The Modular Kitchen Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Modular Kitchen Global Market Report 2024, The modular kitchen market size has grown steadily in recent years. It will grow from $22.82 billion in 2023 to $23.63 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to changing lifestyles, urbanization, customization, ease of installation, environmental awareness.
The modular kitchen market size is expected to see steady growth in the next few years. It will grow to $28.31 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to health and hygiene, multifunctionality, modular furniture, kitchen as a social space, consumer convenience. Major trends in the forecast period include smart kitchen appliances, digital visualization, remote monitoring, customization software, innovative materials.
The rapid growth in the residential construction industry is significantly contributing to the growth of the modular kitchen market. The growing number of real estate projects and the increase in demand for space-saving homes are helping the modular kitchen market grow. For instance, the US construction industry is estimated to grow by 8.7% between 2020-2025. Also, according to the US Census Bureau and the US Department of Housing and Urban Development, in December 2021, there were 1,873,000 building permits granted while the number of housing completions stood at 1,295,000. Therefore, the rapid growth in the residential construction industry is driving the growth of the modular kitchen market.
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The modular kitchen market covered in this report is segmented –
1) By Design: L-Shape, U-Shape, Parallel, Straight, Island
2) By Product: Floor Cabinet, Wall Cabinet, Tall Storage
3) By Raw Material: Lacquered Wood, Wood Sheets and Melamine, Metals, High-Pressure Laminates, Other Raw Materials (Glass, Acrylic)
4) By Distribution Channel: Offline (Contractors, Builders), Online
Technological advancement and automation is the key trend being followed by the 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 kitchen. The other concepts that are being incorporated are the introduction of technology and automation for the worktop, chimney, and other key areas such as eco-friendliness (anti-bacterial kitchens) as a key focus area of the modular kitchen.
The modular kitchen market report table of contents includes:
1. Executive Summary
2. Modular Kitchen Market Characteristics
3. Modular Kitchen Market Trends And Strategies
4. Modular Kitchen Market – Macro Economic Scenario
5. Global Modular Kitchen Market Size and Growth
…
31. Global Modular Kitchen Market Competitive Benchmarking
32. Global Modular Kitchen Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Modular Kitchen Market
34. Modular Kitchen Market Future Outlook and Potential Analysis
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