(MENAFN- America News Hour) Asia Pacific market for the modular kitchen is witnessing immense growth due to rapid urbanization along with fast growth of the construction industry in countries including China, India, Japan, Malaysia, and Indonesia. The global brands are expanding their business in this region to accommodate the rising regional product demand.
Modular Kitchen designs are preferred by individuals who seek convenience, ease, and speed while working for the kitchen. Modular kitchen design supports the use of various accessories and provides enough space for groceries, utensils, spices, and other useful necessities.
Rising middle-class population, demand for premiumization, decreasing household square feet size and collective demand for space-saving, the rapid growth of residential construction industry project, and surging number of partnerships between real estate's project developers and modular kitchen manufacturers will further lead to the demand of modular kitchens in the region.
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Key Market Trends
Growing Demand for Modular Kitchens in India
The kitchen and Kitchenware industry in India is witnessing growth coupled with the fast pace of growth of the Indian economy. The kitchen market is one of the fastest-growing sectors with rising demand for Modular kitchens.
With an increasing urban population and higher disposable income, people are investing in making better homes with a well-decorated kitchen that they can be proud of. The functional aspect and the aesthetic design of the modular kitchen are making them the renowned choice for homeowners.
The rise in the number of households is one of the major factors in the growth of modular kitchen in the Indian subcontinent. Currently, the industry is fueled by several unorganized players which are both small firms and local vendors. The unorganized market includes carpenters that make customized kitchen designs based on the requirements of households.
Branded quality products are demanded for the construction of modular kitchens in the country. More than 80% of investments in modular kitchens comes from Tier 1 Cities such as Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad and Calcutta.
Growing Population to Drive the Demand of Modular Kitchens in Asia-Pacific
The population is growing in the Asia -Pacific region and is projected to grow in the future also. Due to the traditional home concept in most Asia-Pacific countries including India and China, people like to cook at home. Eating and cooking are very precious to people in this region. Therefore, it is expected that people would look for renovating kitchens as per their needs or invest in long term kitchens. Modular kitchen designs are expected to be in demand when persons want to meet their kitchen needs by renovating a portion of the kitchen. The growing population along with the easy and convenient designing of modular kitchen designs is expected to propel the demand in the Asia-pacific region.
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Competitive Landscape
Asia-Pacific modular kitchen is fragmented with various global, local, and small players present in the market. Manufacturers are innovating by providing new designs, color textures of modular kitchens, and additional services such as the installation of manufactured cabinets and online designing of kitchens in the market.
Indian manufacturers, for example, are innovating and offering different products in cabinets with unique racks for spices, grains, etc. In Japan, manufacturers are also offering innovative space-saving kitchens for small areas that conceal a unit composed of sink, counters, and cooktops.
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints / Challenges
4.2.3 Opportunities
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Insights on Modular Kitchen Trends in the Market
4.5 Insights on Modular Kitchen Designs in the Market
4.6 Insights on Impact of COVID-19 on the Market
4.7 Insights on Technological Innovations in the Market
4.8 Insights on Government Regulation in the Market
5 MARKET SEGMENTATION
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