The global modular kitchen market reached a size of $34.4 billion in 2021 (according to the R & M and IMARC) and the Indian modular kitchen market is expected to reach $862 million by 2024. The growing demand is mainly due to millennial segment that represent the largest share of home buyers at 36%, (according to the National Association of Realtors) inspiring developers to pay more attention to the latest design customer preferences in kitchens.
The Indian housing market has also changed to a great extent in the past few years along with the preferences of homebuyers at large. Modular kitchen is one of the most sought-after and advanced design concepts. It is a cost-effective concept, which is considered ideal for modern homes. Kitchens are gaining recognition in the home improvement category to augment both its functionality and decor. For the homemakers or working professionals, restructuring and remodeling the kitchen into a more attractive one has become a trend.
The modular kitchen market is majorly driven by a rising middle-class population, decreasing household size, growing demand for premium features, changing customer preference, growing partnerships between contractors and real estate project developers for designing modular kitchens. As many nuclear families are growing preference for small houses and space-saving ideas are giving growth to the more space efficient modular kitchen market. Rising demand for space saving, efficient storage that optimize usage of small spaces among consumers is expected to increase the product demand. These kitchen set-ups provide convenient and efficient storage for the essential kitchen commodities such as utensils, appliances, and groceries, in the available space.
Over the last few years, kitchen market in India has also witnessed an inclination towards modern designs and comfort. Among Indian consumers, kitchen is no longer considered as a separate unit, but a regular space for socializing and relaxation.
With consumers showcasing inclination to experiment with design, textures, and adolescent colour combinations, manufacturers have been set free to offer consumers with world class products. Consumers are progressively looking at premium designs and features such as magic corners and kitchen island concepts to add more functionality and luxury touch to the cooking space.
The new-age homebuyers, are intensifying demand for homes with pre-installed amenities. Real estate developers are therefore offering new architectural styles and including high-tech amenities in their buildings at a reasonable price in order to meet their requirements and aspirations. Real estate developers are taking into account modular kitchens as a necessary feature in their residential projects that offers cutting-edge designs, tech-savvy features, and a range of colors at affordable prices in response to the changing lifestyle and evolving demands of millennials regarding home design. As a result, modular kitchens is a pre-requisite for new home buyers. Here are some key features that make modular kitchens attractive:
One house-one space - Modular kitchens greatly enable the merged living and dining spaces, creating one big space for family and friends to have a great time.
Smart Space Utilization- A modular kitchen allows homeowner to optimize their apartment space usage through sleek and compact shelves. Its structure and design ensure that every corner of the room is used. No matter how small their kitchen space is, a modular kitchen design is the best opportunity to use all available space efficiently and in style.
Appealing Aesthetics- The consolidated design of all modular kitchens, irrespective of the size, colour, and material used, effortlessly turns the space into a modern aesthetic dream. Once the owner settles on the specifics of what they need, designing a modular kitchen design becomes pretty straight-forward.
Customization options- Be it vintage Victorian or modern chic, the most profitable part about going for a modular kitchen design is how completely customizable it truthfully is. Depending on the space limitations, appliance needs and design desires, the owner can pick every part of their modular kitchen interior to fit precisely!
Easy maintenance, repair, and assembly- Modular kitchens require proper care and maintenance. Improper care will cause the surface to start fading over time. Semi-modular kitchens are relatively easy to maintain and a simple mopping is sufficient. With most of the work done at the factory, the modular kitchen installation can be completed quickly within 45 days. Comparatively, for a semi-modular kitchen, installation is a time-consuming process as it requires extensive on-site work. Therefore, it takes more than 45 days.
In conclusion, the modular kitchen concept is becoming a convenient choice for the new home buyers. Housing market trends are also quite reflective of the notion that buyers are interested in properties that are cost-effective and offer them some inbuilt installations such as modular kitchen, wardrobe, etc. Emanating from these sentiments, undoubtedly, semi-furnished apartments with a great modular kitchen can be expected to become home buyers' preferred choice in the future in the country.