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Kitchen Sinks Market -amr
There is a rise in the number of hotels, restaurants, and cafes (HoReCa) as the industry is bouncing back after the pandemic
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATE, March 13, 2023 /einpresswire.com / -- 'The rising investments in the urbanization of developing regions such as the Middle East, Asia-Pacific, Africa, and Latin America are expected to offer lucrative growth opportunities to kitchen sink manufacturers, in the foreseeable future' According to a new report published by Allied Market Research, titled,“Kitchen Sinks Market,' The kitchen sinks market size was valued at $3.3 billion in 2021, and is estimated to reach $4.9 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
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The rise in the demand for home improvement and home décor products globally is significantly contributing to the kitchen sinks market growth. The rise in the number of restaurants, cafes, hotels, and cloud kitchens has significantly fostered kitchen sinks market demand across the globe. According to the report of the U.S. Department of Agriculture, full-service and fast-food restaurants the two largest segments of the commercial food service market accounted for about 70.5% of all food-away-from-home sales in 2021. With rising urbanization and the growing number of real estate commercial and residential projects in developing nations, the demand for kitchen sinks is expected to boost rapidly during the forecast period. According to United Nations Conference on Trade and Development in 2010, 51.6% lived in urban areas. By 2020, the share of the urban population increased to 56.2%. It is generally higher in the developed (79.2% in 2020) than in the developing world (51.6%).
According to the kitchen sinks market analysis, the market is categorized on the basis of material, installation, bowl, end user, and region. Depending on the material, it is bifurcated into metal and non-metal. The metal segment is further divided into stainless steel, copper, and others. The non-metal segment is further categorized into granite, fireclay, quartz, and others. By installation, the market is classified into drop-in/top mount, under mount, farmhouse/apron-front, and others. By bowl, the market is categorized into single, double, and multiple. By end user, the market is bifurcated into residential and commercial. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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As per the kitchen sinks market forecast, based on the material, the metal segment dominated the market, accounting for 81.6% of the kitchen sinks market share in 2021. This dominance is attributed to the huge adoption of stainless steel in the production of kitchen sinks. Stainless steel is easily available and various features such as higher strength, longer durability, affordable prices, and versatility are the major factors that make it an idle option for kitchen sinks.
As per the kitchen sinks market trends, based on the installation, the farmhouse/apron-front is expected to be the fastest-growing segment during the forecast period. Farmhouse/apron-front sinks are large in size perfectly allow to wash big baking pans and casseroles easily. This is a major factor behind its increasing adoption in households and especially in restaurants, cafes, and cloud kitchens.
Depending on the bowl, the single segment dominated the market in 2021. A single bowl sink is one, generally large, basin with no divider. Single sinks are ideal for small kitchens because they come in a variety of sizes. They hold the major share of the market. It is offered by brands like Carysil, Futura, Kaff, Neelkanth, and others. As per the kitchen sinks market opportunities, on the basis of end user, the commercial segment dominated the market in 2021 and is expected to dominate the market during the forecast period owing to the large usage of kitchen sinks in hotels, restaurants, cafes, schools, hostels, and cloud kitchens. According to the Indian Tourism Statistics by the Ministry of Tourism India, there is a rise of around 5% in the number of approved hotels in 2021 in comparison to 2020.
Region-wise, Asia-Pacific holds the major share of the global kitchen sinks market, accounting for 34.77% of the revenue share in 2021 and the region is expected to dominate the market during the forecast period owing to rapid urbanization and a huge population. The kitchen sinks market is expected to increase during the forecast period owing to a rise in the number of houses coupled with a rise in disposable income. The rise in the real estate industry is expected to boost the market for the region. Along with this rise in commercial properties like restaurants, hotels, and hospitals in the region is also expected to drive the growth of the market.
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The major players operating in the global kitchen sinks industry include Dornbracht, Duravit AG, Kohler Co., Ruvati, BLANCO America, Inc., Crown Products Limited, Elkay Manufacturing Company, Franke Management AG, Huida Sanitary Ware Co. Ltd., Julien Inc., Delta Faucet Company, Roca Sanitario, S.A., House of Rohl, ACRYSIL Ltd., and Oliveri Solutions.
Key findings of the study
The global kitchen sinks market size was valued at $3,275.6 million in 2021, and is estimated to reach $4,908.2 million by 2031, registering a CAGR of 4.3% from 2022 to 2031.
By material, the non-metal segment is estimated to witness the fastest growth, registering a CAGR of 5.0% during the forecast period.
In 2021, depending on end user, the commercial segment was valued at $2,336.8 million, accounting for 71.3% of the global kitchen sinks market share.
In 2021, the U.S. was the most prominent market in North America, and is projected to reach $744.6 million by 2031, growing at a CAGR of 3.8% during the forecast period.
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