Homewares Market

Homewares Market Outlook

The homewares market is projected to reach a market value of over US$ 200 Bn by the end to 2031, and is anticipated to expand at a CAGR of more than 5% during the 2021 to 2031.

Europe is anticipated to capture the highest share in the homewares market due to large number of timber industries and high living standards of people. Europe is followed by North America due to like economic conditions. Contributing factors to market evolution are rising infrastructural facilities across the globe, changing residential facilities, and availability of less living space due to rising population.

Report Also Addresses:

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Homewares and How to Navigate
• Recommendation on Key Winning Strategies

Sales of Homewares from 2016 to 2020 Vs Projections for 2021 to 2031

All along 2016-2020, the global homewares market showed steady growth at a CAGR of around 5%. Increasing growth impetus from the consumer side to enhance the aesthetic appeal of houses by decoration, refurnishing, and renovation has catered to market growth over the past few years.

From a global point of view, rise in adaption of modern architecture over the past demi-decade has attributed in the growth of construction industries by more the 2X.The rise in population resulting in increased rental facility for young families and couples have boosted the sales for different home decors and accessories.

Other factors that contribute towards the out bursting demand are influency of millennial renters towards the emerging trends of home decor, thus opening new avenues for the market.

The increasing demand by consumer for stylish products to showcase their unique standards of living is projected to see the height in upcoming years. The global market is expected to strengthen to US$ 200 Bn by the end of 2031, owing to increase in architecture and textile industries.

Considering the above mentioned points and analysing the shift in dynamics, the market is expected to propel with the CAGR of more than 5% over the coming 10 years.

Why are Sales of Homeware Companies Rising?

Sales of homeware products are proliferating on the backbone of rent generation and swelling demand for accommodation. Over 55% of the world’s population is urbanized preferring elevated standards of living. Also, the increased government spending on the infrastructural facilities has promoted the homewares in order to provide the healthy lifestyle and reduce the risk of mishappening due to poor residential infrastructure.

Homewares manufactures are continuously introduction new improvised products due to rapid change in customer’s behaviours. The difference in the fashion taste among young generation and elderly population has provided full scale opportunity to the manufacturers for to add new trends in the market.

What are the Restraints that Homeware Players Face?

High product cost and spending behaviour of the consumers are the predominant reasons for the stagnant homewares demand. Products are frequently accessible at higher prices, making purchase difficult for consumers of all economic levels. Furthermore, rising raw material costs linked with products like wood and leather are stifling market expansion.

With the increasing government regulation in regarding the utilization of timber due to deforestation has limited the raw material access to the manufacturers.

Which Region Offers the Largest Opportunity for Sales of Homewares?

There is noteworthy growth in the renovation of houses in different regions with certain homewares products such as decorative lighting, wooden and marble flooring and eco-friendly furniture’s. There was 58% annual increase in the home professional projects during the past few years.

Europe, being the market leader, is expected to hold over 45% share of the market in 2021. The reason behind Europe being the market leader is the strong presence of furniture manufacturers in the region. Furthermore, the influence of western society is a significant factor in the increased usage of modular kitchens and wardrobes.

The U.K and Austria are among the prominent countries leading the European market, and are likely to observe double-digit growth during 2021-2031.

The rising usage of eco-friendly items in many parts of the room, such as the bedroom, bathroom, outdoor, and indoor, is a consequence of shifting trends toward the adoption of eco-friendly items. Metal, plastic, glass, and leather, among other raw materials used in furniture manufacturing, have gained foothold in the market, as has pinewood as an alternative.

It is assumed that by the end of 2031 the textile industry is expected to grow at a CAGR of 7.2%,resulting in a positive indirect impact on the demand for homewares.

How is Growing Consumption of Furniture in North America Driving Demand for Homewares?

North Americas is the largest hub for the timber industries due to the presence of vast forests which are mostly accounted by conifers. In support to the above statement, the market in North America is rising due to increasing trends and higher disposable income in the region.

The globalization of product has led to wider market opportunity for the people, which is facilitated by the easy availability of product through different sales channel.

The increasing adaptation of pets in this region has contributed to rising demand of animal furniture ensuring the owner with the pet safety and enhancing the appeal of the house.

Country-wise Analysis

Why is the U.S a Huge Market for Homewares?

The U.S. is expected to see a robust rise at a CAGR of over 4% during the forecast years 2021-2031. The rise is seen due to the increasing demand for reasonable periodic home decoration products. Around 21.9% of the U.S population comes under the millennial generation resulting in higher spending in their living standards.

