India Modular Kitchen Market Size: Key Facts And Forecast Pr...| MENAFN.COM

Thursday, 01 December 2022 04:11 GMT

India Modular Kitchen Market Size: Key Facts And Forecast Predictions Presented 2022-2031


(MENAFN- America News Hour)

A modular kitchen encompasses a range of fixtures and cabinets assembled in a planned manner to facilitate effective usage of kitchen space. A modular kitchen normally consists of wooden cabinets, countertops, internal accessories including built-in covered baskets, and household and kitchen appliances such as a washbasin, dishwasher, chimney, cooking range/stove, and microwave oven. It is custom designed, and customers can choose from a variety of options, features, colors, and patterns.
Kitchens are gaining recognition in the home improvement category to augment both its functionality and decor. Either for homemakers or working professionals, restructuring and remodeling the kitchen to a more attractive one has become a trend.
The modular kitchen market is driven by a rising middle-class population, decreasing household size, growing demand for premiumization, changing customer preference, growing partnerships between contractors and real estate project developers for designing modular kitchens. As many nuclear families are growing preference for small houses and space-saving ideas are giving growth to the modular kitchen market.

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Over the last few years, kitchen market in India witnessed an inclination towards modern designs and comfort. Among Indian consumers, kitchen is no longer considered as a separate unit, but a regular space for socializing, relaxation, and imaginativeness.
With consumers showcasing inclination to experiment with design, textures, and adolescent color combinations, manufacturers have been set free to offer consumers with world class products. Consumers are progressively looking at premium designs and features such as magic corners and kitchen island concepts to add more luxury touch to the cooking space.
Key Market Trends
Online Distribution Channel is Expected to Grow Fast

– People are shifting on online marketing and shopping, with the growing internet user base. The online distribution channels have a platform where the people can select and buy kitchen accessories and design as per their choice, need and budget.
– However, due to the lack of touch and feel concept, the offline channel still holds the major market share.
– With the business expansion strategy of companies including Panasonic, TTK Prestige, and Johnson into modular kitchen space, the number of branded stores in the nation are increasing. For instance, Panasonic had announced the launch of its first exclusive L-Class Modular Kitchen experiential and franchise store in Bengaluru in 2019. Also, the company aims rapid expansion in the modular kitchen business by tapping metro and other small cities.
Residential Segment is Expected to Grow Fast
– The growing middle class is also propelling the modular kitchen market, with rising income levels and improving living standards.
– Significant growth of residential construction industry is expected to be a key driver for the market.
– Rising demand for space saving, efficient storage that optimize usage of small spaces among consumers is expected to increase the product demand. These kitchen set-ups provide convenient and efficient storage for the essential kitchen commodities such as utensils, appliances, and groceries, in the available space.

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Competitive Landscape
The modular kitchen market is fragmented with many small and regional competitors present in the market. Manufacturers are strategically involving in expanding the business by merging and acquiring companies in the market. The market is majorly dominated by several small players holding a market share of more than 80%. The companies in the organized sector are executing strategies to expand their business into Tier II and Tier III cities.

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Force 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 PESTLE Analysis
4.7 Insights on consumer buying behavior in the Market
4.8 Insights on impact of COVID-19 on the market
4.9 Insights on Raw Material (Wood, Plastic, Metal, Others) used for building modular kitchens
4.10 Insights on government regulations in the market
4.11 Insights on technological disruptions in the market
5 MARKET SEGMENTATION

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