Production of kitchen products expected to grow across BRIC nations
Production of kitchen products across the four BRIC nations is expected to register strong growth to 2016 with China retaining the largest market share, according to a report published by BRICdata reports.
China is expected to retain the highest market share amongst the four nations while India and Russia are expected to record highest growth in production. Coming to demand, the kitchen products market is expected to reach a value of $7.28 billion in China while staying around the billion dollar mark in India, Brazil and Russia.
The Brazilian kitchen products market is projected to grow at a CAGR of 4.01% over the forecast period and reach a value of US$954.1 million in 2016. The production of kitchen products in Brazil valued US$592.5 million in 2011 and is projected to grow at a CAGR of 6.18% in the forecast period to value US$801.79 million in 2016.
Production of kitchen products in Russia is expected to grow at a CAGR of 7.88% to 2016 owing to the announcement of several high-value projects by real estate developers. Russia’s hosting of several international sporting events including the 2013 Universiade Games, the 2014 Winter Olympic Games and the 2018 FIFA World Cup, is also expected to increase construction and drive demand for kitchen products.
The Indian kitchen products market is projected to value US$998.9 million in 2016, posting a CAGR of 12.32% over the forecast period. The modular kitchen market in India is expected to continue to record significant growth over the forecast period. This is primarily attributed to an increase in the number of housing projects, rising disposable incomes, changes in lifestyle and the emergence of nuclear families.
The Chinese kitchen products market is projected to register a CAGR of 5.85% during the forecast period to reach a market size of U$7.28 billion in 2016. Increasing disposable incomes, rising construction activity and rapid urbanization are key factors driving growth in this market.
The full report ‘The Future of the Kitchen Products Market in the BRIC Countries: Key Trends, Drivers, Opportunities, and Challenges to 2016’ is available from BRICdata. Click here for more details.
