Kitchen Storage Organization Market Is Estimated To Witness High Growth

The Kitchen Storage Organization Market is estimated to be valued at US$ 139.77 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Kitchen storage organization products include cabinets, pull-out shelves, lazy Susans, trash cans, canisters, food containers and other organizing accessories that help store and organize items in the kitchen efficiently. These products help save space in the kitchen by utilizing vertical and hidden spaces for storage. They provide easy access to stored items and help maintain cleanliness and order in the kitchen.

Market key trends:
One of the key trends driving the growth of kitchen storage organization market is the rising demand for space saving storage solutions. With shrinking size of kitchens in modern homes and apartments, there is an increasing need for optimizing available storage space. Products like pull-out shelves, nesting bowls, drawer dividers, etc. help utilize vertical space under cabinets and counter tops more effectively. Rising consumer inclination towards well-organized kitchens is also fueling the demand. Growing number of homeowners undertaking kitchen remodeling projects is further supporting market growth. Advancements in material and design of storage products aimed at versatility and multi-functionality also promotes their adoption.

The kitchen storage organization market is estimated to witness high growth owing to the trends towards space saving storage solutions. Rising urbanization and modern small homes and apartments necessitate optimized use of available space through efficient storage products.

Porter’s Analysis

Threat of new entrants: High capital requirements act as a barrier for new players to enter the kitchen storage organization market. Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes. Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of substitute raw materials. Threat of new substitutes: Substitutes such as DIY organization solutions pose a moderate threat. Competitive rivalry: Intense competition exists among existing players.

SWOT Analysis

Strengths: Kitchen Magic offers a wide range of innovative and customizable storage solutions. Weaknesses: Rev-A-Shelf faces challenges related to brand awareness in developing markets. Opportunities: Growing home remodeling and retrofitting trends present an opportunity to increase sales. Threats: Economic slowdowns may reduce consumer spending on home organization products.

Key Takeaways

The global kitchen storage organization market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing home renovations and proliferation of nuclear families. Regionally, North America dominated the market and accounted for over 30% of global sales in 2023 owing to rise in spending on home improvement projects.

Asia Pacific is projected to be the fastest growing region, growing at a CAGR of around 6% during 2023-2030. Factors such as urbanization, rising disposable income and growth in number of households will drive the regional market.

Key players operating in the kitchen storage organization market are 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.

Read More: https://www.dailyprbulletin.com/kitchen-storage-organization-market-size-share-trends-and-regional-outlook/

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