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The Cabinets market is projected to reach a value of USD 92.85 billion in 2027 with a CAGR of 5.73% between 2022 and 2027. The growth of the market depends on several factors, such as the growing influence of different retailing channels, the rise in the adoption of outdoor living spaces, and the increase in expenditure on luxury lifestyles among people.
Analysis Period | 2017-2027 |
Market Size (2017) Historic Year | USD 60.46 billion |
Market Size (2027) - Forecasted Year | USD 92.85 billion |
Historic Opportunity (2017-2021) | USD 6.52 billion |
Historic CAGR | 2.59 % |
Forecasted Opportunity (2023-2027) | USD 22.58 billion |
Market Opportunity Transformation Growth | 53.57 % |
Market Opportunity Capitalization | USD 29.09 billion |
This report extensively covers market segmentation by application (kitchen cabinets, bathroom cabinets, and others), end-user (residential and commercial), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Cabinets Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Increasing global interest in online and offline retail channels is playing an important role in the growth of the global cabinet market. Due to increasing Internet penetration globally, the influence of e-commerce-based shopping and online retailing has grown. Many major players have either launched their new furniture-specialist online stores or are planning to launch their new e-commerce-based outlets.
Moreover, major players operating in the global cabinet market concentrated on marketing their products via a variety of channels, e.g. through apps, in an effort to penetrate other alternatives for retail sales. Thus, the growing influence of different retailing channels will be the major market driver during the forecast period.
The emerging trend has been the use of outdoor kitchen cabinets by millennials. They prefer smaller one-bedroom apartments and households with only one person. Consequently, there is an increase in demand for multifunctional kitchen cabinets outside the home. Being highly adept at using technology, highly active on social media, and more trusting of online sources and purchasing more through digital devices, millennials have become the largest consumer group in the US furniture and bedding market.
However, the number of millennials around the world has increased, which is an encouraging sign for players in the worldwide cabinet market. The increase in disposable income experienced by the Millennial population is resulting in a growing number of people adopting indoor kitchen cabinets. Therefore, the growth in the demand for outdoor kitchen cabinets among millennials is a vital trend, which will positively impact the global cabinets market during the forecast period
Various factors, such as the rising costs of raw materials, have led to an uneven price situation in the worldwide market for cabinets. An increase in costs of raw materials presents a two-way challenge for major players as they should either accept the high prices of raw materials or sell products at higher prices, with the risk of losing customers to competitors offering the same products at lower prices. Changes in labor laws can also have an impact on raw material costs for the production of cabinets.
During the COVID-19 pandemic in 2020, there was a decrease in the demand for plywood as manufacturing activities were halted due to the lockdown restrictions. This has led to a downturn in the price of plywood. Therefore, the unstable prices of raw materials are a major challenge that is expected to negatively impact the global cabinets market during the forecast period.
The kitchen cabinets segment will account for a major share of the market's growth during the forecast period. Kitchen cabinets are outdoor or built-in kitchen furniture used to store food, utensils, and usually silverware and utensils for table service. There are various kitchen cabinet materials available, such as stainless steel, marine-grade aluminum, masonry, polyvinyl chloride (PVC), and wood.
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The consumer goods segment was valued at USD 28,464.88 million in 2017 and continued to grow until 2021. Increasing renovation incidences and new product launches are likely to contribute positively to the market in focus. Stanley Group, in case you haven't heard, launched the innovative kitchen and furniture solution Cabinetry Cult in December 2022. Similarly, in March 2022, Kitchen Magic company expanded its portfolio in kitchen cabinets by adding six new cabinet colors and two new contemporary door styles.
Based on end-user, the market has been segmented into residential and commercial. The residential segment will account for the largest share of this segment. The residential segment held the largest revenue share in 2022. This is due to the rise in home remodeling projects globally. In addition, it is expected that growth in the market will be supported by an increase in spending on household furniture such as cabinets. The market in focus is expected to grow strongly during the forecast period, driven by a strong recovery of the residential construction industry and rising consumer spending across developed and developing countries. Due to the rise in disposable income, housing sales have increased. This factor, coupled with the high Internet penetration, is fueling the growth of the residential cabinets segment. With rapid Internet penetration, the awareness of versatile furniture, house renovation, and environment-friendly furniture has increased considerably in developed countries such as the US.
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North America is estimated to contribute 37% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The real estate and commercial leasing industries in North America have been observing significant growth. This has led to an increase in commercial properties, which, in turn, increased the sale of cabinets in North America. The US is the largest contributor in North America for cabinets in North America. During this forecast period, the increasing regional economy will be a driving force for market growth. In the US, as people change their lifestyles, attention to decoration is becoming more important. The demand for restaurant furniture has gone up with a rise in the number of commercial properties and restaurants in the region. Some of the other factors that are driving the demand for cabinets in North America are increasing urbanization, increasing employment rates, and rising income levels.
The furniture market in North America witnessed slow growth owing to the outbreak of COVID-19 in 2021. However, the market is expected to witness a rise in the sales of cabinets via e-commerce channels during the forecast period. Hence, the market is expected to recover during the forecast period as vendors and end-user industries are reinstating their routine operations. Moreover, the region was encouraged to remove some of the COVID-19 restrictions and allowed stores to open for business after implementing a vaccination drive in 2021. People also started to redesign commercial spaces to attract customers, which led to an increase in the demand for cabinets in the region in 2021. Therefore, vendors are expected to recover from the slowdown during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
American Woodmark Corp. - The company offers a MacArthur collection of cabinets which is designed to store kitchen appliances.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Avanity Corp., BALDHEAD CABINET, Bellaterra Home LLC, Bertch Cabinet LLC, Cabinetworks Group, Crystal Cabinet Works Inc., Design Element Group, DHI Custom Cabinetry, DuPont de Nemours Inc., Empire Industries Inc., Fabuwood Cabinetry Corp., Fehrenbacher Cabinets Inc., Foremost Groups Ltd., MILARC CABINETS, New Cabinet Co., Northland Cabinets Inc., Prasara Innotech Pvt Ltd., Wilsonart LLC, and Kohler Co.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The cabinets market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Cabinets Market Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.73% |
Market growth 2023-2027 |
USD 22,576.87 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.11 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Woodmark Corp., Avanity Corp., BALDHEAD CABINET, Bellaterra Home LLC, Bertch Cabinet LLC, Cabinetworks Group, Crystal Cabinet Works Inc., Design Element Group, DHI Custom Cabinetry, DuPont de Nemours Inc., Empire Industries Inc., Fabuwood Cabinetry Corp., Fehrenbacher Cabinets Inc., Foremost Groups Ltd., MILARC CABINETS, New Cabinet Co., Northland Cabinets Inc., Prasara Innotech Pvt Ltd., Wilsonart LLC, and Kohler Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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