Despite the current economic uncertainty, kitchen and bath companies are relatively optimistic for 2025, the National Kitchen & Bath Association reported. The Q3 2024 NKBA/John Burns Kitchen & Bath Market Index was relatively stable, with 2024 expected to conclude on a “neutral” note. For 2025, survey respondents said they anticipate revenue growth, with 9% projected by both the design and manufacturing sectors, 8% by building and construction, and 4% by the retail sector.

Other reports are also bullish. According to the US Cabinets 2024 report by The Freedonia Group, cabinet demand is forecast to rise at an annual average rate of 1.1% to 135 million units in 2028. Gains will mostly derive from ongoing residential renovation activity, with commercial cabinetry also seeing gains.

Likewise, demand for countertops in the United States is forecast to increase 2.4% per year to 935 million square feet in 2028, valued at $8.6 billion. According to Freedonia’s report, US Countertops 2024, laminates account for a sizable portion of the demand, especially among budget-conscious consumers. 

The 2024 Wood Industry Almanac is sponsored by IMA Schelling Group.

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Quick Stats (Includes items not shown in print.)
• According to KCMA’s monthly Trend of Business Survey, cabinet manufacturers reported September sales of $227.393 million, down 5.4% compared to 2023 figures. Custom sales were down 2.6%, semi-custom dropped 4.2%, and stock sales declined 13.8%. Cabinet quantity also decreased by 13.8% compared to 2023. Estimated September sales for the overall market were $975.0 million.

• Valued at approximately $160 billion USD in 2022, the global kitchen cabinet market is projected to grow at a CAGR of 6.4% (2022-2030), according to Verified Market Reports. Growth is being driven by increasing demand for kitchen renovations and the popularity of modular kitchens.

• According to the  2024 U.S. Houzz Kitchen Trends Study more than 2 in 5 homeowners opt for islands 7 feet or longer. Drawers and cabinets with doors are the most common features.

• The global outdoor kitchen cabinets market is projected to reach $5.1 billion USD by 2030, growing at a CAGR of 5.8% (2021-2030), according to Allied Market Research.

• Global demand for countertops is forecast to increase an average of 3.0% per year to 652 million square meters in 2028, valued at $49.5 billion, according to The Freedonia Group. Market advances will be in both non-residential and residential applications, particularly home remodeling. Solid surface holds the largest share, followed by laminate and engineered stone.

• Preference for longer islands continues to grow. According to the 2024 U.S. Houzz Kitchen Trends Study, more than 2 in 5 homeowners opt for islands that are 7 feet or longer. Drawers and cabinets with doors are the most common features, selected by 80%.

• The median spend for kitchen and bath remodels continues to increase.  In 2023, it reached $24,000 for kitchens and $15,00 for primary bathrooms, an increase of 20% and 11%, respectively, compared with 2022, according to the 2024 U.S. Houzz & Home study.

Market Data Sources: National Kitchen & Bath Assn. (NKBA), John Burns Research & Consulting, The Freedonia Group, Houzz, Kitchen Cabinet Manufacturers Assn. (KCMA), Canadian Kitchen Cabinet Assn. (CKCA), Cabinet Makers Assn. (CMA), U.S. Census Bureau, Statistics Canada/StatCan, Allied Market Research, Verified Markets. Category: Cabinets & countertops include: kitchen cabinetry, bath cabinetry, vanities, countertops and islands.

More data on North American woodworking and the specific wood product market segments can be found in the December 2024 FDMC Wood Industry Almanac digital edition or the online almanac articles. Also, find market data year-round at WoodworkingNetwork.com/news/almanac-market-data.