A kitchen is the soul of any house. India’s spending power is expanding as is the interest in secluded kitchens. The Indian Modular Kitchen Market Stood at $206 Million in 2018 and is Projected to Grow at a CAGR of Over 27% During 2019-2024. Modular kitchens are gaining popularity as couples want more comfort and luxury. The modular kitchen industry in India is projected to develop at two folds at CAGR through FY2027. Hence, it is the right time to take your modular kitchen franchise in India to the next level.
Recent years show that the kitchen market in India has seen a rise towards various styles, designs & luxury. The kitchen is considered a special unit of the house for interacting among members of the family. A modular kitchen ensures that the space is utilized with complete efficiency and zero wastage. This is the key reason; many go in for modular kitchens.
Did you know that more the 90% of married couples chose new or modified modular kitchens amongst the age group of 25 – 44? The percentage drastically decreases in the category of 60+ age group. The amount spent on modular kitchens on average is above three lakhs. This is an indication of how huge this market is.
With buyers displaying a tendency to explore different avenues regarding plans, surfaces, and shades, makers bring in too many choices to the table for purchase. Hence, big brands are shaping the future by setting up their modular kitchen franchise in India. Shoppers are looking for premium products that are also technologically advanced with customization in terms of features, colours, and patterns. Renovating their old traditional to modern-day kitchens is on a rise.
There are several factors that have boosted the modular kitchen industry in India. The most significant causes are as follows:
- Nuclear middle-class families are growing rapidly in India. With rise in income, demand is higher for modular kitchen has increased because of less home space and premium quality of products in demand
- One of the benefits is that they are easy to transport and to repair. People choose it as the transition becomes easier for them at the time of moving out to other houses.
- Customers get defined prices and quick execution within a specified timeline
- for convenience, ergonomics, and easy access along with sensible space utilization. Common trends include incorporated lighting, clutter-free countertops, built-in appliances and organized cabinets.
- The upward trend of this sector can also be greatly attributed to the fact that there has been a rapid increase in the number of residential projects that in turn give rise to a demand for bespoke kitchen designs. Significant growth of residential construction industry is expected to be a key driver for the market.
- Internet has played an important role for these players. From blueprints, 3D designs, space mapping. All services can be availed at a click of a button as customers have more time.
The modular kitchen market is fragmented with many small and regional competitors present in the market. The market is majorly dominated by several small players, the market share of which is above 80%. The majority of the population in India lives in smaller cities and rural areas, where consumers are price-sensitive and look for value for money products.
The modular kitchen market in the country is no more limited to Tier I cities only, as leading organized players have covered major cities, they are now executing strategies to expand their business into Tier II and Tier III cities as well. Many organized players are moving into the franchise model to dominate markets to get the first-mover advantage in different markets. So don’t hesitate to expand your modular kitchen franchise in India.
