Homeware Market Analysis By Product (Home Decoration, Furniture, Soft Furnishings, Kitchenware, Home Appliances, Lighting, Storage & Flooring, Bathroom Accessories & Cleaning, Tableware, Hardware), By Distribution Channel (Homeware Stores, Franchised Stores, Specialty Stores, Departmental Stores, Online), & By Region - Global Market Insights 2023 to 2033
Analysis of Homeware Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Homeware Market Outlook (2023 to 2033)
The global homeware market size is estimated at US$ 136.20 billion in 2023 and is forecasted to expand at a CAGR of 5% to reach US$ 221.87 billion by the end of 2033.
Homeware products are items that assist in home renovation and are specifically designed for indoor furnishings and layouts. These homeware items, including interiors, play a significant role in improving the aesthetic and ambience of the home.
Homeware is a vast and diverse business that encompasses a broad range of products and services related to home decoration, furnishing, and improvement. The demand for homeware solutions is primarily driven by consumer preferences for stylish and comfortable living spaces, and the growing demand for affordable and sustainable home décor solutions.
Home decoration, furniture, soft furnishings, kitchenware, home appliances, lighting, storage & flooring, bathroom accessories & cleaning, tableware, and hardware are some of the product types used in home renovation or modification. Furniture and its related products are mostly demanded by customers to design their homes. Furniture sales are expected to increase at a CAGR of 4.3% from 2023 to 2033.
Growing demand for comfortable and stylish living spaces is driving the sales of home furniture. Consumers are increasingly willing to invest in high-quality furniture that not only looks attractive but also provides comfort and durability. The consistent launch of high-end home amenities by companies is expected to lure customers into purchasing them, thereby boosting the demand for such homeware products.
- This can be seen in the collaboration between Baxter, an Italian company that specializes in home fixtures, and their Indian supplier, Sources Unlimited. In February 2020, they introduced a range of innovative, luxurious, and expertly crafted fixture items in India.
Companies are focusing on providing a personalized product buying experience to their in-store customers, allowing them to effectively choose products based on their home design requirements. This approach is likely to enhance the brand image of associated companies, thereby supporting the sales of house furniture.
- In August 2019, Natuzzi S.p.A., an Italian manufacturer of fixture products, launched an augmented store as part of its Madison Avenue showroom in New York City, offering a virtual reality shopping experience to showroom visitors. By wearing Microsoft Corporation’s virtual reality headset HoloLens 2, users can virtually set up fixture products in different colours and designs, tailored to meet their home décor needs.
Homeware Market Size (2023E)
US$ 136.20 Billion
Forecasted Market Value (2033F)
US$ 221.87 Billion
Global Market Growth Rate (2023 to 2033)
United Kingdom Market Growth Rate (2023 to 2033)
United States Market Growth Rate (2023 to 2033)
South Korea Market Growth Rate (2023 to 2033)
Japan Market Growth Rate (2023 to 2033)
China Market Growth Rate (2023 to 2033)
Key Companies Profiled
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Which Market Dynamics are Uplifting the Sales of Homeware Products?
“Keeping Up with Trends: Homeware Manufacturers Introducing Innovative Products”
- According to United Nations (UN) analysis, 68% of the global population is expected to reside in urban areas by 2050.
This factor is expected to increase the sales of homeware products, driven by rental income generation and rising demand for accommodation. Additionally, high government spending on infrastructural facilities is promoting the use of homeware products to provide a healthy lifestyle and reduce the risk of accidents due to poor residential infrastructure.
Homeware manufacturers are constantly introducing new and improved products to meet the rapidly changing customer behaviour. The difference in fashion preferences between the younger and older generations is generating ample opportunities for manufacturers in the homeware market.
“Growing Adoption of Sustainable Homeware Products”
In today's world, individuals are increasingly experiencing skin irritation and respiratory issues caused by formaldehyde-based products. As a result, consumers are shifting towards using sofa sets and chairs made from sustainable materials such as bamboo, recycled textiles, rattan, and others.
- In 2020, eBay Inc., the American E-commerce company, reported a 171% increase in searches for 'sustainable furniture' on its search engine in the United Kingdom compared to 2019. Such a surge in searches related to sustainable items is expected to drive sales of homeware products in the coming 10 years.
Growing adoption of interior designs such as anchoring points, cubicles, and others is likely to increase demand for newer styles of home furnishing items in the coming decade.
What Roadblocks are Encountered by Manufacturers of Homeware Products?
“High Raw Material Cost Hurting Homeware Product Sales”
Cost barriers and consumer spending habits are major factors limiting the growth of the homeware market. With many products priced at a premium, purchasing is a challenge for customers across all income levels. Additionally, rising costs of raw materials such as wood and leather are further stifling homeware product production.
Increasing costs of high-quality raw materials such as cotton and silk have led to higher manufacturing expenses. To recoup these costs, vendors often sell soft home furnishing and textile products at higher prices. However, this limits purchasing by end users. Furthermore, due to the fluctuating prices of raw materials, manufacturers are expected to experience lower revenue growth in some regions.
