Kitchen & Dining Furniture - Mongolia

In Mongolia, the revenue generated in the Kitchen & Dining Furniture market is projected to reach US$5.18m in 2024.
The market is anticipated to experience an annual growth rate of -1.13% (CAGR 2024-2029).
When compared globally, United States leads the pack with a revenue of US$39bn in 2024.
In terms of per capita income, individuals in Mongolia generate revenues of US$1.48 in 2024.
The demand for traditional Mongolian-style dining furniture is on the rise in Mongolia, as consumers seek to preserve their cultural heritage in their homes.

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 Mongolia has been experiencing significant growth in recent years. This can be attributed to a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in Mongolia have been shifting towards more modern and functional kitchen and dining furniture. Customers are increasingly looking for furniture that is not only aesthetically pleasing but also durable and easy to maintain. This is driving the demand for products that are made from high-quality materials and offer practical features such as storage solutions and easy-to-clean surfaces.

Trends in the market: are also influencing the development of the Kitchen & Dining Furniture market in Mongolia. One notable trend is the growing popularity of open-concept kitchen and dining areas. This trend is driven by the desire for more spacious and interconnected living spaces, as well as the increasing influence of Western lifestyles. As a result, there is a growing demand for furniture that is versatile and can seamlessly integrate with different living spaces.

Local special circumstances: in Mongolia are also playing a role in the development of the Kitchen & Dining Furniture market. Mongolia has a unique cultural heritage and traditional nomadic lifestyle, which is reflected in the design and style of furniture. Customers in Mongolia often prefer furniture that incorporates traditional elements and craftsmanship, while also meeting modern functional requirements. This has created opportunities for local artisans and manufacturers to offer unique and customized products that cater to the specific tastes and preferences of Mongolian customers.

Underlying macroeconomic factors: are also contributing to the growth of the Kitchen & Dining Furniture market in Mongolia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As a result, more people are investing in their homes and are willing to spend on high-quality furniture that enhances their living spaces. Additionally, the rapid urbanization and increasing number of households in Mongolia are driving the demand for kitchen and dining furniture. In conclusion, the Kitchen & Dining Furniture market in Mongolia is developing due to customer preferences for modern and functional furniture, trends towards open-concept living spaces, local special circumstances that value traditional craftsmanship, and underlying macroeconomic factors such as economic growth and urbanization. These factors are likely to continue driving the growth of the market in the coming years.

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.