Increasing urbanization and rising consumer interest in home decoration are driving the growth of the home decoration market.
Wilmington, Delaware, December 5, 2023 /PRNewswire/ — Allied Market Research, “Home Decoration Market By Product Type (Home Textiles, Flooring, Furniture), Price Range (Luxury vs Mass Merchandiser), Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-commerce, Others), and Income Group (Low-Middle, Upper-Middle, High-Income): Global Opportunity Analysis and Industry Forecast, 2023-2032” According to the report, the size of the global home decoration market is $647.4 million In 2022 $1.1 billion It is expected to grow at a CAGR of 4.9% by 2032.
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Key Determinants of Growth
The home decoration market is a dynamic and ever-evolving industry shaped by a combination of current trends, growth drivers, and industry obstacles. In particular, the industry has seen a surge in sustainability practices and environmentally conscious product choices as prominent trends. Consumers are increasingly seeking environmentally friendly solutions, further driving the shift towards responsible consumption. Furthermore, technological innovations, especially the integration of smart home solutions, are driving transformation in this sector. As consumers increasingly opt for online shopping, the digital sector has emerged as a key platform for businesses. The COVID-19 pandemic has accelerated this transition and highlighted the need for a strong online presence in the home decoration sector.
However, tariffs and trade restrictions restrict the supply chain, affecting the cost and availability of raw materials, which in turn impacts prices and profit margins. Economic fluctuations and changing consumer preferences are expected to create volatility in the market. Despite these limitations, the home decoration market offers a variety of business opportunities. Collaborating with local artisans and innovative use of eco-friendly materials can help you carve out a niche.
Report Scope and Details:
|
Report Scope |
detail |
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Forecast Period |
2023-2032 |
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Base year |
2022 |
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Market size in 2023 |
$647.4 million |
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Market size in 2032 |
$1.1 billion |
|
Average annual growth rate |
4.9% |
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Number of pages in the report |
444 |
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Target Segments |
Product type, price, distribution channel, income group, region |
|
driver |
Increasing consumer interest in home decoration Urbanization continues around the world |
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opportunity |
Lifestyle changes Smart home decor |
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Constraints |
Rising raw material costs |
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The flooring segment is expected to maintain its leadership position during the forecast period.
By product type, the flooring segment held the highest market share in 2022, accounting for just under half of the global home decoration market revenue, and is projected to maintain its leadership position during the forecast period. Flooring products are made from materials such as tiles, wood and laminate, vinyl, and rubber. Awareness regarding waste and recycling has increased significantly. Hence, recycled flooring materials such as wood and laminate, tiles have impacted the flooring products market. Consumers have shown high acceptance towards stylish flooring products that are cost-effective and eco-friendly. However, the home textile segment is projected to achieve the highest CAGR of 4.9% from 2023 to 2032.
The mass segment is expected to maintain its leadership position during the forecast period
By price, the mass segment is projected to hold the highest market share in 2022, accounting for more than three-fifths of the global home décor market revenue, and maintain its leadership position during the forecast period. Increasing consumption of mass-priced products by lower-middle and upper-middle class consumers is contributing significantly to the market growth. The cost of these products does not include security or insurance premiums. Moreover, the premium segment is projected to achieve the highest CAGR of 5.3% from 2023 to 2032. Luxury brands aim to have symbolic and experiential benefits in terms of prestige and social status. The ingredients used in luxury confectionery are of natural origin and of the highest quality.
The specialty store segment is expected to maintain its leadership position during the forecast period.
Based on distribution channel, the specialty store segment held the highest market share in 2022, accounting for just under half of the global home decoration market revenue, and is projected to maintain its leadership position during the forecast period. Retail sales of home decoration products through specialty stores are on the rise as consumers prefer to analyze and evaluate products before purchasing. Moreover, the e-commerce segment is projected to achieve the highest CAGR of 5.3% from 2023 to 2032.
Asia Pacific Maintaining dominance by 2032
Region-wise, Asia Pacific held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global home decoration market revenue. Changing lifestyles of people in this region are influencing consumer purchasing trends. Young families spend their money mostly on flooring and furniture. Consumers in this region prefer to purchase home decoration products at specialized and department stores. Online purchasing trends are emerging in this region, which is contributing significantly to the market growth. Moreover, the LAMEA region is expected to register the fastest CAGR of 5.6% from 2023 to 2032, and is likely to dominate the market during the forecast period.
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Major Market Players:-
- Mannington Mills, Inc.
- Mohawk Industries, Inc.
- Shaw Industries Group Inc.
- Ashley Furniture Industries Co., Ltd.
- Inter IKEA Systems BV
- Forbo International SA
- Herman Miller, Inc.
- DURESTA UPHOLSTERY CO., LTD.
- Kinball International
- Armstrong World Industries, Inc.
This report provides a detailed analysis of these key players in the global Home Decor market. These players are adopting various strategies such as launching new distribution channels, collaborations, expansions, joint ventures, and agreements to increase their market share and maintain their dominant share in various regions. The report helps in showcasing the competitive scenario by highlighting the business performance, operating segments, distribution channel portfolio, and strategic moves of the market players.
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