Turkey Kitchen Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Turkey Kitchen Furniture market is expected to grow annually at a CAGR of 6.90% during the forecast period (2021 – 2026).

Turkey is an attractive country because of its transportation facilities, tourism, and entertainment opportunities, and convention tourism. Istanbul, as a renowned city, draws the attention of investors from all around the world. The number of house sales to foreigners has accelerated in Turkey due to legislative amendments that eased citizenship with investment limits for foreigners. The rise in tourism and increase in the number of house sales to foreigners has created a demand for luxury homes which in turn created a need for kitchen furniture in the country. The surging urbanization, rise in the number of households, and remodelling in residential kitchens are the key market drivers. Chinese investment in Turkey has increased dramatically, and it is expected to increase in the coming years. They generally invest in luxury properties, and beautifully designed five-star managed apartments, with services and excellent facilities. With an increase in investments, people increased their spending on home renovation, such as living room and kitchens, and they are investing in higher-quality products, which is further increasing the demand for luxury furniture and modern kitchen.

The emergence of COVID-19 in Turkey acted as a major drag on the kitchen furniture market in 2020, as supply chains were disrupted by trade restrictions and demand fell due to worldwide lockdowns. National governments' efforts to stop the spread led to the suspension of manufacturing and a drop in economic activity, with Turkey entering a state of lockdown. Businesses are projected to be negatively impacted by the outburst until 2021.

Key Market Trends

The Kitchen Furniture Market is Being Driven by Rising Housing Construction

The demand for the kitchen furniture market has been increasing due to the rise in the construction sector in Turkey and is expected to grow during the forecast period driven by population growth and which in turn drives residential construction. In 2018, 56 % of the market share originated from the residential construction sector. The population in Turkey reached 84 million in the year 2019, an increase of 4% from the year 2016. The increase in population every year, the need for robust infrastructure, and housing have become a major essential to the nation owing to which the construction sector is expected to grow during the forecast period. In Turkey, house sales increased by 11.2% in 2020 compared to the previous year and hence, became 1.5 million. The residential and foreign buyers investing in innovative and modern residential apartments in Turkey has driven demand for kitchen furniture.

Contracts Account for the Majority of Kitchen Furniture Sales

Sales through contracts include projects, building trade, and direct sales. Retail sales in Turkey happen through local craftsman shops, kitchen specialists, furniture chains, DIY stores, e-commerce. Contracts & projects account for a major portion of the Turkey kitchen Furniture sales. Sales through retailers are very less when compared to contracts. In Turkey, around 80% of the kitchen furniture sales are distributed through contracts and the remaining are distributed through retailers. In Turkey, people prefer contractors over stores because of increased disposable income and foreign investments, which makes their work easier rather than spending time searching for products at retailers. Contractors' furniture work will be more satisfactory than people who assemble their own kitchen by purchasing kitchen furniture products.

Competitive Landscape

Few big firms currently dominate the Turkey Kitchen Furniture market in terms of market share. Mid-size and smaller businesses, on the other hand, are expanding their market presence by gaining new contracts and entering new markets owning to technical improvements and product developments. Some of the key players in the Turkey Kitchen Furniture market are Ahsapsan, Bauhaus, Domsan, Istikbal, Kelebek, Lineadecor, Silverline, Vanucci, Veneta Cucine, Ikea, and Other prominent players.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support