PUBLISHER: The Business Research Company | PRODUCT CODE: 1436422
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436422
Kitchen cabinets are built-in cupboards or chests of drawers used to store dishes, silverware, and cooking equipment in the kitchen.
Kitchen cabinets come in various types including ready-to-assemble (RTA), stock, semi-custom, and custom. Stock cabinets are pre-built by manufacturers according to standard industry specifications. They are made from different materials such as wood and metal and are distributed through retail and online channels. These cabinets are used in homes, restaurants, and other settings.
The kitchen cabinet market size has grown strongly in recent years. It will grow from $144.51 billion in 2023 to $156.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to housing boom, traditional design trends, economic stability, material preferences, limited customization, functional considerations.
The kitchen cabinet market size is expected to see strong growth in the next few years. It will grow to $210.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to modern design trends, renovation and remodeling trends, customization and personalization, material innovation, smart kitchen integration. Major trends in the forecast period include digitalization and e-commerce, smart and integrated solutions, sustainable materials and eco-friendly designs, customization and modular designs, color and design trends, online purchases and virtual showrooms.
The kitchen cabinet market size has grown strongly in recent years. It will grow from $144.51 billion in 2023 to $156.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to several factors, including a housing boom that drove demand for traditional design trends. Economic stability also played a role, influencing material preferences and limiting customization options in favor of more functional considerations. These factors collectively contributed to the growth during that time.
The kitchen cabinet market size is expected to see strong growth in the next few years. It will grow to $210.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to modern design trends, the popularity of renovation and remodeling, increasing demand for customization and personalization, ongoing material innovation, and the integration of smart kitchen technologies. Major trends expected in this period include the digitalization of the industry and the growth of e-commerce, the development of smart and integrated solutions for kitchens, the use of sustainable materials and eco-friendly designs, a focus on customization and modular designs, the influence of color and design trends, and the rise of online purchases and virtual showrooms.
The increasing construction of residential buildings is expected to drive the growth of the kitchen cabinet market. Residential buildings encompass structures designed for private occupancy, whether permanent or temporary, equipped with amenities and utilities to meet the needs of individuals or families. Kitchen cabinets are essential for storing various items such as cookware, cookbooks, and baking supplies in residential buildings. For example, in March 2023, statistics published by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development indicated that privately owned home completions were at a seasonally adjusted annual rate of 1,557,000 in February. This figure represents a 12.2% (+-15.0%) increase from the revised January estimate of 1,388,000 and a 12.8% (+-16.2%) increase from the February 2022 rate of 1,380,000. Therefore, the rising construction of residential buildings is fueling the growth of the kitchen cabinet market.
The increasing inclination towards home remodeling and renovations is set to propel the growth of the kitchen cabinet market. Kitchen cabinets offer functional and aesthetic benefits in home renovations, including efficient storage solutions, enhanced property value, durability, improved functionality, and aesthetic appeal. As per data from the Joint Center for Housing Studies of Harvard University in January 2023, national spending on remodeling and repairs for owner-occupied homes is projected to increase by 2.6% to $485 billion in 2023 from the previous year. This inclination towards home improvements drives demand for kitchen cabinets, as consumers seek to enhance their living spaces through remodeling efforts.
The kitchen cabinet market is experiencing a surge in technological innovations as companies strive to maintain their position in the industry. A notable example is Hafele Ltd., a UK-based manufacturer and distributor of innovative furniture fittings, which introduced the Matrix drawer and runner system technology for kitchen cabinets in May 2022. This advanced drawer system is designed with cutting-edge technology to enhance movement, functionality, and aesthetic appeal within cabinets. The collection comprises a sleek thin wall drawer system and a premium double-walled box system known as the matrix box premium, offering both practicality and modern design elements.
Major companies in the kitchen cabinet market are innovating by developing new products such as advanced cabinetry solutions to stay competitive. Cabinetry solutions encompass a wide range of products and services related to cabinet design, manufacturing, and installation. For example, in December 2022, Stanley Group, an India-based furniture and home decor company, introduced Cabinetry Cult. This product line represents a fusion of French carpentry methods, Italian design sensibility, German precision manufacturing, and Italian craftsmanship. The launch of Cabinetry Cult aims to expand Stanley Group's product offerings and meet the growing demand for high-quality, customized cabinetry solutions across various settings. The Cabinetry Cult line offers products for diverse applications such as walk-in wardrobes, wardrobes, and kitchens, providing clients with comprehensive solutions for their cabinetry needs.
In November 2021, BASF SE, a Germany-based chemical company, entered into an agreement to sell its kaolin minerals business to KaMin LLC for an undisclosed sum. This strategic decision is anticipated to bolster KaMin's global portfolio by combining BASF's calcine portfolio with KaMin's hydrous products, thereby offering a wide range of kaolin-based performance mineral solutions to its distributors and customers across the globe.
Major companies operating in the kitchen cabinet market report are IKEA AB, Masco Corp., Leggett & Platt Incorporated, Cabot Companies Inc., Oppein Home Products Inc., Master Brand Cabinets Inc., Takara Standard Co. Ltd., American Woodmark Corporation, Nobilia Kuchen GmbH, Hanssem Co. Ltd., Cleanup Corporation, ZBOM Holding Group Co. Ltd., Cabinetwork Group Inc., GoldenHome Living Co.Ltd., Wood-mode LLC, Wellborn Cabinet Inc., Bulthaup GmbH & Co. KG, Leicht Kitchen AG, Fabuwood Cabinetry, Bellmont Cabinet Co., KraftMaid Cabinetry, Master Wood Craft Cabinetry LLC, Canyon Creek Cabinet Company, Kitchen Cabinet Distributors, Poggenpohl Kuchen GmbH & Co. KG, JPD Kitchen Depod Inc., AC Products Inc., LIXIL Group Corporation, Fine Kitchen Cabinet, SieMatic Mobelwerke GmbH & Co. KG
Asia-Pacific was the largest region in the kitchen cabinet market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global kitchen cabinet market report during the forecast period. The regions covered in the kitchen cabinet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the kitchen cabinet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The kitchen cabinet consists of the sale of wall kitchen cabinets, flat panel kitchen cabinets, beaded kitchen cabinets, and tall-standing kitchen cabinets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Kitchen Cabinet Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on kitchen cabinet market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for kitchen cabinet ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The kitchen cabinet market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.