Vietnam Kitchen Furniture Market Size
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2019 - 2020 |
| CAGR | 3.70 % |
| Market Concentration | High |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Kitchen Furniture Market Analysis
The Vietnam Kitchen Furniture market is expected to grow annually at a CAGR of 3.70% during the forecast period (2021 – 2026).
Vietnam has become a preferred location to set up furniture factories and is a major base for furniture exports. Furniture from Vietnam is now exported to over 120 countries, of which the main markets are the US, UK, Canada, Australia, and Japan. Vietnamese furniture is also exported to China. Vietnamese consumers use a wide range of furniture products, with wooden furniture being the most common. This growth has been driven by greater demand from North America, Europe, and the Asia-Pacific region. Customers in the Middle East and India are particularly helping to propel the sector’s development.
The rise in the real estate of Vietnam is observed, and in the past five years, approximately 400,000-500,000 townhouses and villas have been constructed. With the increasing urbanization and construction of houses, apartments, and buildings, and the government's efforts to improve the quality of the country's overall infrastructure with investments in infrastructure construction, tourism infrastructure, and housing projects across the country the Vietnamese Kitchen furniture market is expected to grow during the forecast period.
Disruptions in supply chains and slowed global trade have severely impacted the Vietnamese kitchen furniture sector amidst the COVID-19 pandemic. COVID-19 conversion has caused difficulties for many businesses due to dependence on imported raw materials in the Vietnam kitchen furniture segments.
Vietnam Kitchen Furniture Market Trends
This section covers the major market trends shaping the Vietnam Kitchen Furniture Market according to our research experts:
Investments in Residential Sector is Boosting the Kitchen Furniture Market
The government's effort to bridge the gap between demand and supply for affordable housing in Vietnam is expected to support the market's growth over the forecast period. Strong economic growth in Vietnam has generally led to rising income levels, which in turn has increased demand for higher-end residential real estate, and remodelling of residential kitchens, especially in dense urban areas such as Hanoi and Ho Chi Minh City has created a demand for the kitchen furniture market.
In August 2020, a USD 9.3 billion residential and tourism development project has been approved within the buffer zone of the Can Gio Mangrove Biosphere Reserve. The project was proposed by the Can Gio Tourism Urban Area Joint Stock Company, a subsidiary of Vinhomes, the real estate arm of Vingroup, the country’s largest private company.
The Rise in Exports from Vietnam
In 2021, Vietnam replaces China to become number one in exporting wooden furniture to the United States. Vietnam is the largest wooden furniture supply market to America in the first 11 months of 2020, earning USD 6.26 billion, 30.9% higher in comparison to the same period last year. The United States only increased the importation of bedroom and kitchen furniture. In the first 11 months of 2020, the United States sharply increased its kitchen furniture imports from Vietnam and Malaysia, reaching USD 410.8 million and USD 350 million accordingly, making a raise of 450.8% and 696.6% compared to the same period in the year before.
Vietnam Kitchen Furniture Industry Overview
Few big firms currently dominate the Vietnam Kitchen Furniture market in terms of market share. On the other hand, mid-size and smaller businesses are expanding their market presence by gaining new contracts and entering new markets owning to technical improvements and product developments. Some of the key players in the Vietnam Kitchen Furniture market are Cabinetry factory, Vibuma, Pacific Craftworks, Bsmart, Green River Door, Ikea, Ixina, Eagle Wood Vietnam, Vietnam Blue Lake Furniture, Star Marine Furniture Company Ltd, and Other prominent players.
Vietnam Kitchen Furniture Market Leaders
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Vibuma
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Pacific Craftworks
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Ikea
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Ixina
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Star Marine Furniture Company Ltd
*Disclaimer: Major Players sorted in no particular order
Vietnam Kitchen Furniture Market News
- May 2021, Canadian government tariffs are lifted on furniture coming from Vietnam and China. Some furniture that would cost USD 500 costs up to USD 1,500.
- January 2019, IKEA, the Swedish world’s largest furniture retailer, plans to invest an estimated USD 450 million in Hanoi's retail and warehouse system. IKEA shop in Vietnam is expected to be IKEA’s main supply hub to serve the entire Southeast Asian market.
Vietnam Kitchen Furniture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints/ Challenges
4.4 Value Chain/ Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/ Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Consumer Buying Behaviour in Vietnam Kitchen Furniture Market
4.7 Insights on Technological Disruption in Vietnam Kitchen Furniture Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Furniture Type
5.1.1 Kitchen Cabinets
5.1.2 Kitchen Chairs
5.1.3 Kitchen Tables
5.1.4 Others
5.2 By Distribution Channel
5.2.1 Supermarkets and Hypermarkets
5.2.2 Specialty Stores
5.2.3 e-Commerce
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Cabinetry factory
6.2.2 Vibuma
6.2.3 Pacific Craftworks
6.2.4 Bsmart
6.2.5 Green River Door
6.2.6 Ixina
6.2.7 Eagle Wood Vietnam
6.2.8 Vietnam Blue Lake Furniture
6.2.9 Star Marine Furniture Company Ltd
6.2.10 Ikea*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER
Vietnam Kitchen Furniture Industry Segmentation
A complete background analysis of the Vietnam Kitchen Furniture market, which includes an assessment of emerging trends by segments, and significant changes in market dynamics and market overview, is covered in the report. The report also features the qualitative and quantitative assessment by analysing data gathered from industry analysts and market participants across various key points in the industry’s value chain. The Vietnam Kitchen Furniture Market is segmented by Type (Kitchen Cabinets, Kitchen Chairs, Kitchen Tables and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, e-Commerce and Other Distribution Channels).
| By Furniture Type | |
| Kitchen Cabinets | |
| Kitchen Chairs | |
| Kitchen Tables | |
| Others |
| By Distribution Channel | |
| Supermarkets and Hypermarkets | |
| Specialty Stores | |
| e-Commerce | |
| Other Distribution Channels |
Vietnam Kitchen Furniture Market Research FAQs
What is the current Vietnam Kitchen Furniture Market size?
The Vietnam Kitchen Furniture Market is projected to register a CAGR of 3.7% during the forecast period (2023-2028).
Who are the key players in Vietnam Kitchen Furniture Market?
Vibuma, Pacific Craftworks, Ikea, Ixina and Star Marine Furniture Company Ltd are the major companies operating in the Vietnam Kitchen Furniture Market.
Vietnam Kitchen Furniture Industry Report
Statistics for the 2023 Vietnam Kitchen Furniture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Kitchen Furniture analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
