The global home decor market size is expected to reach USD 1.0 trillion by 2025, registering a CAGR of 6.6%, as per a new report by Grand View Research, Inc. Urbanization has resulted in an increasing number of urban dwellers. According to United Nations, more than 50% of the population were residing in urban areas in 2018. In addition, a rise in the women working population, has induced the consumers to purchase these products. Therefore, the expanding urban population is anticipated to propel the demand for home décor products during the forecast period.
The furniture was the highest-grossing product segment in 2018 as it is an integral part of every house subject to relaxing, seating, and storing. Furthermore, the growing popularity of modular kitchen and integrated wardrobes has led to a preference shift towards non-wooden furniture, thus, opening up a wider market for consumers to choose from. Multifunctional furniture has gained enormous traction as it offers greater convenience and storage space.
Products such as foldable dining table, foldable bed cum sofa, and shelves are widely adopted by consumers. Moreover, the western culture lifestyle has primarily influenced customers to buy luxury and branded products, particularly for bedrooms and bathrooms. In addition, increasing upholstery usage in various applications has posed to be a potential driving factor for the indoor home décor market.
Home Decor Market Report Highlights
The home care & decor industry has been witnessing inconsistent growth, since the Covid 19 outbreak. As a result of the ongoing pandemic crisis, there has been a drop in the overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. Prominent growth in the e-commerce business is also one of the positive influences of the outbreak,
The coronavirus-led lockdown reoriented consumer interest in redesigning their homes. This has resulted in a Prominent growth in the e-commerce channels and platforms like Amazon, eBay, etc., wherein the industry players are focusing on enhancing their online distribution networks to cater to the surging consumer demand
Market players are also exploring the creative front of product designing. For instance, in January 20221, Kmart collaborated with the well-known online design platform Canva to launch ‘Kmart Create’. It will allow customers to personalize and cre ate their own décor items
By product, the textile segment is projected to ascend at a CAGR of 7.2% by 2025 and is used for the manufacturing bed linen, bathroom linen, kitchen linen, floor covering, and upholstery. The application of textile products has increased owing to the rising inclination towards maintaining hygiene and safety
The North America home decor market is witnessing the highest growth rate with the U.S., accounting for the major revenue share of the North American region as a large number of the population is keen on upgrading furniture, textiles, and floor covering. This has surged the cost of raw materials such as leather and wood
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Home Decor Market Segmentation
Grand View Research has segmented the global home decor market on the basis of product, application, and region:
Home Décor Product Outlook (Revenue, USD Billion, 2015 – 2025)
Home Décor Application Outlook (Revenue, USD Billion, 2015 – 2025)
Home Décor Regional Outlook (Revenue, USD Billion, 2015 – 2025)
Middle East & Africa
Central & South America
List of Key Players of Home Decor Market
Inter IKEA Systems B.V.
Kimball International Inc.
Herman Miller, Inc.
Koninklijke Philips N.V.
Suofeiya Home Collection Co., Ltd.
Springs Window Fashions LLC
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Home Textiles Market – https://www.grandviewresearch.com/industry-analysis/home-textiles-market
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