The homeware market is set to grow steadily, moving from $133.97 billion in 2023 to $139.99 billion in 2024, at a CAGR of 4.5%. This growth is attributed to demographic changes, economic conditions, and consumer preferences. Looking forward, the market will rise to $175.34 billion by 2028, with a CAGR of 5.8%. Key drivers include smart home integration, sustainable practices, and urbanization. Trends to watch include personalization, minimalist design, and digital marketing innovations.
Major Driver In The Homeware Market
The homeware market is poised for growth, driven by increased customer spending on home interior designing and household furnishing. The desire for customized homes with attractive interiors and furnishings has been accentuated by the COVID-19 pandemic, leading to a surge in home renovation and decoration spending. Statistics Canada reported in September 2023 that the average household expenditure on furnishings and equipment in 2021 stood at $3570. The ongoing trend of growing consumer spending on home interior and furnishing is expected to contribute significantly to the expansion of the homeware market, with market size projections for 2023, 2024, and 2028 reflecting this upward trajectory.
Request A Free Sample Of The Global Homeware Market Report
Homeware Market Competitive Landscape
Walmart Inc., Carrefour SA, Whirlpool Corporation, Kohl's Corporation, Newell Brands Inc., Williams-Sonoma Inc., Kohler Co., The Avon Company, GE Appliances, Herman Miller Inc., HNI Corporation, Conair corporation, ARC International, Fiskars Group, Tupperware Brands Corporation, Villeroy & Boch, Libbey Inc., Lifetime Brands Inc., The Oneida group, Messe Frankfurt Exhibition GmbH, LocknLock India, Corelle Brands LLC, Royal Doulton, Jarden Corporation, Lenox Corporation, Crown Brands LLC, Meyer Corporation, Zepter International, Inter IKEA Systems B.V., International Cookware SAS, Wedgwood, Sambonet Paderno Industrie S.p.A., Bormioli Luigi S.p.A., Groupe SEB
Key Homeware Market Trend
The usage of social media platforms by homeware product manufacturers has emerged as a key trend in the homeware market. Homeware companies are using social media marketing to build a strong network of brand enthusiasts. Rather than limiting themselves to interior design-focused innovators, businesses are collaborating with a diverse spectrum of social media influencers. For instance, in March 2023, White Domus, an India-based luxury home decor company, launched a collection of sculptural coffee tables, the Toledo Coffee Table stands out as a remarkable piece of furniture inspired by the rich heritage of Toledo, Spain. This captivating table pays homage to the city's renowned Three Cultures through an exquisite stainless-steel base meticulously handcrafted by skilled artisans. Featuring three stainless steel pillars, symbolizing the city's diverse cultural essence, this table is a testament to its vibrancy. The distinct asymmetrical marble tabletop exudes luxury, elevating any living space with its opulent charm. Its unique organic form harmonizes seamlessly with the fluid lines of the base, creating an engaging visual interplay that accentuates the table's overall allure.
Get The Full Global Homeware Market Report
Homeware Market Segmentation
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
By Geography:The regions covered in the homeware market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the homeware market in 2023.
The Homeware Global Market Report 2024 furnishes information about the global homeware market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
