Kitchen & Dining Furniture - Sri Lanka

In Sri Lanka, the revenue generated in the Kitchen & Dining Furniture market reaches US$12.83m in 2024.
It is projected that the market will experience an annual growth rate of -4.33% (CAGR 2024-2029).
When considering global comparisons, United States leads the way with a revenue of US$39bn in 2024.
Looking at the per person revenues in relation to the total population figures, US$0.58 is generated in 2024.
A growing trend in Sri Lanka's Kitchen & Dining Furniture market is the demand for traditional, handcrafted wooden furniture.

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 Sri Lanka is experiencing significant growth and development.

Customer preferences: Customers in Sri Lanka are increasingly seeking stylish and functional kitchen and dining furniture to enhance their homes. With the rising popularity of open-plan living spaces, there is a growing demand for furniture that not only provides ample storage and seating options but also adds aesthetic value to the overall interior design. Additionally, customers are looking for furniture that is durable and easy to maintain, as well as eco-friendly and sustainable.

Trends in the market: One of the key trends in the Kitchen & Dining Furniture market in Sri Lanka is the incorporation of modern and contemporary designs. Customers are gravitating towards sleek and minimalist styles that create a sense of sophistication and elegance in their homes. This trend is driven by the influence of global design trends and the desire for a more cosmopolitan lifestyle. Another trend in the market is the increasing popularity of multifunctional furniture. With limited space in many homes, customers are looking for furniture that can serve multiple purposes. For example, dining tables that can be extended to accommodate more guests or kitchen islands with built-in storage compartments. This trend reflects the need for practical and space-saving solutions in the kitchen and dining area.

Local special circumstances: Sri Lanka has a rich cultural heritage, and this is reflected in the local special circumstances of the Kitchen & Dining Furniture market. Traditional Sri Lankan designs and craftsmanship are highly valued by customers, and there is a demand for furniture that incorporates these elements. This creates opportunities for local artisans and manufacturers to showcase their skills and cater to the unique tastes of the Sri Lankan market.

Underlying macroeconomic factors: The growth of the Kitchen & Dining Furniture market in Sri Lanka can be attributed to several underlying macroeconomic factors. Firstly, the country's economy has been steadily growing, leading to an increase in disposable income. As a result, consumers have more purchasing power and are willing to invest in high-quality furniture for their homes. Secondly, urbanization and population growth have contributed to the expansion of the market. As more people move to cities and live in apartments or smaller houses, the demand for compact and functional kitchen and dining furniture has increased. Lastly, the influence of globalization has played a role in shaping the market. With easier access to international trends and designs through the internet and social media, customers in Sri Lanka have become more aware of global design aesthetics and are seeking furniture that aligns with these trends. In conclusion, the Kitchen & Dining Furniture market in Sri Lanka is growing and evolving to meet the changing preferences and needs of customers. The demand for stylish, functional, and eco-friendly furniture is driving the market, and trends such as modern designs and multifunctional furniture are gaining popularity. The local special circumstances, including the appreciation for traditional designs, further contribute to the market's development. The underlying macroeconomic factors, such as economic growth and urbanization, provide a favorable environment for the market to thrive.

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.