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What Can Benefit New Homeware Product Producers?
“Riding Wave of Changing Consumer Preferences Key Advantage for New Manufacturers of Homeware Products”
Sales of homeware products are increasing at a healthy pace and newcomers can benefit from this growth by offering innovative products to capture market share. Consumer preferences for homeware products are constantly changing. This can benefit start-up companies by introducing new and unique products that cater to changing consumer preferences.
With the rise of e-Commerce, it has become easier for newcomers to enter the market and reach a wider audience. E-commerce platforms offer a low-cost way to market and sell homeware products without the need for physical stores. Consumers are increasingly interested in sustainable and environmentally friendly products, providing an opportunity for newcomers to differentiate themselves by offering eco-friendly homeware products.
- Buffy founded in 2017, is a United States-based start-up that sells eco-friendly and sustainable bedding products such as comforters, sheets, and pillows made from recycled materials.
- The Inside, established in 2017 in the United States, provides customizable furniture, home décor, and soft furnishings. They allow customers to personalize their products with a variety of fabrics, colours, and patterns.
Why are Homeware Product Manufacturers Thriving in the United Kingdom?
“Online Shopping & WFH Trend Benefitting Homeware Product Producers”
Progressing at a CAGR of 5.4%, sales of homeware products in the United Kingdom are expected to reach US$ 9.02 billion by 2033. The work-from-home (WFH) trend is particularly boosting homeware product demand.
There are several active online shopping platforms present in the United Kingdom. The United Kingdom's status as a developed nation with widespread internet access is sparking the sales of homeware products such as textile home décor, smart kitchen appliances, interior lighting, and more, as a majority of consumers are increasingly willing to purchase products online or through E-commerce channels.
How is Demand for Homeware Solutions Progressing in the United States?
“Growing Popularity of Studio & Penthouse Apartments Driving Demand for Flexible Furniture”
According to Fact.MR, a market research and competitive intelligence provider, sales of homeware products in the United States are expected to increase at a CAGR of 4.4% during the forecast period. In recent years, the United States has experienced a surge in construction activities, leading to a significant increase in home furniture sales.
The availability of various customized furniture options is further driving demand for home furniture. Moreover, the growing popularity of studio and penthouse apartments is fuelling the need for flexible and compact furniture. Furthermore, home furniture manufacturers are offering a wide range of furniture products with comfort and durability, benefitting their revenue growth.
Why is South Korea Considered a Profitable Market in Asia Pacific?
“Growing Bachelor-style Housing Systems Increasing Sales of Compact & Multi-functional Homeware Products”
- Demand for homeware products in South Korea is expected to progress at a CAGR of 5.3% during the next 10 years.
Most institutions in South Korea give bachelor-style homes, also known as single studio apartments in the West, to their foreign instructors. This is because the country has a small landmass and steep topography, which have caused high-rise apartment complexes to be built as the main kind of housing development.
The rise of single-person households and small apartment living spaces is growing the demand for compact and multi-functional homeware products. The increasing interest in compact home décor and design is boosting sales of homeware products such as decorative items, bedding, and lighting in the country.
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Which are the Most Preferred Purchasing Platforms for Customers?
“Online Platforms Most Affordable and Convenient Method for Shopping”
Online distribution channels are benefiting homeware producers as they allow them to reach a wider audience without the need for physical stores. Through E-commerce platforms, homeware producers can sell their products at an affordable cost, thereby increasing their profit margins.
Online platforms allow producers to gather valuable data on consumer preferences and behaviour, which can help them tailor their products and marketing strategies to better meet the needs of their target audience. Online shopping has made it easier for consumers to browse and purchase furniture from the comfort of their homes, which has expanded the customer base for furniture retailers.
Libbey Inc, Inter Ikea Systems, Avon Products, Inc, Arc International, and Conair Corporation are some of the key players in the homeware market. These companies have strong brand recognition, extensive distribution networks, and significant marketing budgets, which allow them to effectively compete in the market. Producers are constantly introducing new products and technologies to better meet the evolving needs of consumers.
- In 2019, Inter IKEA Systems B.V. released its latest product line, the IVAR storage system, featuring space-saving shelves. This product is designed for individuals residing in smaller living spaces.
- In August 2021, Samsung unveiled its Wi-Fi-enabled Smart Induction in built-in cooktop, which speeds up meal preparation while reducing energy consumption and emissions.
Key Segments of Homeware Industry Research
By Product :
- Home Decoration
- Soft Furnishings
- Home Appliances
- Storage & Flooring
- Bathroom Accessories & Cleaning
By Distribution Channel :
- Homeware Stores
- Franchised Stores
- Specialty Stores
- Departmental Stores
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global homeware market holds a valuation of US$ 136.20 billion in 2023.
The market for homeware items is expected to reach US$ 221.87 billion by 2033.
Sales of homeware products are predicted to increase at a CAGR of 5% from 2023 to 2033.
Demand for homeware products in the United Kingdom is expected to rise at a CAGR of 5.4% during the forecast period.
Affordable rates and numerous choices attract more customers towards buying homeware products through online channels.