Growth in demand for enhanced outdoor spaces including patios/decks, pools, spas, outdoor kitchen, rooftop and balconies and rise in adoption of luxury lifestyle are expected to propel the demand for elegantly designed outdoor kitchen cabinets. Furthermore, Growing adoption of home outdoor spaces for home functions, family meetings and entertainment are influencing the demand for outdoor kitchen cabinets.
According to a new report published by Allied Market Research, titled, "Outdoor Kitchen Cabinets Market," The outdoor kitchen cabinets market was valued at $2.9 billion in 2020, and is estimated to reach $5.1 billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030.
An outdoor kitchen cabinet is a shelf space to store accessories and items in the kitchen. Outdoor kitchen cabinetry comes in stainless steel, wood, masonry, even water-resistant polymer substances produced for extra safety against heat, humidity, and cold.
Growth in demand for enhanced outdoor spaces including patios/decks, pools, spas, outdoor kitchen, rooftop and balconies and rise in adoption of luxury lifestyle are expected to propel the demand for elegantly designed outdoor kitchen cabinets. Outdoor kitchen has been gaining significant traction among the homeowners and is expected to witness significant growth in outdoor kitchen islands market during the forecast period. This is majorly attributed to increase in use of outdoor spaces for various entertainment purposes such as throwing parties, social gathering, office gathering, family function and occasional diner. Thus, demand for outdoor kitchen is witnessing a rise, which in turn is boosting the outdoor kitchen cabinets market growth.
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Growth in number of high income group population and rise in number of millionaires and billionaires are expected to have significant influence on outdoor kitchen. As outdoor kitchen setup is not cost effective and needs considerable amount of outdoor space, it is suitable for people with high income and those willing to invest in luxury lifestyle.
However, increase in cost of material, rise in cost of installing outdoor kitchen projects and limited outdoor space are expected to hamper the growth of the outdoor kitchen market, which in turn limit the sales of the outdoor kitchen cabinets.
The outbreak of the pandemic has positively affected the global outdoor kitchen cabinets market size. During COVID-19, people have been emphasizing on enhancing the home outdoor space for entertainment spaces and highly investing time and money on home improvement and remodeling, as government imposed restriction to stay-at-home and work from home due to rise cases of the corona virus. Thus, COVID-19 has positively impacted the growth of the outdoor kitchen cabinets market in COVID-19 period.
According to the outdoor kitchen cabinets market analysis, the market is segmented on the basis of type, amenity, material, end user, marketing channel, and region. On the basis of type, the market is categorized into base cabinets, appliance cabinets, wall cabinets, specialty cabinets, grill cabinets and others. On the basis of amenity, the market is segmented into, cooking, cooling/bartending, countertops and others. By material, the market is categorized into polymer, stainless steel, wood, masonry and others. On the basis of end user, the market is bifurcated into, residential and commercial. By marketing channel, the market is classified into ecommerce, contractors and mass merchandisers. Region wise, it is analyzed across North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
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On the basis of type, the base cabinets segment was the highest contributor to the market, with $738.3 million in 2020, and is estimated to reach $1,249.0 million by 2030, at a CAGR of 5.2% during the forecast period. Base cabinets are the foundation of the outdoor kitchen with large storage capacity. Growing demand for elegant and well-designed base cabinets with high storage capacity are expected to boost the demand for outdoor kitchen cabinets market through base cabinets segment.
According to the outdoor kitchen cabinets market trends, on the basis of amenity, the cooking segment has the highest share in global outdoor kitchen cabinets market and is expected to sustain its share during the forecast period. The importance and utility of cabinets can be viewed through cooking amenity as various cooking appliances including microwave oven, coffee maker, grilling appliances can be mounted on and below cabinets. Outdoor cabinets are also designed to fit with any cooking appliances and manufacturers reserve space to provide such features.
On the basis of material, the stainless steel segment was the highest contributor to the market, with $952.0 million in 2020, and is estimated to reach $1,531.1 million by 2030, at a CAGR of 4.6% during the forecast period. People majorly prefer stainless steel based cabinets for their outdoor kitchen, owing to various benefits associated such as non-corrective, high durability, resilient to any weather and climatic conditions, add elegance and aesthetic value to kitchen space and require low maintenance cost. Furthermore, optionally, it can give a realistic look of wood, if it is coated with powder finishes.
According to outdoor kitchen cabinets market opportunity analysis, region wise, North America garnered a major share in the market in 2020, and is expected to maintain its dominance throughout the outdoor kitchen cabinets market forecast period. This is majorly attributed to high concentration of the high income group population who can afford in terms of money and optimum outdoor space, which is required for the outdoor kitchen setup. Furthermore, rise in expenditure on enhanced outdoor space for entertainment and presence of global operating companies in North America region are expected to influence the growth of the North America Outdoor kitchen cabinets market.
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Players operating in the global outdoor kitchen cabinets industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include American Outdoor Cabinets, Bull Outdoor Products, Inc., Cabinetworks Group, Danver Stainless Outdoor Kitchens, Electrolux AB, Grillnetics, LLC, Middleby Corporation, NatureKast Products Inc., NewAge Products Inc. and Outdoor Kitchen Cabinets & More.
KEY FINDINGS OF THE STUDY
The outdoor kitchen cabinets market size was valued at $2,859.2 million in 2020, and is estimated to reach $5,132.5 million by 2030, registering a CAGR of 5.8% from 2021 to 2030.
By type, the appliance cabinets segment is estimated to witness the significant growth, registering a CAGR of 7.4% during the forecast period.
In 2020, depending on amenity, the cooling/bartending segment was valued at $464.1 million, accounting for 16.2% of the global outdoor kitchen cabinets market share.
By material, the wood segment is estimated to witness the significant growth, registering a CAGR of 5.3% during the forecast period.
In 2020, the U.S. was the most prominent market in North America, and is projected to reach $1,570.8 million by 2030, growing at a CAGR of 4.7% during the forecast period.