Kitchen & Dining Furniture - Iceland

In Iceland, the revenue in the Kitchen & Dining Furniture market reaches US$55.75m in 2024.
It is projected to experience an annual growth rate of 1.11% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue, amounting to US$39bn in 2024.
On a per capita basis, in 2024, each person in Iceland contributes US$147.60 in revenue.
The demand for minimalist and eco-friendly kitchen and dining furniture is on the rise in Iceland, reflecting the country's commitment to sustainable living.

Definition:

The Kitchen & Dining Furniture segment covers diferent movable objects designed for kitchen and dining rooms. These objects mainly meet people’s needs for eating, preparing food, or food storage and includes dining tables, baker’s racks, kitchen islands/carts, pantry storage, and various types of kitchenware. Items not considered include household appliances such as refrigerators, stoves, small kitchen appliances, and sinks and faucets.

Structure:

The Kitchen & Dining Furniture segment is divided into two subsegments:

The Dining Tables, Kitchen Islands & Pantries subsegment includes furniture pieces designed to enhance the functionality and aesthetics of kitchen and dining spaces. These products range from traditional dining tables to kitchen islands and pantry storage units, providing both practical and decorative value to the kitchen and/or dining spaces.
The Kitchenware subsegment refers to items which aid in the preparation and the serving of food. Products in this subsegment include cookware such as pots and pans, tableware such as cutlery and glassware, and other items that are essential for the preparation and serving of food.

Additional Information:

The Kitchen & Dining Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Dining tables
Kitchen islands and carts
Food pantries
Kitchenware

Household appliances
Cookware, kitchen, and cleaning utensils
Kitchen remodels

The Kitchen & Dining Furniture market in Iceland has been experiencing steady growth over the past few years.

Customer preferences: Customers in Iceland have shown a growing interest in modern and minimalist kitchen and dining furniture. They prefer sleek designs with clean lines and a neutral color palette. Functionality is also a key consideration, with customers looking for furniture that is not only aesthetically pleasing but also practical and space-saving.

Trends in the market: One of the major trends in the Kitchen & Dining Furniture market in Iceland is the increasing demand for eco-friendly and sustainable furniture. Customers are becoming more conscious of the environmental impact of their purchases and are actively seeking out products that are made from sustainable materials and manufactured using environmentally friendly processes. This trend is driven by a growing awareness of climate change and a desire to make more environmentally responsible choices. Another trend in the market is the rise of online shopping. With the increasing availability of online retailers and the convenience of shopping from home, more customers are choosing to purchase kitchen and dining furniture online. This trend has been accelerated by the COVID-19 pandemic, which has limited physical shopping opportunities and encouraged people to explore online options.

Local special circumstances: Iceland is known for its unique and beautiful landscapes, and this has influenced the design preferences of customers in the country. Many customers in Iceland prefer furniture that is inspired by nature, with elements such as wood and earth tones being popular choices. This preference for natural materials and colors is reflected in the designs of kitchen and dining furniture in the market.

Underlying macroeconomic factors: The growth of the Kitchen & Dining Furniture market in Iceland can be attributed to several underlying macroeconomic factors. Firstly, Iceland has experienced a period of economic stability and growth in recent years, leading to increased consumer confidence and spending power. This has resulted in higher demand for home furnishings, including kitchen and dining furniture. Additionally, the tourism industry in Iceland has been booming, with a significant increase in the number of tourists visiting the country. This has created a demand for accommodation and hospitality services, which in turn has driven the demand for kitchen and dining furniture in hotels, restaurants, and other establishments. In conclusion, the Kitchen & Dining Furniture market in Iceland is experiencing growth due to customer preferences for modern and minimalist designs, the increasing demand for eco-friendly and sustainable furniture, the rise of online shopping, the local preference for natural materials and colors, and the underlying macroeconomic factors of economic stability and growth, as well as the booming tourism industry.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.