Home Decor Market Projected to Reach $1.1 Billion Globally by 2032 at 4.9% CAGR: Allied Market Research

Increasing urbanization and increasing consumer interest in interior decoration are driving the growth of the interior decoration market.

Wilmington, Delaware, December 5, 2023 /PRNewswire/ — Allied Market Research has published a report titled: Income by product type (home textiles, flooring, furniture), by price (premium and mass), by distribution channel (supermarkets and hypermarkets, specialty stores, e-commerce, etc.), and by income group (lower to middle); (Middle- to upper-income, high-income): Global opportunity analysis and industry forecasts, 2023-2032.” According to the report, the global interior decoration market size is assessed as follows: $647.4 million Projected to be achieved in 2022 $1.1 billion By 2032, it will grow at a CAGR of 4.9% from 2023 to 2032.

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Key determinants of growth

The home decor market is a dynamic and evolving industry, shaped by a combination of prevailing trends, growth factors, and industry obstacles. In particular, the industry is witnessing a surge in sustainability practices and environmentally friendly product choices as a notable trend. Consumers are increasingly demanding environmentally friendly solutions, furthering the shift towards responsible consumption. Furthermore, technological innovations, especially the integration of smart home solutions, are driving the transformation of this sector. As consumers increasingly choose to shop online, the digital sector has emerged as an important platform for businesses. The COVID-19 pandemic has accelerated this transition and highlighted the need for a strong online presence in the home decor space.

Nevertheless, tariffs and trade restrictions restrict supply chains and impact the cost and availability of raw materials, which in turn affects pricing and profit margins. Market volatility is expected due to economic fluctuations and changes in consumer preferences. Despite these limitations, the interior decoration market offers various business opportunities. Collaboration with local artisans and innovative use of eco-friendly materials can help you carve out a niche.

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Flooring segment maintains leadership position during forecast period

By product type, the flooring segment holds the highest market share in 2022, accounting for less than half of the global interior decoration market revenue, and is estimated to maintain its leadership position during the forecast period. Flooring products are made from tiles, wood and materials such as laminate, vinyl, and rubber. Awareness about waste and recycling has increased significantly. Therefore, recycled flooring materials such as wood, laminate, and tiles have impacted the market for flooring products. Consumers are showing strong support for stylish flooring products that are cost-effective and environmentally friendly. However, the home textile sector is projected to reach the highest CAGR of 4.9% from 2023 to 2032.

Mass segment will maintain its leadership position during the forecast period

By price, the mass segment holds the highest market share in 2022, accounting for more than three-fifths of the global interior decoration market revenue, and is estimated to maintain its leadership position during the forecast period. -Middle class and upper middle class consumers are contributing significantly to the market growth. The prices of these products do not include warranty or insurance premiums. Furthermore, the premium segment is projected to reach the highest CAGR of 5.3% from 2023 to 2032. Luxury brands are intended to have symbolic and experiential benefits in terms of prestige and social status. The raw materials used in our luxury confectionery are of the highest quality and of natural origin.

The specialty stores segment will maintain its leadership position during the forecast period.

By distribution channel, the specialty store segment is estimated to hold the highest market share in 2022, accounting for less than half of the global interior decoration market revenue, and maintain its leadership position during the forecast period. Consumers prefer to analyze and evaluate products before purchasing, which increases retail sales of home decor products in specialty stores. Furthermore, the e-commerce segment is projected to reach the highest CAGR of 5.3% from 2023 to 2032.

Asia Pacific Maintain that advantage by 2032

By region, Asia Pacific held the highest market share in terms of revenue in 2022, accounting for about one-third of the global interior decoration market revenue. Changes in the lifestyles of local people are influencing consumer purchasing trends. Young families spend primarily on flooring and furniture. Consumers in this region prefer to purchase home decor products in specialty and department stores. The trend of online purchasing is emerging in the region, contributing significantly to the market growth. Furthermore, the LAMEA region is also expected to have 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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Key market players: –

• Mannington Mills Co.

• Mohawk Industries Co., Ltd.

• Shaw Industries Group Co., Ltd.

• Ashley Furniture Industries Co., Ltd.

• Interikea Systems BV

• Forbo International SA

• herman miller company

• Duresta Interior Decoration Co., Ltd.

• Kimball International

• Armstrong World Industries, Inc.

This report provides a detailed analysis of these leading companies in the global Interior Decoration market. These players have adopted various strategies such as launching new distribution channels, collaborations, expansions, joint ventures, agreements, etc. to increase their market share and maintain a dominant share in different regions. I am. The report helps to introduce the competitive scenario by highlighting business performance, business segments, distribution channel portfolio, and strategic moves of market players.

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About us:

Allied Market Research (AMR) is the full-service market research and business consulting division of US-based Allied Analytics LLP. Wilmington, Delaware. Allied Market Research provides unparalleled quality of Market Research Reports and Business Intelligence Solutions to global corporations and small businesses. AMR has a focused perspective in providing business insights and consulting to help clients make strategic business decisions and achieve sustainable growth in their respective market areas. Masu.

Pawan KumarAs CEO of Allied Market Research, he leads the organization toward delivering high-quality data and insights. We have professional corporate relationships with various companies, which helps us generate accurate research data tables and unearth market data that helps in confirming the highest accuracy of market forecasts. All data presented in the reports we publish are extracted through primary interviews with top executives from leading companies in the sector. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with knowledgeable industry experts and analysts.

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