shelves makes the modular kitchen products more attractive to customers.
Furthermore, the increasing trend of kitchen makeovers is driving the demand for kitchen accessories such as sinks, countertops, and cabinets. The rise in the trend of kitchen makeovers has led to a surge in the demand for kitchen accessories. For instance, in March 2022, India’s leading kitchen manufacturer Häfele launched a range of modular kitchen accessories for kitchen makeovers. The range includes pull-out baskets, drawers, and corner cabinets, among others.
The growing trend of minimalistic and modern kitchen designs is further driving the demand for modular kitchen products. The modern kitchen designs enable customers to make the most of their kitchen space and provide efficient storage solutions. For instance, in March 2021, IKEA launched its new line of kitchen products, featuring a range of minimalistic and modern designs. The range includes cabinets, countertops, and kitchen islands, among others.
Moreover, the availability of modular kitchen products online is further propelling the growth of the market. Customers are increasingly preferring to purchase these products online due to the convenience and cost-effectiveness of online shopping. Additionally, online stores provide various offers and discounts on modular kitchen products, which is further fueling the growth of the market.
Product Insights
The cabinets segment led the market and accounted for a share of around 38.5% in 2022. The growth of the segment can be attributed to the rising popularity of modular cabinets and storage units among consumers, due to its features such as cost-effectiveness, easy installation, and low maintenance. According to an article published by Live Enhanced in June 2020, modular kitchens are becoming increasingly popular because of the flexibility to customize it and make the best use of available space. Furthermore, rising disposable income in emerging economies, growing awareness of interior décor, and increasing preference for aesthetically appealing interiors are some of the factors driving the demand for modular kitchens.
The countertops segment is anticipated to expand at the fastest CAGR of 8.3% over the forecast period. Growing focus on aesthetics and interior decorations, rising disposable incomes, and increasing trends for modular kitchen are some of the factors driving the growth of the countertops segment. According to an article published by the National Kitchen and Bath Association, in January 2020, countertops account for almost 25% of the cost of a kitchen remodel. Additionally, the emergence of various types of countertops, such as granite, laminate, marble, and quartz, are expected to drive the demand for countertops in the upcoming years.
Distribution Channel Insights
The offline segment captured the major share of over 72.4% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards offline stores such as home furnishing stores, kitchen and bathroom stores, and department stores as a primary source to purchase modular kitchen. Offline stores provide consumers with the opportunity to physically interact with the product and provide them with a better understanding of the product.
The online segment is anticipated to expand at the highest CAGR of 10.8% over the forecast period. The online channel has been gaining popularity for the sale of modular kitchen products due to increasing internet penetration and rising preference for online shopping. The online channel also provides customers with an easy and convenient way to compare different products and prices and make informed buying decisions. In addition, online stores offer a wide range of products and provide additional services including home delivery and installation, which are further driving the growth of the segment.
Type Insights
The modular kitchen products market is segmented into cabinets and countertops. The cabinet segment held the largest market share of 64.9% in the year 2022. Growing preference for storage solutions for kitchenware and utensils is driving the growth of modular cabinets in the market. The rising trend of organizing and decluttering kitchenware has prompted consumers to opt for cabinet solutions. Furthermore, modular cabinets offer the flexibility to customize according to the size and shapes of the kitchen.
The countertop segment is anticipated to expand at the highest CAGR of 6.7% over the forecast period. The increasing demand for premium countertops such as quartz, granite, and marble countertops is driving the market growth. Furthermore, rising awareness about the benefits of countertops, such as being heat and scratch-resistant, is encouraging consumers to opt for countertops. Moreover, the rising trend of DIY home renovation and remodeling is further propelling the demand for modular kitchen products.
Regional Insights
Europe is anticipated to have the highest share of the modular kitchen products market in 2022. The primary factors behind this growth are the increasing number of single households, rising disposable income, and the increasing awareness regarding modular kitchen products in the region. Furthermore, the presence of the leading market players such as Häfele GmbH & Co. KG, Nobilia, and SieMatic are further driving the demand for modular kitchen products.
In Asia Pacific, the market is expected to witness the highest growth rate in the coming years. This growth is attributed to the increasing population and rising disposable income, which has led to the increasing demand for modular kitchen products in the region. Moreover, the increasing urbanization and the presence of leading manufacturers such as Kutchina, Godrej Interio, and Hafele are further propelling the growth of the market in this region.
Financial Projections
In this part of the modular kitchen products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your venture. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a modular kitchen products business comes from the sale of kitchen cabinets, countertops, appliances, and other kitchen accessories. Here you will find a list with a description of each of them and other possible sources of profit such as design and installation fees and the sale of customised kitchen products.
Projecting Expenses
In this section, all the regular expenses related to keeping the modular kitchen products business running will be described. The list of operating expenses includes rent, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the modular kitchen market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, IKEA introduced the SEKTION series of modular kitchen units.
– In August 2022, Häfele launched the Modular Kitchen range of cabinets and accessories.
– In October 2022, Godrej Interio introduced the Modular Kitchen range of cabinets and accessories.
Some of the prominent players in the modular kitchen market include:
– IKEA
– Häfele
– Godrej Interio
– Hettich
– Kutchina
– Siematic
– Veneta Cucine
– Aran Cucine
– Bauformat
– Häcker Küchen
– Nobilia Küchen
Global Modular Kitchen Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global modular kitchen products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Cabinets
– Countertops
– Appliances
– Handles & Hinges
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Retail Stores
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Semi-Modular
– Fully-Modular
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Drivers of the Modular Kitchen Products Market?
[A]: The increasing trend of compact and modular kitchen designs, increasing disposable incomes, and the rise in the number of nuclear families are the major drivers for the modular kitchen products market. Moreover, the growing trend of the DIY (do-it-yourself) kitchen solutions is also driving the growth of the market.
[Q]: Who are the Major Companies Operating in the Modular Kitchen Products Market?
[A]: Companies such as Häfele, IKEA, Nobia, Nobilia, Veneta Cucine, Doca, Poggenpohl, Hettich, and Scavolini are some of the major companies operating in the modular kitchen products market.
[Q]: What are the Key Trends in the Modular Kitchen Products Market?
[A]: Key trends in the modular kitchen products market include the increasing demand for customized kitchen solutions, the increasing preference for sustainability, the emergence of connected kitchen solutions, and the rising trend of kitchen automation.
[Q]: What are the Opportunities for Modular Kitchen Products?
[A]: Rising consumer preference for contemporary kitchen designs and increasing investments in residential construction activities are expected to offer lucrative opportunities for the modular kitchen products market. Moreover, the increasing trend of kitchen makeover and the rising demand for energy-efficient kitchen appliances are also expected to offer significant growth opportunities for the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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