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The kitchen cabinet market size has grown strongly in recent years. It will grow from $144.51 billion in 2023 to $156.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to housing boom, traditional design trends, economic stability, material preferences, limited customization, functional considerations.   The kitchen cabinet market size is expected to see strong growth in the next few years. It will grow to $210.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to modern design trends, renovation and remodeling trends, customization and personalization, material innovation, smart kitchen integration. Major trends in the forecast period include digitalization and e-commerce, smart and integrated solutions, sustainable materials and eco-friendly designs, customization and modular designs, color and design trends, online purchases and virtual showrooms.

· Revenue in the Kitchen & Dining Furniture Market is projected to reach US$58.57bn in 2024. · Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.17%, resulting in a projected market volume of US$90.81bn by 2029. · With a projected market volume of US$32,150.00m in 2024, most revenue is generated in the United States. · In the Kitchen & Dining Furniture Market, the number of users is expected to amount to 1.0bn users by 2029. · User penetration will be 10.8% in 2024 and is expected to hit 13.7% by 2029. · The average revenue per user (ARPU) is expected to amount to US$86.51.

The China furniture market is experiencing significant growth, driven by increasing consumer disposable income and rising expenditure on home decor. The market is also benefiting from the booming tourism industry and substantial investments in the hospitality sector, including airports, hotels, and restaurants. According to a recent study by strategic consulting and market research firm Report Ocean, the China furniture market was valued at USD 71.5 billion in 2021 and is projected to reach approximately USD 155.1 billion by 2028, growing at a CAGR of 11.3%. The growth is attributed to China`s large population, increasing disposable incomes, and higher spending on home decor. Additionally, investments in the hospitality sector and the development of commercial facilities are boosting demand for various types of furniture, contributing to overall market growth. However, the highly fragmented nature of the market and the presence of numerous industry participants may pose challenges to market expansion.

China's green building materials sector presents great opportunities for foreign investment, given the country's vast real estate market and ambitious plans to meet high environmental standards and serve climate-conscious goals. Foreign investors are advised to keep a close eye on policy developments impacting this sector.

From 2014 to 2023, the value of Chinese kitchen cabinet imports to Canada surged from CAD 32,508,000 to CAD 58,769,000. During the same period, imports from the United States declined dramatically, while Italian imports showed a substantial increase. In 2014, U.S. imports were valued at CAD 98,661,000 but plummeted to CAD 19,880,000 by 2023. Conversely, Italian imports rose from CAD 14,375,000 to CAD 40,401,000 over the same period.

Kitchen furniture exports and imports are broken down by country and by geographical region of origin/destination. Historical data are provided for the time frame 2016-2021. A similar analysis was conducted for the international trade of a list of selected appliances (refrigerator and freezers, cooking appliances, clothes washers and driers, dishwashing machines, hoods) relevant for the kitchen industry for the period 2016-2021. Chinese kitchen production is analysed by including historical series of kitchen production in value and volume for the years 2016-2021. Kitchen production in China is broken down according to: 1. style (classic, country, modern basic, modern, design, high tech); 2. cabinet door material (solid wood, veneer, laminated, decorative paper, thermoplastics, lacquered, melamine, aluminium, glass); 3. cabinet door colour (white, bright, neutral) and lacquering (bright, opaque); 4. worktop material (solid surface materials, natural and engineered stone, laminated, tiles, steel and aluminium, wood, glass).

In April 2024, China's own furniture retail sales were about 11 billion yuan (over 1.4 billion euros: 1,413,500,000). This indicates a slight increase compared to the same period last year, according to Statista. After decades of development in the furniture industry, China has become the world's largest furniture producer and exporter. Being one of China's main exports, a significant proportion of Chinese furniture products are destined for the global market. In 2022, the total value of China's furniture exports was about €63 billion. At the same time, the development of the domestic furniture market is being driven by an increase in purchasing power among Chinese customers. Constantly rising incomes in both urban and rural China have raised the living standards of a large part of the Chinese population. Therefore, Chinese consumers are willing to spend more on household decorations. In response, the furniture market in the country has developed into a multi-billion dollar industry. Wooden furniture represents a large part of the furniture industry in China. Traditionally, Chinese customers choose solid wood when it comes to furniture materials. Bamboo and rattan furniture have also become increasingly popular in recent years.

BEIJING, May 4 (Xinhua) -- China's furniture industry reported a strong rebound in the first two months of 2024, data from the Ministry of Industry and Information Technology showed. The combined operating revenue of the country's major furniture manufacturers rose 14.9 percent year on year to 91.78 billion yuan (about 12.92 billion U.S. dollars), according to the ministry. These companies generated total profits of 4.71 billion yuan in the same period -- skyrocketing 198.1 percent year on year. The optimization and adjustment of local real estate policies in China has improved market expectations, and key projects including affordable housing and urban village renovation have driven the recovery of the furniture sector, the ministry said.

