Kitchen cabinet demand is projected to increase 4.6% annually to $17.3 billion by 2023, according to a new forecast from The Freedonia Group. The forecast estimates unit demand for kitchen cabinets will reach 101.8 million during the same time period.
Growth in the kitchen cabinet market will be supported by homeowner interest in installing more and larger cabinets to provide additional storage space and by kitchen island and counter-style seating design trends that incorporate more cabinets into residential design. Demand growth will also be supported by manufacturer efforts to include amenities such as LED lighting, pull-out shelves, and racks in kitchen cabinets, which will boost the average sale price of cabinet products.
Cleveland-based research organization The Freedonia Group projects base cabinets will continue to account for the largest share of kitchen cabinet demand through 2023. Tall and wall cabinets are likely to post more rapid demand gains, however, as consumers increasingly opt for these options instead of open shelving and racks.
Demand for tall cabinets is expected to grow 5.0% annually through 2023 to $2.8 billion. Demand for the tall cabinet segment will be supported by consumer interest in greater storage space, installation of larger cabinets to store large kitchen equipment, and the desire to create visual contrasts with base and wall cabinets in kitchens.
The full study, Cabinets, is available from The Freedonia Group for $5,600.
