Modular Kitchen Market size is poised to grow with a lucrative CAGR from 2021 to 2027 owing to rapid urbanization and constant growth in the residential construction sector. Rising demand for modular kitchens with facilities for efficient storage units for household and kitchen appliances and effective set-ups for dishwashing basins, cabinets, countertops, & covered baskets is expected to boost the industry share.
Rising income levels and a modern fast-paced lifestyle propel the demand for the modular kitchen market share with easy customized design, colors, materials, and appliances. The trend is rapidly growing, especially in the middle-class population, facilitated by contractor sand project designers as they provide ready-to-move modular kitchens. Most of the residential complexes offer a compact kitchen space and, in some cases, they offer open kitchens. A modular kitchen provides effective management to incorporate essential facilities and allows residents to meet their needs in the limited space.
The modular kitchen market is also driven by its flexible features such as the replacement of single units instead of the entire system in case of repairing. The transportation and assembling of the cabinets and storage units are user-friendly. Service providers offer quality products with a free installation program, exhibiting a sharp growth in the global market.
Besides, the trend of smart kitchen appliances creates opportunities for the industry players. The inclusion of technology offers high-tech facilities, which provide efficient ways to manage kitchen space. For instance, the installation of smart gadgets such as smart lighting that does not need manual switching off. Pre-laminated boiling waterproof plywood is often used to protect kitchen space from moisture-ridden conditions.
Sluggish growth in the construction sector in the past few years will limit revenue generation. Easy standardization of products makes the market more fragile. In the COVID-19 crisis, the modular kitchen industry has showcased inconsistent growth driven by the declining supply of furniture and home decor products.
Based on products, the global modular kitchen market is segmented into floor cabinets, wall cabinets, and storage units. Floor cabinets registered the highest growth in the industry followed by tall storage units propelled by their high-end use as storage and to control kitchen traffic. Storage units are used to place food products, grains, and groceries, driving the market demand. Wall cabinets can be placed vertically or horizontally as per the need to keep the electronic appliances in the utility cabinets.
Based on distribution channel, the offline platform registered considerable growth in terms of revenue in 2020 due to the physical verification of sample products, materials, and color in the outlets. Online retail stores are also likely to boost the market share through attractive discounts, 3-D imaging of kitchen space, and a wide range of product portfolio.
Based on design, the modular kitchen market is divided into L-shaped, U-shaped, parallel, straight, and island shapes. L-shaped products are estimated to generate a major revenue in the market by 2027 impelled by effective space utilization, especially for small houses. On spacious kitchen floors, designers often offer island design to give the kitchen a more premium look.
Based on materials, the market is segmented into lacquered wood, wood sheets & melamine, metals, high-pressure laminates, and others (hard-glass, acrylic products, etc.). Lacquered wood will account for the largest revenue followed by high-pressure laminates on account of their greater durability and glossy looks.
Europe accounted for the largest modular kitchen market share in terms of revenue generation. Countries such as the UK, Italy, Germany, and France are the major contributors to the industry. North America is expected to register considerable growth over the projected period owing to the high demand for modular kitchens along with smart appliances in Canada and the U.S.
Asia Pacific is the fastest-growing market led by rapid construction activities in India, China, Japan, Singapore, and Malaysia. Major industry players are expanding their business in Southeast Asia to meet the regional demands.
Market players in the modular kitchen market include Hafele, Nobia, Pedini, Lineadecor, Snaidero, Boston Cabinets, Inc., SieMatic, and The Hettich Group. Manufacturers are expanding their product portfolio strategically to meet customer preferences.
The above information has been provided on a regional and country basis