While the supply chain recovered, inflation and rising interest rates contributed to slowing demand throughout 2022 and 2023 as the industry contracted 5.2%. As shipments were delivered, retailers found themselves with excessive inventory. The surplus led to significant gross margin contractions as retailers discounted heavily to move products throughout 2022 and 2023. The chart below highlights the volatility the industry has experienced as reflected by the Monthly Sales for Retail and Food Services Report, published by U.S. Census Bureau over the last three years.

A year after registering a 4% increase in exports, the United States furniture market has given back that gain - and then some - ending 2023 with a 4% decrease for a total of $2.297 billion vs. $2.399 billion in 2022. Nearly all of the U.S. trading partners within the Top 10, with the exception of Saudi Arabia and China, were in the deficit column. Canada, which remains America`s No. 1 customer for furniture, was down 4%, while Mexico registered a slightly smaller decline at 2%, and the United Kingdom was off by around 6%.

HIGH POINT - A key privately reported index of China's manufacturing activity showed its strongest gains in two years for the month of May, driven by production increases and new orders. Caixin/S&P global's purchasing managers index (PMI) increased to 51.7 from 51.4 in April. Any number above 50 represents growth, while a number under 50 indicates contraction. This index has now been in expansion for seven consecutive months. "Business conditions in the Chinese manufacturing sector improved at a more pronounced rate midway into the second quarter of 2024. Production growth accelerated amid rising new orders. This led to faster accumulation of backlogged work, while purchasing activity also rose," the report`s summary stated.

On February 15, the China Building Materials Circulation Association released the National Building Materials and Home Furnishing Prosperity Index BHI. The data shows that the national building materials and household prosperity index BHI was 119.88 in February, an increase of 24.26 points month-on-month and 16.91 points year-on-year. The February sales of building materials and home furnishing stores above designated size nationwide were 113.027 billion yuan, up 44.18% month-on-month and 34.54% year-on-year; the cumulative sales from January to February were 191.422 billion yuan, up 4.39% year-on-year. In February, BHI hit a new high in the same period in recent years, and the confidence in the building materials and home furnishing market was boosted.

According to the latest statistics from TDUK, imports of major wood and panel products to the UK in 2022 will decrease by 2.4 million cubic meters to 9.3 million cubic meters compared with the same period of the previous year, a year-on-year decrease of 25.8%. Among them, this is mainly related to the reduction in cork imports. Figures show UK softwood log imports in 2022 are down 25% from the record 2021 figure. Despite the sharp drop in volume value, the average cost of softwood imports rose by 7% due to already strong global demand.

News on March 17, data released by the US research firm Descartes Datamyne showed that the volume of sea container shipments from Asia to the United States in February was 1,189,997, a year-on-year decrease of 29%, and the decline was again wider than in January (17%). Against the backdrop of inflation in the United States, freight shipments in the furniture category have stagnated. The furniture category, which accounts for nearly 20% of the transportation volume, fell sharply by 37% year-on-year, affecting the overall transportation volume and also lower than the transportation volume in February 2020 before the new crown epidemic created the special need for working from home. In addition, the US housing market is sluggish, and the demand for furniture linked to the purchase of housing is also slowing.

According to data released by Descartes Datamyne, a US research firm, the volume of sea containers shipped from Asia to the United States in February was 1,189,997 (converted into 20-foot containers), down 29% year-on-year and expanding again from January (17%). Among them, China's container exports to the United States fell by 25.4%, Japan by 19.9%, Indonesia by 14.2%, Vietnam by 12.5%, Bangladesh by 10%, Thailand by 3.7%, and India by 0.1%. In the middle, furniture, toys and sports equipment dragged down container exports. The furniture category, which accounted for nearly 20% of the transportation volume, decreased by 37% year-on-year, which affected the overall transportation volume.

According to data released by the General Administration of Customs on Tuesday, in terms of US dollars, China`s exports from January to February fell by 6.8% year-on-year, a decrease of 3.1 percentage points from December; imports fell by 10.2% year-on-year, a decline of 2.7 percentage points from December. From January to February, the trade surplus was US$116.89 billion. Exports performed better than expected in January-February, while imports were weaker than expected. The average forecast of 7 analysts collected by Wind shows that from January to February, exports fell by 8.3% year-on-year, and imports fell by 3.3% year-on-year. Analysts said that the shrinking demand in Europe and the United States is still an important factor suppressing exports. In addition, the high base in the same period last year also dragged down this year's export growth to a certain extent. From January to February 2022, China's export value increased by 16.3% year-on-year.

