Vietnam Kitchen Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Vietnam Kitchen Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Market TrendsInvestments 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.

Competitive Landscape

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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Cabinetry factory
Vibuma
Pacific Craftworks
Bsmart
Green River Door
Ixina
Eagle Wood Vietnam
Vietnam Blue Lake Furniture
Star Marine Furniture Company Ltd
Ikea*

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