The rising trends of gifting culture among the age group of 23 - 40 years with the homewares product has upsurge the market demand. Consumers in the United States are using more than one housewares product a day, which can be attributed to an increase in the number of persons with easy lifestyle of living.

What makes China Alucrative Market for Homeware Suppliers?

Being the most populated country in the world, the market in China is expected to reach a value of US$ 27 Bn by the end of 2031. In support to the above statement the majority of the Chinese population live in small houses resulting in high demand for product that can accommodate different products to provide large living areas. Due to its enormous population and expanding infrastructure, China is one of the leading countries in terms of demand and supply for homewares.

Manufacturers are focusing their efforts on developing a new line of household appliances that can help cut greenhouse gas emissions, creating a global market demand.

Category-wise Insights

Why does Home Decor Experience the Highest Demand in Homeware?

Home decorating is expected to take the lead among the various types of products, with a share of over 20% by the end of 2021. In the coming years, the market for home decor may remain strong. During the forecast period, market experts predict sales of US$ 35.2 billion in home decoration products.

In addition, the rise of the interior design business has opened the way for opulent and high-end home décor products that provide guests with a memorable experience. These luxurious and high-end items contribute to spiritual and aesthetic enjoyment, as well as the sophistication of the household's residents.

How is Demand for Furniture Shaping the Homewares Industry?

The furniture segment, which is projected to expand at over 5% CAGR, is expected rank second in terms of revenue share of the market. Furniture segment is expected to be worth more than US$ 36.4 billion by the end of the forecast years. With growth of the constructing sector, demand for new housewares is also on the rise.

How has COVID-19 Impacted Sales of Homewares?

COVID-19 has raised demand for homewares tremendously, as people have begun to spend extravagantly on home décor through DIYs and other products, boosting market growth.

With the commencement of COVID-19, the homewares industry, which was increasing at roughly 5% annually, saw a year-on-year rise of more than 10% in 2020. Highest demand was seen in the home décor segment in the second and third quarters, due to major time spend in the home by the house owners.

In the first quarter of 2020, a sudden rush in demand for homewares generated a minor demand-supply gap; nevertheless, manufacturers quickly ramped up production to satisfy the increased need. Manufacturers are also figuring out how to deal with supply chain disruptions and capacity limits that could make it difficult to satisfy shifting client demands.

Competitive Landscape

In its report, Fact.MR profiles the following notable homeware manufacturers:

• The Oneida Group, Inc.
• Groupe SEB
• Pacific Market International
• Lock & Lock Co Ltd
• Libbey Inc.
• International Cookware SAS
• Inter Ikea Systems B.V.
• Conair Corporation
• Avon Products, Inc
• Arc International

Majority of companies discussed in the report have focused on product launches and expanding their manufacturing units in developing regions. Strategies include innovation, collaborations with key players, partnerships, strategic alliances, and strengthening of regional and global distribution networks. Some of the key developments are:

• In 2019, Inter IKEA Systems B.V. introduced its new IVAR storage system product range, which includes space-saving shelving. This device was created for people who live in compact spaces.

Similarly, recent developments related to companies manufacturing homewares have been tracked by the team at Fact.MR, which are available in the full report.

Homewares Report Scope

Report Attribute	Details
Market size value in 2021	USD 175 Billion
Market forecast value in 2031	USD 200 Billion
Growth Rate	CAGR of 5% from 2021 to 2031
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	US$ Mn for Value
Key Regions Covered	North America Latin America Europe MEA East Asia South Asia
Key Countries Covered	United States Canada Argentina Brazil Mexico Germany UK France Spain Italy Nordic Japan China India Malaysia Thailand Singapore Australia GCC Countries South Africa Nigeria Israel
Key Segments Covered	Product type Distribution channel Region
Key Companies Profiled	The Oneida Group Inc. Groupe SEB Pacific Market International Lock & Lock Co Ltd Libbey Inc. International Cookware SAS Inter Ikea Systems B.V. Conair Corporation Avon Products, Inc Arc International
Pricing	Available upon Request

Key Market Segments Covered

• Product

  • Home Decoration
  • Furniture
  • Soft Furnishings
  • Kitchenware
  • Home Appliances
  • Lighting
  • Storage and Flooring
  • Bathroom Accessories and Cleaning
  • Tableware
  • Hardware

• Distribution Channel

  • Homeware Stores
  • Franchised Stores
  • Specialty Stores
  • Departmental Stores
  • Online

• Region

  • North America
  • Latin America
  • Europe
  • Japan
  • APEJ
  • MEA