Top Emerging Trends Of Modular Kitchen Market Progress Forecast 2025Posted by Mrudula Anil Karmarkar on June 2nd, 2021 The global modular kitchen market size is expected to reach USD 28.54 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 5.8% during the forecast period. Growing number of housing projects supported by the increasing purchasing power of consumers from developing nations including India, Thailand, and Brazil, is expected to drive the market. Furthermore, the rapid rise in the number of nuclear families on a global level is expected to promote installation of new modular kitchens in new constructions. The home care & decor industry has been witnessing inconsistent growth, since the Covid 19 outbreak. As a result of the ongoing pandemic crisis, there has been a drop in the overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. The virus outbreak has, however, led to substantial growth in categories such as cleaning and hygiene products. Prominent growth in the e-commerce business is also one of the positive influences of the outbreak, wherein companies are focusing on expanding their distribution networks to online channels in order to cater to the surging consumer demand. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. The L-shaped product design segment held the largest market share of more than 55% in terms of revenue in 2018. This design is the most popular among consumers due to its better flexibility and convenience. In addition, this design is well suited for small size kitchens. Tall storage segment is expected to witness the fastest CAGR of 6.3% from 2019 to 2025. This product can store a large number of commodities in a single cabinet and also provides an attractive vertical look to the house. These factors are anticipated to bode well for the segment growth in the forthcoming years. As of 2018, the wood products led the modular kitchen market in terms of raw material, accounting for over 60% of the global revenue. On the other hand, the fiber/plastic material is expected to register the fastest CAGR in near future as this material is waterproof, oil proof, and termite-proof. This material is available in a less expansive price range compared to other raw materials, which is expected to further drive the demand. Further key findings from the report suggest:
Europe held the leading market share of more than 30% in terms of revenue in 2018. The presence of prominent manufacturers and availability of a wide range of products is projected to drive the market in countries such as Germany, U.K., France, Italy, and Poland. On the other hand, Asia Pacific is expected to register the fastest growth due to the rapid growth of residential construction in this region. Rising purchasing power along with rapid urbanization in the countries, such as India, China, Japan, Malaysia, and Indonesia, is expected to fuel the product demand. Over the past few years, the consumers have been deviating from the common all-white kitchen interiors to neither too pale nor too dark colors. Charcoal grey, champagne, and cream colors have been gaining significant popularity among the contemporary houses. The consumers are also incorporating the color red to enhance the look of the kitchen. The open kitchen has been gaining remarkable popularity among the households, as consumers prefer two-toned cabinet shutters and joint free countertops. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6175/ibb Grand View Research has segmented the global modular kitchen market on the basis of design, product, raw material, distribution channel: Modular Kitchen Design Outlook (Revenue, USD Million, 2015 - 2025)
Modular Kitchen Product Outlook (Revenue, USD Million, 2015 - 2025)
Modular Kitchen Raw Material Outlook (Revenue, USD Million, 2015 - 2025)
Modular Kitchen Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com
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