Kitchen & Dining Furniture - Panama

In Panama, the revenue generated in the Kitchen & Dining Furniture market in 2024 amounts to US$48.37m.
It is projected that the market will experience an annual growth rate of 1.16% (CAGR 2024-2029).
When compared globally, United States leads in terms of revenue, generating US$39bn in 2024.
Taking into account the total population, per person revenues of US$10.68 are generated in 2024.
Panama's demand for kitchen and dining furniture is driven by the country's growing tourism industry and its emphasis on luxury and high-end dining experiences.

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 Panama is experiencing significant growth and development. Customer preferences for stylish and functional furniture, along with local special circumstances and underlying macroeconomic factors, have contributed to this trend.

Customer preferences: Panamanian consumers have shown a strong preference for modern and contemporary kitchen and dining furniture. They are increasingly looking for furniture that combines style with functionality, allowing them to create a comfortable and aesthetically pleasing space in their homes. This trend is driven by the desire to keep up with global design trends and create a modern living environment.

Trends in the market: One of the key trends in the Kitchen & Dining Furniture market in Panama is the growing demand for space-saving furniture. As urbanization continues to increase, many Panamanians are living in smaller apartments or houses with limited space. This has led to a rise in the popularity of compact and multifunctional furniture that can maximize the use of available space. Another trend in the market is the increasing popularity of eco-friendly and sustainable furniture. Panamanian consumers are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking furniture made from sustainable materials. This trend is in line with the global movement towards sustainability and reflects a growing awareness of the need to protect the environment.

Local special circumstances: Panama's growing middle class and rising disposable incomes have contributed to the development of the Kitchen & Dining Furniture market. As more Panamanians enter the middle class, they have a greater ability to afford and invest in high-quality furniture for their homes. This has created a strong demand for kitchen and dining furniture, driving market growth. Additionally, Panama's status as a popular tourist destination has also had an impact on the market. The country's booming tourism industry has attracted a large number of foreign visitors, many of whom are interested in purchasing local furniture and decor. This has created opportunities for local manufacturers and retailers to cater to the needs of both domestic and international customers.

Underlying macroeconomic factors: The overall economic growth and stability of Panama have played a significant role in the development of the Kitchen & Dining Furniture market. The country has experienced steady economic growth in recent years, driven by sectors such as construction, services, and tourism. This has resulted in increased consumer confidence and spending power, leading to higher demand for furniture and home decor. Furthermore, Panama's strategic location as a transportation and logistics hub has made it an attractive destination for international businesses. This has led to an influx of expatriates and foreign residents, who often have higher purchasing power and a demand for quality furniture. The presence of a diverse and cosmopolitan population has further fueled the growth of the Kitchen & Dining Furniture market in Panama. In conclusion, the Kitchen & Dining Furniture market in Panama is experiencing growth and development due to customer preferences for stylish and functional furniture, local special circumstances such as a growing middle class and a booming tourism industry, and underlying macroeconomic factors including economic growth and the country's strategic location. This market trend is expected to continue as Panamanian consumers increasingly prioritize modern and sustainable furniture for their homes.

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.