Kitchen & Dining Furniture - South Korea

In South Korea, the Kitchen & Dining Furniture market generates a revenue of US$617.60m in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 2.72% (CAGR 2024-2029).
When comparing in South Korea to other countries worldwide, United States leads the pack with a revenue of US$39bn in 2024.
To put it in perspective, in 2024, per person revenues in South Korea amount to US$11.94.
South Korea's kitchen and dining furniture market is seeing a rise in demand for modern, minimalist designs with sleek lines and neutral colors.

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 South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers have shown a growing interest in kitchen and dining furniture that combines functionality with modern and sleek designs. They are increasingly looking for furniture pieces that not only serve their practical needs but also enhance the overall aesthetic appeal of their homes. This shift in consumer preferences can be attributed to the rising influence of interior design trends and the desire to create stylish and visually appealing living spaces.

Trends in the market: One of the key trends in the South Korean Kitchen & Dining Furniture market is the increasing demand for compact and space-saving furniture. As the average size of homes in South Korea is relatively small, consumers are seeking furniture solutions that can maximize the available space without compromising on functionality. This has led to a rise in the popularity of multifunctional furniture pieces, such as dining tables with built-in storage compartments or collapsible chairs that can be easily stored away when not in use. Another trend in the market is the growing popularity of eco-friendly and sustainable kitchen and dining furniture. South Korean consumers are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking furniture made from sustainable materials, such as bamboo or recycled wood. This trend is further fueled by government initiatives and regulations that promote eco-friendly practices and encourage the use of sustainable materials in the manufacturing sector.

Local special circumstances: South Korea has a strong and vibrant dining culture, with eating out being a popular social activity. However, there has been a shift in recent years towards more home-cooked meals and entertaining at home. This change in behavior has contributed to the increased demand for kitchen and dining furniture, as consumers are investing in creating inviting and functional spaces for cooking, dining, and hosting guests.

Underlying macroeconomic factors: The South Korean economy has been growing steadily, which has resulted in higher disposable incomes for consumers. This has allowed them to allocate a larger portion of their budget towards home furnishings and decor, including kitchen and dining furniture. Additionally, the government's efforts to promote the housing market and encourage homeownership have also contributed to the growth of the Kitchen & Dining Furniture market. In conclusion, the Kitchen & Dining Furniture market in South Korea is experiencing growth due to changing customer preferences, including a focus on functionality and modern design. The market is also influenced by local special circumstances such as the dining culture and the trend towards more home-cooked meals. The underlying macroeconomic factors, including a growing economy and government initiatives, further support the market's expansion.

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.