Homeware Market Growth by Product, Distribution Channel, and Geography - Forecast and Analysis 2023-2027

Homeware Market Forecast 2023-2027

The Homeware Market is estimated to be USD 94.05 billion at a CAGR of 3.54% between 2022 and 2027. The homeware market refers to the industry that focuses on the production and sale of household products and accessories. It includes a wide range of products such as furniture, kitchenware, bedding, lighting, and home decor items. The growth of the market depends on several factors, including innovation and portfolio extension leading to premiumization, growing construction industry globally, and consumer behavior and increasing spending on home interior designing and household furnishing. This market research and growth report includes in-depth information about the key market drivers, trends, and challenges during the forecasted period. 

What will be the size of the Homeware Market During the Forecast Period?

To learn more about this report, Download Report Sample

Market Dynamic

The growing construction industry globally is notably driving the market growth, although factors such as the volatility of raw material prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Driver

The growing construction industry globally is notably driving the market growth. The growth of the real estate industry across the globe may propel the demand for homeware products among customers worldwide. The demand for luxury and superior-quality homeware products is expected to grow significantly in residential establishments. Therefore, the growing housing construction industry will drive the demand for homeware products. For instance, the privately owned housing construction industry in the US has witnessed a significant growth rate in recent years. The increase in the construction of new housing units will simultaneously drive the demand for homeware products such as soft furnishing and textile products, cleaning tools and supplies, glassware, flatware, and window dressing products during the forecast period.

The housing market in Europe also witnessed significant growth even after the Euro crisis. Although the pace of growth is comparatively lower than in the earlier years, the demand for residential houses is still growing. The number of residential construction activities is also increasing year over year, owing to factors such as an increase in the dual household income and government initiatives to support the construction of residential facilities. Therefore, the growth in the demand for residential housing worldwide will fuel the demand for homeware during the forecast period.

Key Trend

The high penetration of organized retailing in many developing countries is one of the major trends in the market. Vendors in the global are adopting various strategies to broaden their customer base and increase their revenue. One of the popular strategies adopted by vendors is the expansion of online and offline distribution channels. Many vendors in the market are opening new stores as well as online stores as a part of the expansion strategy. Consequently, the availability of different types of homeware is increasing. The fast-evolving global retail industry, especially in developing countries, is witnessing the emergence of a large number of retail stores, such as hypermarkets, supermarkets, and specialty stores.

Convenience and comfort are increasingly becoming important to customers because of their hectic lifestyles and work schedules. Large organized retail stores stock several brands and varieties of homeware under one roof, which provides various options to customers. With an increase in brand consciousness among customers, the importance of organized retailers carrying branded homeware and other home furnishing products has increased. The entry of global players adds to sales through organized retail. The penetration of organized retailing will enable customers to seek information on various brands; compare prices, quality, and design; and then make a buying decision. Therefore, growth in organized retailing will have a positive influence on the market during the forecast period.

Key Challenge

The volatility of raw material prices is the major challenge impeding the market growth. The rising prices of superior-quality raw materials, such as cotton and silk, have resulted in high manufacturing costs. As a result of this, vendors sell soft home furnishing and textile products at higher prices in the market to recover manufacturing costs. However, the high prices of soft home furnishing and textile products restrict the purchases by end-users. Moreover, due to the fluctuations in the prices of raw materials, vendors demand low-priced and low-quality raw materials to produce soft home furnishing and textile products such as bed linen, kitchen linen, pillows, carpets, and towels.

Another reason for the volatility of raw material prices is the unusual weather conditions such as unusually heavy snow or rain, storms, hurricanes, floods, tornados, or extended periods of unseasonable temperatures. These conditions hinder the growth of raw materials, which can lead to a shortage of raw materials and increase prices. Such factors will affect the revenue of the vendors and may hinder the growth of the soft home furnishing and textile products segment during the forecast period.

Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Segment

This report includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Get a glance at the market contribution of various segments Request a PDF Sample

Segmentation By Product 

The market is segmented into hardware, soft furnishing and textile, lighting, and window dressing. The market share growth of the hardware segment will be significant during the forecast period. Hardware products include cookware and bakeware, kitchen tools and accessories, dinnerware, glassware, and flatware; home cleaning tools and supplies; and kitchen weighing scales. The introduction of homeware products by vendors with new designs and bright colors is driving the global market. Customers are increasingly demanding stylish products that allow them to showcase their unique sense of style in the kitchen. The sales of brightly colored and stylish homeware products, such as kitchenware, have been increasing. With this styling factor, customers are often willing to buy a new product simply because its unique style appeals to their individuality.

