It is said the kitchen is the heart of the home and where “life” really happens. Bathrooms, of course, are a necessary part of everyday life. Most consumers, however, don’t want all of those “life happening essentials” on display for everyone to see, so that is where cabinetry comes into play. Kitchen cabinets, bathroom cabinets, and other cabinets are an important part of both residential and commercial design and are a growing influence in remodeling and new construction.
Cabinet Market Size and Industry Outlook
The cabinetry market is made of up storage elements such as cupboards, shelves, and pantries. Cabinets can vary in type from custom, semi-custom, stock, modular or ready to assemble.
The cabinetry market has remained strong for the past few years, despite a slight setback in 2023, and is expected to grow about 3%-6% CAGR from 2022 to 2027, depending on the source. Forecasts suggest the global cabinet market may reach $12.1 billion by 2024. However, the economic uncertainties or changing market conditions can impact these estimates just like they are impacting the overall home improvement and building industries.
The National Kitchen and Bath Association (NKBA) reports overall kitchen and bath market forecasts for the later part of 2023 and into 2024 show cautious optimism regarding sales. Current expectations for NKBA’s US Home Remodeling Index point to a Q2 2023 growth rating of 65.5, compared to the year-over-year ratings of 62 in Q2 2022.
NKBA reports that while some consumers are holding off or postponing large-scale projects until they are certain of economic conditions, other consumers are proceeding with remodeling projects sometimes selecting smaller, lesser cost projects. This finding aligns with what our team at The Farnsworth Group has been seeing in our Monthly Home Improvement Project Activity Tracker on homeowners in 2023.
Consumer Demand for Organization and Storage Solutions
Consumer demand for space-saving storage that makes the most of small spaces or efficiently organizes their homes is expected to continue to drive cabinet product demand as well.
Additional reasons for cabinet market growth have to do with the growing influence of different channels for retail. Both in-store and online retail channels are important in the growth of the cabinet market, but specifically e-commerce has increased in cabinet purchases. Many of the large cabinet manufacturers have begun to open online stores and implement additional measures for online applications or software to increase their e-commerce-based sales.
To reach potential customers in the cabinet market it is essential to understand customer demand conditions as well as how potential customers are making decisions on cabinet selection. The Farnsworth Group has conducted numerous studies for cabinet manufacturers, distributors or retailers. Learn more about how The Farnsworth Group helped a leading cabinet manufacturer identify their greatest market potential for customer growth through a custom market research study.
2024 Trends in Cabinets
Manufacturers, distributors, and retailers must also stay up-to-date on the latest trends and technological advancements in the cabinet market. Staying aware of current customer sentiments allows for pro-active steps to adapt, anticipate change, identify growth and product expansion opportunities.
1. Streamlined Aesthetics that Incorporate Natural Elements
This trend is expected to continue in 2024, with a focus on sleek and uncluttered cabinet designs. Streamlined designs incorporate integrated storage solutions and concealed appliances, allowing for a visually appealing kitchen and bath spaces. Calming and organic kitchens incorporating wood grains and color palettes found in nature (warm and earthy colors) continue add atmosphere and the natural ambiance to both kitchen and baths. Many homeowners are opting for beige, mushroom, taupe, and other warm neutral tones to create comfortable and welcoming spaces.
2. The Rise of Bamboo in Cabinetry
Bamboo cabinets may still not be as broadly popular as more traditional choices, but they are on the rise. Bamboo cabinets offer a more minimalist and modern style. They are less expensive than natural wood and offer an affordable option to many consumers that would like to modernize their spaces. Bamboo cabinets are also very durable and easy to maintain. One of their main benefits is the eco-friendly characteristics. Unlike most hardwood trees that take decades to mature, bamboo grows very quickly and renews itself when harvested, making it a sustainable alternative for cabinets.
3. Demand for Frameless Cabinets
The demand for frameless cabinets is increasing. Frameless cabinets are a style of cabinet that have no face frames and the doors and drawers rest directly across the edges of the cabinet boxes. Some of the reasons consumers are increasingly selecting frameless cabinets include that they offer more storage space and they fit in well with modern design trends. Frameless cabinets often offer more storage space because there is not a face frame to create a lip around the cabinet opening. This allows for full access to the cabinet contents. Frameless cabinets can accommodate various types of doors and finishes, including wood slabs, glass, metal or laminate, making them a design friendly option.
4. Demand for Ready to Assemble (RTA) Cabinets
Ready to assemble cabinets (RTA) are one of the fastest growing segments of the cabinet industry due to the low cost and high convenience factor. The demand for RTA cabinets is being driven strongly by budget constraints on many US consumers and the economic slowdown. RTA cabinets are increasingly available on e-commerce platforms and have grown in quality and the variety products offerings available.
5. Outdoor Kitchen Cabinets
Especially among younger homeowners, outdoor kitchens with cabinets are expected to have significant growth in the coming years. Fueled by the market conditions of the past few years, consumers spent more time outdoors at home than ever before and intend to continue investing in improvements to their outdoor spaces.
It has become increasing important to homeowners to incorporate a cohesive transition between their interior and outdoor spaces. Extending the kitchen to the outdoors has become a natural transition for entertaining and enjoyment.
Exploring Current Market Trends for Cabinet Purchases
Staying on top of the current market size and customer demands enables manufacturers and suppliers to make informed decisions at every level of operation, from identifying new sales opportunities to developing and marketing products that are tailored to your audience’s unique needs.
With the help of our recognized team of market intelligence experts at The Farnsworth Group, you can conduct customized market research to further understand what’s most important to your customers and what motivates their behavior and preferences along the purchase journey.
Simply schedule a consultation to learn more about the answers you would be able to get to improve your brand health and market share in the hardware market and the home improvement marketplace in general.
Written by Amy Theophilus
Amy has been focusing on client and project management initiatives for The Farnsworth Group since 2007. She has over twenty years of research and marketing experience within the building products and home improvement industry. Her areas of expertise include customer usage and behavior research, brand health, and a focus on supplier-side insights. Amy previously served as the research director for an Indianapolis based home builder. She has worked on a broad range of qualitative and quantitative projects with both consumer and professional segments. Her passion for market research stems from working with clients to solve problems and that each project brings unique situations. Amy has a bachelor of Science in Business Management with specializations in Marketing and Psychology from Purdue University. Based in Indianapolis, Amy enjoys spending quality time with her family, exploring new places through travel, and cheering on her kids in their various activities.