Recently, driven by the expected recovery in the real estate market, the home furnishing industry, which is the back-end consumer industry of the real estate link, has also ushered in an improvement in sales. Some brokerages said that the sales of the home furnishing industry are affected by more than 60% of real estate. The continuous effectiveness of the policy will help to ensure the delivery of new houses, drive the demand for home furnishing listed companies to strengthen, and their performance to recover. The person in charge of Del Future said that the home furnishing industry has been very hot recently, and the company's current production and sales situation is relatively good, especially in the first two months of this year, compared with the fourth quarter of 2022, the sales situation has rebounded more significantly.

On the afternoon of December 12, sponsored by Shanghai Furniture Industry Association and Shanghai Creative City Think Tank, co-hosted by Shanghai UBM International Exhibition Co., Ltd., co-organized by China Brand and 800 Show, "Future Home Furnishing Future - Furnishing Metaverse Summit Forum" The 800 show in Shanghai was successfully held. With the vigorous development of the digital economy, as an integrated application body of multiple cutting-edge technologies such as VR, blockchain, and 5G, Metaverse has moved from concept to stage, and is accelerating from "future" to "present". Under the wave of metaverse, people's life and working methods will change. What new models will furniture companies and furniture exhibitions have in the future? This summit forum specially invites experts, scholars and representatives of furniture enterprises in Metaverse to discuss the future of Metaverse and home furnishing. Li Xia, secretary-general of the Shanghai Family Association, presided over the forum. Chen Wenshan, director of the Urban Industry Division of the Shanghai Economic and Information Commission, delivered a speech for the forum. She believes that with the rapid development of technology and digitalization, it is very timely and necessary for the Shanghai Furniture Industry Association to organize and plan this "Home Furnishing Metaverse Forum". She pointed out that the debut of the new concept and new products of "Metaverse + Fashion" at the first World Design Capital Conference brought everyone the experience of digital technology empowering fashion. She hoped that Shanghai furniture enterprises would accept new ideas and concepts and be at the forefront of fashion. At the same time, Chen Wenshan introduced the "eight fashion products" in the action plan for the high-quality development of fashion consumer goods in Shanghai: fashionable clothing, cosmetics, exquisite food, sports products, smart products, life products, handicraft products, digital trendy products, and Shanghai furniture companies are required to make efforts in terms of smart products and good life products to promote the high-quality development of enterprises. In the end, she introduced the municipal government's use of technology to promote industrial upgrading, demand-driven core technology innovation, and design to link the development of emerging industries. Gao Wei, President of the Shanghai Furniture Industry Association, said in his speech that although we are currently facing unprecedented epidemics and challenges, we will also usher in opportunities and changes that have not occurred in a century. good time. If the implementation of the Internet, digitalization, and intelligence has brought value to the enterprise, then actively paying attention to and embracing the application of Metaverse in the development of the home furnishing industry will surely bring greater possibilities for the future layout of the enterprise. the Mr. Zhang Yong, chairman of Linker Technology Group and founder of Linker Internet Technology Yuanshichang brand, brought you the theme sharing of "The Way of Brand Survival in the Metaverse Virtual Digital Era". He expounded the two essences of the metaverse, and analyzed how the metaverse has a relationship with furniture retail brands through a case study. The core of brand digital upgrade and digital marketing is to create a differentiated customer experience. The sociability, participation, experience, and immersion of Metaverse will make Metaverse gradually replace traditional marketing. The Metaverse creates an opportunity for brands to redefine consumer connection. Mr. Cai Weitang, General Manager of Digital Marketing & Metaverse Business of Activation Group, brought the theme sharing of "The Marketing Future of Metaverse Coexisting between Virtuality and Reality". Through the Metaverse service case provided by Activation for domestic and foreign brand enterprises, he demonstrated the experience effect that Metaverse brings to ecology and application scenarios. He believes that virtual reality symbiosis will be the future of the home furnishing industry. Shanghai UBM International Exhibition Co., Ltd. is exploring the application of Metaverse in exhibitions. Ms. Hu Muqiu, deputy director of its online products, showed everyone the application of Metaverse in the furniture exhibition through Bohua Metaverse Digital Exhibition, and shared with you the various possibilities of combining furniture and Metaverse. In the round table forum, Cai Weitang, general manager of Digital Marketing & Metaverse Business of Activation Group, chairman of Linger Technology Group, Zhang Yong, founder of Linger Internet Technology Yuanshichang brand, associate professor of Donghua University, master tutor, clothing Wu Liang, deputy director of the Visual Communication Department of the School of Art and Design, Dai Zhiyong, general manager of Shanghai Meiji Furniture Technology Co., Ltd., Hu Muqiu, deputy director of online products of Shanghai UBM International Exhibition Co., Ltd., and other guests were invited to participate in the roundtable forum. Moderated the forum. The guests talked about the various scenarios and modes of the combination of future home and metaverse, and discussed the opportunities and challenges of the future of home. Wu Liang, an associate professor of Donghua University, explained the origin and development of the Metaverse from the understanding of the academic circle, the industry circle and ordinary people; Zhang Yong, chairman of Linger Technology Group, analyzed the possibility of reducing the cost of enterprises participating in the Metaverse from the perspective of technology and application Sex; Dai Zhiyong, general manager of Shanghai Meiji Furniture, believes that furniture companies should make bold attempts to carry the ideal of a better life through products; Cai Weitang, general manager of Digital Marketing & Metaverse Business of Activation Group, shared the scene application results of Metaverse; Bohua Hu Muqiu, deputy director of online products, expressed her thoughts on the Metaverse from the holding of the Metaverse Digital Furniture Exhibition. The discussion atmosphere of the roundtable forum was warm, and the participating companies also brought their own thoughts to interact with the guests. The views of the guests opened the door for everyone to understand and think about the metaverse. What kind of changes the metaverse can bring to the social economy and what opportunities furniture companies will have in it deserves everyone's attention. Since the future, nothing has changed. After the forum guests exchanged views, Pan Jin, Secretary-General of Shanghai International Creative City Think Tank, made a concluding speech for the forum. She believes that at this critical moment of economic transformation, Shanghai International Creative City Think Tank and Shanghai Family Association organized this Home Furnishing Metaverse Summit Forum, and invited experts and scholars to bring you the cutting-edge fields of AI and digitalization, virtual and reality integration Let's explore the path of high-quality development of home furnishing enterprises together. The forum not only brings in-depth thinking and enlightenment to enterprises, but also empowers and supports the transformation and development of enterprises. Shanghai Furniture Industry Association's strategic cooperation media Sohu Focus Home provides a live broadcast of the entire forum. BenLife.com brought exquisite coffee breaks to this forum. Shanghai Furniture Industry Association and Shanghai International Creative City Think Tank have co-hosted the summit forum for four consecutive years, and the topics of each session have aroused everyone's resonance and response.

