Modular Kitchen Market Expected to Grow Nearly 7% Over Next 5 Years

WRE News April 7, 2023

Seller

Modular Kitchen Market Expected to Grow Nearly 7% Over Next 5 Years

Reportlinker.com announced the release of the report “Modular Kitchen Market, Size, Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis”.

By breaking down complex systems into simple units, modular kitchen designs promote efficiency and flexibility during installation. They typically include base and wall units, and are more affordable, hygienic, and easier to maintain than traditional kitchens. Their flexibility in assembly and disassembly makes them easy to keep and allows for productive work even in cramped spaces. Contemporary modular kitchens often feature sleek, elegant finishes. However, the growing demand for space-saving, efficient storage to optimize small spaces is expected to drive the global market. These kitchen setups provide convenient and efficient storage for essential commodities such as utensils, appliances, and groceries.

The increasing demand for space-saving and efficient storage among consumers and the rising consumer preference for charcoal grey, champagne, and cream color interiors have significantly driven the growth of the global modular kitchen market. In addition, the increasing purchasing power parity across most regions allows customers to spend more on products that ease their daily household chores.

The market is divided into several categories, including stainless steel, fire resistance board, natural stone and artificial stone modular kitchens. Artificial stone modular kitchens offer a combination of natural and artificial materials as an alternative to traditional natural stone kitchens. They are gaining popularity in the market due to their advantages such as easy maintenance, durability, cost-effectiveness, and availability of different products like granite and quartz composite.

Natural stone modular kitchens, which combine natural stone countertops and cabinets with appliances, hardware, and fixtures, are expected to hold the second-largest market share. Consumers appreciate the eco-friendly nature of these products, which are 100% biodegradable and are made from natural materials such as marble, granite, limestone, or quartz. This significantly reduces their environmental impact.

The market was classified into the floor Cabinet segment, Wall Cabinet, and Tall Storage by Product. Floor Cabinet holds a significant share due to the demand for storage. In addition, the ability to place bulk quantities of food products to boost market demand. These cabinets, also known as utility cabinets, store various items, including electronics and crockeries. Furthermore, the vertical look of the Product has been attracting consumers.

Based on Design, the market was classified into L-Shape, U-Shape, Parallel, Straight, and Island. The L-shaped Design captures the most market share as this design is well suited for kitchens with minimal spaces. Therefore, these products have gained significant popularity among the growing nuclear families with limited reach due to the heir efficient utilization of floors and flexible work zones. Usually, these products have separate parts for cooking and clean-up areas, and they easily fit into open-living floor plans as they optimize storage space.

Based on the Application, the market is classified into Residential, Commercial, Industrial, Healthcare, and Education. The Residential market holds the significant market share because these kitchens have highly valued among homes, apartments, and villas for changing their boring kitchen style. They have granite slabs, wooden cabinets, and shelves that provide a classy look to the kitchen area.

In addition, Residential Modular Kitchens are easy to clean and require less maintenance. For instance, the US construction industry is estimated to grow 8.7% between 2020 & 2025. Also, according to the US Census Bureau and The Department of Housing and Urban Development United States, there were 1,873,000 building permits granted. At the same time, the number of housing completions stood at 1,295,000 in 2021. Therefore, the rapid growth in the residential construction industry is driving the modular kitchen market. As a result, the Worldwide Modular Kitchen Market was valued at US$ 24.55 Billion in 2022.

Based on Region, North America dominates the market share in 2022 due to the rising demand for space-saving and efficient storage among buyers, which had assisted by rising consumer preference for charcoal grey, champagne, and colors interiors, which has expected to drive the growth of North America Modular Kitchen market. It can be allocated to rising construction activities and the growing population. In addition, rising living standards among middle-class groups fuel demand for luxury modular kitchen products over the forecast period. Europe will be forecasted to grow owing to high-end artificial stone modular kitchen product demand from Germany, U K.


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