The latest report by IMARC Group, titled “Modular Kitchen Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global modular kitchen market reached a value of US$ 31 Billion in 2018. 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.
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$ 42 Billion by 2024, expanding at a CAGR of nearly 5% during 2019-2024.
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 the material, the report finds that lacquer wood currently accounts for the majority of the market 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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