The demand for Kitchen Cabinets has been increasing over recent years as modern designs and customer preferences change. A recent study on cabinets by the Freedonia Group indicates that Kitchen Cabinets demand is set to rise tremendously to over 17 billion USD by 2023, with demand for units reaching over 100million.
The growth is expected to be driven by homeowners desire to install either additional or more spacious cabinets to increase storage space. Besides, trendy designs such as island and counter styles that include more cabinets in residential kitchens are also gaining popularity. Moreover, manufacturers are also seeking to insert more facilities into cabinets, such as racks, withdrawable shelves, and LED lights, which have boosted cabinets' average prices.
Freedonia Group projects that tall cabinets demand will grow by 5% per year to reach approximately 2.8 billion USD by 2023. The rising market is projected to result from consumers' desire for extra room for the storage of foodstuff and small household appliances and the need to improve the aesthetics and contrasts of traditional kitchen cabinets.
Currently, base cabinets dominate the kitchen cabinets demand, but things are constantly changing as more homeowners opt for tall cabinets. According to the CMA benchmark survey frameless cabinets are more popular compared to face and frame cabinets assembled by mini and medium sized shops.
Although the cabinet market appears to be doing well over the past few years, sales dropped by 1.8%, as indicated by the monthly KCMAS Trend of Business Survey. However, cabinets and countertops sales in America are expected to bounce back despite the Coronavirus work from home orders that have caused the sales to drop. Catalina Research estimates a 4.6% CAGR by 2025.
The Freedonia Groups study shows domestic demand for cabinets accounts for 80% of cabinet sales while commercial entities comprise 15%. The research further indicates that globally, the market for countertops will increase by 2.6% annually to over 600 million square meters, where solid surfaces are projected to be the dominant material for countertops. However, manufactured stone will experience rapid growth.
Marble countertops demand is expected to increase due to its growing acceptability and increased travertine and marble availability in Southern and Central America. On the contrary, Laminates are projected to experience the least growth among the countertop materials by 2024 since the material is continuously losing market due to modern materials in Western Europe and North America.
According to IMARC Group, the global adjustable kitchens hit 33 billion USD in 2019. Their demand is orchestrated by their unique designs, flexibility, and ease of construction and repair. However, they are projected to experience moderate growth in the next five years.