The hardware segment was valued at USD 204.16 billion in 2017 and continue to grow until 2021. Small households are majorly occupied by individuals, working couples, and nuclear families, and most of them are based in urban areas. These households look for cookware and appliances that could ease their cooking experience and provide convenience. Such a reduced household size increases the demand for small smart cookware due to the requirement for a convenient cooking experience. The increasing demand for these smart homewares is mainly led by growing technological advances and the increasing adoption of smart homes. Europe and North America are among the large markets for smart homeware globally.

 

Global Customer Landscape

Who are the Major Players?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Bed Bath and Beyond  - The company, under its home and garden product category, offers a range of kitchen and dining products such as cookware, bakeware, and utensils as its key offerings. Through the shop-by-room segment, the company offers various types of products such as kitchen items, living room items, kids' room items, hallway, home office items, and beauty products.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:

• Amazon.com Inc.
• Avenue Supermarts Ltd.
• Carrefour
• Hermann Otto GmbH
• Lowes Companies Inc.
• Macys Inc.
• Penney OpCo LLC
• Target Corp.
• Tesco Plc
• The Home Depot Inc.
• Transform SR Brands LLC
• Walmart Inc.
• Wayfair Inc.
• Williams Sonoma Inc.
• Zola Inc.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Regional Analysis

For more insights on the market share of various regions Request PDF Sample now!

APAC is projected to account for 38% of the global market share growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

The growing penetration of superior-quality soft furnishing and textile products in the emerging markets of APAC is providing immense potential for international brands to penetrate emerging economies such as India and China. An increase in the number of retail stores in the region is also propelling the demand for soft furnishing and textile products. The window dressing market in APAC is growing at a rapid rate. The market is witnessing huge demand for window dressings from developing countries such as China and India. As a result of the increasing product innovations by vendors, advertising, and the availability of products, the window dressing market in APAC will see significant growth during the forecast period.

Market Analyst Overview

The homeware market caters to daily household needs with elegantly colored and textured items. From shelves to wardrobes, these products meet basic home décor requirements. Tonic-styled colors enhance the appeal, attracting consumer behavior in newer markets. Revenues rise, with companies like Cooks Group in Birmingham and Lloyds Bank investing in showrooms and storage. Festival seasons witness increased demand, driven by global population trends. Despite restrictions, remote work boosts demand for home office items like desks and chairs. Corporate professionals and young families increasingly investing in home improvement projects Long-term growth is anticipated, particularly for premium and innovative homeware, despite competition from local players.

Leading companies drive business growth amidst evolving fashion trends. The demand remains strong, especially for premium, high-quality homeware items. Solihull, known for its vibrant festival celebration trends, reflects the ongoing popularity of home décor-related fashion trends. While unorganized local players compete in the market, innovative item designs drive long-term demand, ensuring homeware items continue to be a staple in people's The market caters to diverse consumers, with trends influenced by production consumption analysis and patent analysis. In urban areas, tenants in fully furnished houses, especially millennial renters, seek home design trends and high-end homewares to personalize their living spaces.

Unorganized and local industry players compete alongside prominent companies, catering to diverse consumer segments with varying disposable incomes and changing lifestyles. The rise of the generation rent class in metropolitan areas has fueled demand for trendy furniture and decor-based rental services. To capture market share, companies are leveraging promotional strategies and online advertising, integrating cutting-edge technologies to enhance the shopping experience. Moreover, rising R&D activities and government investments are driving technological innovations and modernization within the industry, paving the way for strategic market growth and the emergence of new revenue pockets amid changing market regulations.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook (USD Billion, 2017 - 2027)
  • Hardware
  • Soft furnishing and textile
  • Lighting
  • Window dressing

• Distribution Channel Outlook (USD Billion, 2017 - 2027)
  • Offline
  • Online

• Region Outlook (USD Billion, 2017 - 2027)
  • APAC
    • China
    • India
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Scope
Report Coverage	Details
Page number	164
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 3.54%
Market growth 2023-2027	USD 94.05 billion
Market structure	Fragmented
YoY growth (%)	2.58
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 38%
Key countries	US, China, Germany, UK, and France
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Amazon.com Inc., Avenue Supermarts Ltd., Bed Bath and Beyond Inc., Carrefour, Hermann Otto GmbH, Lowes Companies Inc., Macys Inc., Penney OpCo LLC, Target Corp., Tesco Plc, The Home Depot Inc., Transform SR Brands LLC, Walmart Inc., Wayfair Inc., Williams Sonoma Inc., Zola Inc., and Alibaba Group Holding Ltd.
Market dynamics	Parent market analysis,Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our market growth analysis and market research report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request PDF sample

What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market trends and changes in consumer behavior
• Growth of the market industry across APAC, North America, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of vendors

We can help! Our analysts can customize this market report to meet your requirements. Get in touch