SEATTLE, May 19, 2020 (GLOBE NEWSWIRE) -- The global kitchen storage organization market was valued at US$ 115,695.7 Mn in 2018, and is expected to exhibit a CAGR of 3.3% over the forecast period (2019-2027).
Definition of Market/Industry:
Kitchen storage organization products such as drawer organizers, dinnerware & serving storage, and cabinet organizers aids in managing and organizing kitchen products to reduce clutter and make better use of kitchen space.
Statistics:
The global kitchen storage organization market was valued at US$ 115,695.7 Mn in 2018 and is expected to reach US$ 154,969.5 Mn by the end of 2027, exhibiting a CAGR of 3.3% during the forecast period (2019 to 2027).
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Drivers:
Growth of the construction industry is expected to boost demand for interior designing and organizing products such as kitchen storage organization over the forecast period. For instance, according to the Global Construction 2030 and Oxford Economies, in 2016, the global construction industry was valued at US$ 9.5 trillion, which is expected to increase by 85% to reach US$ 17.5 trillion by 2030, with China, India, and the U.S. accounting for 57% of the global share. Moreover, according to the India Brand Equity Foundation, India real estate sector was valued at US$ 120 billion in 2017 and is expected to reach US$ 1 trillion by 2030. Moreover, it is expected to contribute over 13% to the country’s GDP.
Key Takeaways:
Among product type, sink & under sink segment was valued at US$ 31,079.3 Mn in 2018 and is expected to reach US$ 39,555.0 Mn by 2027, exhibiting a CAGR of 2.7% between 2019 and 2027. This is attributed to rising acquisitions in this segment, and is expected to boost the segment growth. For instance, in November 2019, IK Investment Partners acquired Granite Holding GmbH (SCHOCK), a granite sink manufacturer. The company is a manufacturer of quartz composite kitchen sinks.
Among material type, metal segment held a dominant position in the global kitchen storage organization market in 2018 accounting for 71.5% share in terms of value, followed by plastic segment and wood segment, respectively. This is due to benefits offered by metallic kitchen storage organizers such as high quality, high durability, perfect finish, corrosion resistance, and strong construction along with long life span. These factors are expected to boost growth of the global kitchen storage organization market over the forecast period.
Among end use, residential segment was valued at US$ 109,820.8 Mn market in 2018, and is expected to reach US$ 147,393.5 Mn by 2027, exhibiting a CAGR of 3.4% during 2019-2027. This is attributed to rising demand from consumers for efficient and sustainable storage systems in their kitchen. Numerous companies in the market are offering sustainable storage systems for home kitchens. For instance, companies such as Grundig offers eco-friendly and sustainable kitchen appliances such as dishwasher, which consumes less water and energy.
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Competitive Section:
- Kitchen Magic
- Rev-A-Shelf
- Knape & Vogt Manufacturing Company
- Enclume Design Products
- Kesseböhmer Clever Storage
- ShelfGenie Franchise Systems, LLC
- Old Dutch International
- Anchor Hocking, LLC
- Blum Australia Pty Ltd
- Inter IKEA Systems B.V.
- Flywell International Corp
- Masterclass Kitchens
Few Recent Developments
Anchor Hocking LLC
Key Developments:
- In July 2017, the company launched ‘New Anchor Hocking LifeProof Glass Water Bottle’, which does not contain plastic components. The product is manufactured from glass tempering process, which makes the bottle stronger compared to regular glass water bottle.
Knape & Vogt Manufacturing Company
Key Developments:
- In 2013, the company acquired Diamond Storage Concepts LLC and CompX International’s furniture components operations to expand its business in the kitchen storage organization market. This acquisition helped Knape & Vogt Manufacturing Company to expand its business in home & kitchen storage organization market.
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Market Segmentation:
- Global Kitchen Storage Organization Market, By Product Type:
- Cabinet Organizers/Drawer Organizers
- Food Storage
- Pantry Organizers
- Sink & Under Sink
- Dinnerware & Serving Storage
- Others
- Global Kitchen Storage Organization Market, By Material Type:
- Plastic
- Metal
- Glass & Crystal
- Wood
- Others
- Global Kitchen Storage Organization Market, By End Use:
- Residential
- Commercial
- Global Kitchen Storage Organization Market, By Price Range:
- Premium
- Medium
- Low
- Global Kitchen Storage Organization Market, By Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Middle East
- Africa
- North America