Impact Analysis of Covid-19
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Kitchen Storage Organization Market: Insights
Definition of Market/Industry:
Kitchen storage organization products includes cabinet organizers/drawer organizers, food storage, pantry organizers, sink & under sink, dinnerware & serving storage, and others. These kitchen storage organization products saves time and efforts while organizing and storing food, preparing meals in the kitchen, and provide suitable space-saving solutions.
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 2027, exhibiting a CAGR of 3.3% over the forecast period (2019-2027).
Benefits of kitchen storage organization and increasing consumer disposable income are the factors that are expected to drive the market growth over the forecast period. Kitchen storage organization offers advantages such as it reduces clutter and thereby, makes it easier to find items. It allows better utilization of kitchen space. Kitchen storage organization products are easy to clean and it improves cleanliness and hygiene in the kitchen by reducing clutter. In addition, wide variety of inexpensive kitchen storage organization products such as racks, baskets, bins, boxes, and drawers are available in different materials such as plastic and metals and are easily available through offline and online distribution channels. Such advantages offered by kitchen storage organization products are expected to drive growth of the global kitchen storage organization market.
Furthermore, increasing demand for household organization products, increasing disposable household income are expected to fuel growth of the global kitchen storage organization market. For instance, according to the Organization for Economic Co-operation and Development’s (OECD) data published in 2018, per capita adjusted gross disposable income of household in European Union (28 countries) increased to US$ 30,143 thousand in 2017, up from US$ 29,128 thousand in 2016. Whereas, in Euro Zone (18 countries), per capita disposable income increased to US$ 32,132 thousand in 2017 from US$ 31,071 thousand in 2016.
Europe held a dominant position in the kitchen storage organization market in 2018, accounting for 33.0% share in terms of value, followed by North America and Asia Pacific, respectively.
Figure 1. Global Kitchen Storage Organization Market Share (%), By Region, 2018
However, there is increasing demand for do it yourself (DIY) kitchen products, which are unique, creative, can be used as organizers, and can be replaced with kitchen storage organization products. This factor is expected to hinder growth of the kitchen storage organization market over the forecast period.
Increasing acquisitions by key players in the market is expected to propel the market growth. Key players operating in the kitchen storage organization market are focused on adopting inorganic growth strategies such as acquisitions to enhance their product portfolio and expand its business. For instance, in October 2019, Rev-A-Shelf, LLC, a U.S.-based supplier of kitchen storage and organization products acquired Sidelines Inc., a manufacturer of storage products for closets and kitchen, in order to expand its product portfolio.
Rising residential construction activities in emerging economies such as India and China among others is expected to fuel growth of the kitchen storage organization market. For instance, Housing for All program was launched in India in June 2015, by the Government of India, which planned to build 20 million urban and 30 million rural houses by 2022. Moreover, according to the National Bureau of Statistics of China, investment in residential buildings in China was US$ 1,075.7 billion in 2017 and exhibited year-on-year growth of 9.4%.
Market Trends/Key Takeaways
Players operating in the global kitchen storage organization market are focused on launching different products to cater to increasing customer demand. For instance, in January 2016, Hardware Resources, a manufacturer of functional and decorative bath and kitchen elements, launched Wood Pantry Pullout. The wood pantry pullout consists of five shelves, top mounting bracket, 400lb ball bearing bottom slides, 225lb ball bearing top slide, and is available in 12 different sizes.
Among material type, plastic segment was valued at US$ 21,554.7 Mn in 2018 and is expected to reach US$ 30,583.3 Mn by 2027, exhibiting a CAGR of 4.0% during 2019-2027.
Figure 2. Global Kitchen Storage Organization Market Share (%), By Region, 2018
Key players operating in the market include 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, and Others
- In January 2016, Masterclass Kitchens entered into a partnership with Now Kitchens. This partnership aimed to increase the sales of Masterclass Kitchens’ products by adding Masterclass Kitchens’ products to Now Kitchens’ product portfolio.