By 2025, the value of the kitchen cabinet market will exceed 160 billion USD, and the compound annual growth rate is expected to be 6% during the forecast period.
The kitchen cabinet market is expected to grow rapidly during the forecast period. Kitchen cabinets are very important because they contribute to high-quality house construction and functionality. They also make life in the kitchen more convenient. The driving force behind the demand in kitchen cabinets industry is the rapid growth of housing construction worldwide. For efficient and compact storage, to optimizing the use of small spaces among consumers, it is expected that this will increase the demand for products. Adapting to the unique needs of today’s consumers may drive the market in the near future. Technological innovation makes the manufacture of kitchen cabinets more economical and attractive to customers. Pottery, cutlery, and spices, as well as larger items like pots, pans and cutlery can now be stored in drawers. One of the emerging kitchen trends in developed countries is the huge demand for simple cabinets with drawers only. It is expected that the growth of modern infrastructure around the world will drive the demand for ready-to-install kitchen cabinets.
A study in US has found that most homeowners who refurbished kitchens have chosen custom and semi-custom designed kitchen cabinets. Compared with traditional kitchen cabinets, the demand to provide custom kitchen cabinets at affordable prices has increased the demand in the region and supported the global trend. Among the various door cabinet styles, built-in doors dominate the market.
The kitchen cabinet market is extremely competitive, with several players employing various strategies to meet the changing needs of the customer. Global players are posing a threat to local players as they expand into new markets. This is often expected to lead to the strengthening of the clique market by alliances and mergers. Design inventions and specialisation in customer experience are the key areas with significant potential for participants within the clique market.
The US cabinet industry continues to see unprecedented growth. At the same time, the price of lumber, utilities, abrasives, millwork etc is increasing like never before. The logistic companies are struggling to keep pace at the same time, resulting in cost increase. The containers are held at port for an extended period of time. But the demand of cabinets from overseas continue to outperform the capacity. Manufacturers have no choice but to increase the price of the cabinets.
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