According to the information compiled and released by the Circulation Industry Development Department of the Ministry of Commerce and the China Building Materials Circulation Association, the National Building Materials and Home Furnishing Prosperity Index BHI in November was 86.52, down 11.60 points month-on-month and 52.98 points year-on-year. According to the China Building Materials Circulation Association, the winter off-season is approaching, and the situation of epidemic prevention and control in some cities is still severe in November, and the BHI is showing a rapid decline. Data show that the November sales of building materials and home furnishing stores above designated size nationwide were 60.870 billion yuan, a month-on-month decrease of 26.22% and a year-on-year decrease of 52.58%; the cumulative sales from January to November 2022 were 1,089.251 billion yuan, a year-on-year increase of 2.97%.

Recently, technology giant Apple officially entered the smart home field in the Chinese market. At present, the official website of Apple China has developed a separate home section (Apple Home). Judging from the page, the home furnishing sector is mainly divided into three categories: HomePod, Home App (family App) and smart home items. Among them, HomePod is Apple's smart audio product, which can be connected with Apple's smart home products and controlled by human voice recognition; Home App is the system software that comes with the iPhone or iPad. At the bottom of the page are the smart home items that Apple is currently selling. Up to now, Apple`s official website has launched nearly 30 smart home items, and the product types mainly include cameras, light bulbs, door locks, switches, routers, sockets and so on. The price is much more expensive than ordinary smart home products. A smart color-changing LED bulb of the Nanoleaf Essentials brand sells for as high as 168 yuan, and the price of more advanced ambient lights and other products has exceeded 1,000 yuan. Apple has laid out the home furnishing sector as early as nine years ago. In 2014, Apple officially released the HomeKit suite on the iOS 8 system, and on the iOS 11 system two years later, Apple released the Apple Home app (family app). In 2019, Apple and Google, Amazon, Samsung and Zigbee (now renamed CSA Alliance) established an organization called Project Connected Home over IP (CHIP), which stated that it aims to solve the interconnection problem between smart home products, and Prepare to plan the birth of Matter, a new smart home connection protocol. Judging from the current situation, Apple's smart home layout is still in the initial stage, lacking items such as TVs, refrigerators, and sweeping robots. Compared with domestic technology companies such as Xiaomi, the overall progress is still relatively slow. In addition, due to the particularity of iOS, Apple may have insufficient compatibility when connecting more smart homes in the future, and these will have a certain impact on Apple's development in the field of smart homes.