The Homeware Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Homeware Global Market Report 2024, The homeware market size has grown steadily in recent years. It will grow from $133.97 billion in 2023 to $139.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to demographic changes, economic conditions, consumer preferences, market competition, environmental awareness, retail landscape.
The homeware market size is expected to see strong growth in the next few years. It will grow to $175.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to smart home integration, sustainable practices, urbanization, global economic outlook, health and wellness focus. Major trends in the forecast period include personalization, global influences in design, virtual try-before-you-buy, digital marketing trends, minimalist design.
Increasing customer spending on home interior designing and household furnishing is expected to drive the growth of the homeware market going forward. Customers desire customized homes with good interior and household furnishings, and the COVID pandemic has increased home renovation and decoration spending even more. As a result of the COVID-19 pandemic, millions of customers are buying new homes and improving their existing ones, and the retail home furnishings category has witnessed a significant boost in both site traffic and spending. For instance, in September 2023, according to Statistics Canada, a Canada-based national statistical agency, in 2021, the average expenditure per household on furnishings and equipment stood at $3570. Thus, the growing consumer spending in home interior and furnishing will further contribute to the growth of the homeware market.
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The homeware market covered in this report is segmented –
1) By Product Type: Home Decoration, Furniture, Soft Furnishings, Kitchenware, Home Appliances, Lighting, Storage And Flooring, Bathroom Accessories And Cleaning, Tableware And Hardware Tools, Other Products
2) By Application: Residential, Commercial
3) By Distributional Channel: Homeware Stores, Franchised Stores, Departmental Stores, Online Stores, Specialty Stores
Major companies operating in the homeware market are focusing on innovative products such as cultural handmade ceramic homeware to meet the growing consumer preference for unique, artisanal, and eco-friendly homeware options in the market. Cultural handmade ceramic homeware refers to artisan-crafted household items made from clay and shaped by hand, often reflecting traditional craftsmanship and regional influences. For instance, in November 2022, JAYPORE, a India-based homeware company, launched Valleys of Sahyadri Homeware Collection draws inspiration from Maharashtra’s Paithani design legacy, featuring exclusive homeware adorned with Paithani prints and asawalis reminiscent of the Peshwa era. Highlighting the opulent Charuta series with 24-carat gold accents, this collection epitomizes sophistication for homes, reflecting Maharashtra’s cultural richness across its diverse product line that seamlessly blends traditional crafts such as Mashru, Himroo, and Baraque designs.
The homeware market report table of contents includes:
1. Executive Summary
2.Homeware Market Characteristics
3.Homeware Market Trends And Strategies
4. Homeware Market analysis
5.Homeware Market Size And Growth
6.Homeware Segmentation
7.Homeware Regional And Country Analysis
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27. Homeware Competitive Landscape And Company Profiles
28. Homeware Key Mergers And Acquisitions
29. Homeware Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Walmart Inc.
- Carrefour SA
- Whirlpool Corporation
- Kohl’s Corporation
- Newell Brands Inc.
- Williams-Sonoma Inc.
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