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Kitchen & Bathroom Worktops Market Report - UK 2014-2018 Analysis, now available
The value of the total kitchen worktop market is estimated to have declined from a high of £200m in 2007 to £170m in 2011, increasing modestly to £173m in 2012 and again to £177m in 2013.
Key issues that have influenced the UK domestic kitchen furniture and worktop market in recent years include:-
* The blurring of distinction between the kitchen and dining room, with less formality in the home and a move towards open plan living.
* An emphasis on aesthetics and stylish designs, with contemporary styling, clean lines, sleek, minimalist looks and solid flooring becoming a major theme in the home.
The interest in cooking as a hobby and the demand for professional style kitchens and appliances has been influenced by the popularity of cookery programmes on television, which seems to have increased in the recent year.
Demand for design led features in the kitchen has increased the importance of worktops, since they can create high visual impact, with high gloss laminates, solid surfaces, granite and, more recently, quartz all increasing in popularity. However, the deteriorating economy halted the trend towards higher value products, whilst the affordability of laminates means that they are likely to continue to dominate the market in the foreseeable future, particularly in volume terms.
The structure of the worktops market is highly fragmented, with raw materials suppliers, importers, manufacturers, fabricators and distributors all being involved.
The distribution channel structure has experienced some changes in recent years, with growth in the builders' merchants sector. Both the DIY multiples and furniture multiples sectors have suffered from the closure of important suppliers.
Growth in the market for kitchen worktops resumed in 2012, with a modest increase in that year and a similar pattern was experienced for 2013, with stronger growth forecast in the following years as market conditions improve. The market is forecast to reach £220m by 2018.
In the short term margins are likely to be squeezed further by the increasing cost of raw materials, particularly chipboard and metal components, although kitchen worktop manufacturers have a good record in absorbing cost increases generally, nevertheless, some of these increases are bound to be passed on.
In the medium term growth prospects will be largely influenced by the speed at which the housing market recovers and the extent to which homeowners feel confident enough to spend money on home improvements, given the current high level of consumer indebtedness.
As the consumer economy recovers, both natural stone and composite materials are forecast to gain market share, with granite and quartz in particular likely to become more competitive as a result of imports from lower cost producers.
Worktops will account for around 14% of the total kitchen furniture and worktops market by the end of 2018, marginally above the level reached in 2012. The worktop sector is expected to achieve reasonably good growth in the medium term, mainly because of the gradual shift to higher quality materials.
AMA Research's report 'Kitchen and Bathroom Worktops Report - UK 2014-2018 Analysis' is available in hard copy or electronic format
T: 01242 235724
24th January 2014