Kitchen furniture includes fitted kitchen units, as well as other wooden furniture used for preparing food or for food storage. The kitchen furniture market in Asia-Pacific growth is driven by surging urbanization and remodelling in residential kitchens. Kitchen furniture is gaining momentum in investments with consistent growth in the hotel industry, which, in turn, thrives on rising travel and tourism. The increasing use of kitchen furniture in the commercial, household, and other industries is driving the growth of the kitchen furniture market across the region. The rapid investment in the construction sector in line with the development of smart city projects is expected to open new opportunities for kitchen furniture industry players in the coming years. Moreover, the growing per capita income in the developing countries in the Asia Pacific region will augment the market demand.
The outbreak of the Coronavirus disease (COVID-19) acted as a massive restraint on the Asia-Pacific kitchen furniture market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of lockdown and the outbreak is expected to continue to have a negative impact on businesses throughout 2021. However, it is expected that the kitchen furniture manufacturing market will recover from the shock across the forecast period.
Key Market Trends
Rising Disposable Income is Driving the Market
A key driver fueling the growth of the market is the rising disposable income of the people coupled with urbanization, which is leading to the increased introduction of premium products. Both developed and developing countries are witnessing growth in the population of high net-worth individuals, and a gradual increase in the preference for a luxurious lifestyle. With an increase in disposable income, the consumers spending capacity and their expenditure on kitchen furniture are increasing. The developed countries with a high percentage of the population living in urban areas have been the primary consumers for kitchen furniture in the Asia-Pacific region, which may present the market with huge growth opportunities and potential in the future.
Online Sales is Driving the Market
Increasing demand for online shopping is expected to help the kitchen furniture market to grow in Asia-Pacific. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the kitchen furniture manufacturing market. In countries such as India, for instance, e-commerce portals have boosted the sales of kitchen cabinet manufacturers by giving larger exposure to producers who were confined to one geography. IKEA is a well-known manufacturer in the furniture market which is known for its innovative products across its entire portfolio, generates significant online sales in Asia-Pacific.
The report covers major international players operating in the Asia-Pacific Kitchen Furniture market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Consumer Buying Behaviour in Asia-Pacific Kitchen Furniture Market
4.7 Insights on Technological Disruption in Asia-Pacific Kitchen Furniture Market
4.8 Impact of COVID-19 on the Market
5.1.1 Kitchen Cabinets
5.1.2 Kitchen Chairs
5.1.3 Kitchen Tables
5.2 Distribution Channel
5.2.1 Supermarkets and Hypermarkets
5.2.2 Specialty Stores
5.2.4 Other Distribution Channels
5.4.4 South Korea
5.4.8 Rest of Asia-Pacific
6.2 Company Profiles
6.2.2 ZBOM Cabinets Co., Ltd.
6.2.4 Godrej and Boyce
6.2.5 Takara Standard
A selection of companies mentioned in this report includes:
- ZBOM Cabinets Co., Ltd.
- Godrej and Boyce
- Takara Standard