Homewares Market Analysis by Trends, Size, Share, Company Overview, Growth and Forecast by 2029

The global homewares market is projected to showcase considerable growth in the near future owing to the availability of innovative items. This information is published by Fortune Business Insights in its report, titled "Homewares Market, 2022-2029". The growth in number of renters, largely small families and couples seeking low-cost home décor options, as well as a growing number of millennial renters, promises well for the market in the near future. Increasing demand for contemporary furniture via décor-based rental services, as well as rising demand for high-end home furnishings, are just a few factors that are expected to propel the industry forward. 

COVID-19 Impact

Market Growth Hampered Owing to Production Halt

COVID-19 has had a significant impact on product sales. The industry is experiencing financial difficulties significantly. India and China, being the world's largest producer of homewares, are particularly hard hit and the production of these goods has come to a standstill. Due to the current lockdown, demand for the commodity is also declining. As import-export activities have ceased, sales in potential markets such as Europe and America have plummeted. The sector employed millions of people, and as a result of the COVID-19, businesses are laying off workers.

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List of Key Players Profiled in the Market:

• Steeelcase
• Herman Miller Inc.
• Haworth Inc.
• HNI Corporation
• GE Appliances
• Philips Koninklijke N.V.
• I.L.A. Group
• Le Creuset
• Groupe SEB
• Conair Corporation

Market Segmentation

Based on product type, the market for homewares is fragmented into furniture & furnishings, kitchen wares, lighting products, and others. By distribution channel, the global market is segmented into specialty stores, hypermarkets & supermarkets, online stores, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

What Does the Report Contain?

The report has details on all the latest technology available in the market. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.

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Drivers & Restraints

Increasing Demand of Product to Facilitate Market Growth

The increased demand for contemporary, fashionable, and premium products helps to fuel the demand for homewares. The market has expanded as a result of product availability in a variety of colors, forms, designs, and distinguishing qualities. Furthermore, an increase in people's disposable income has aided its expansion. Consumers have adopted home décor products to add appeal and uniqueness to their homes.

For environmental reasons, several homeware designers are substituting bioplastics instead plastic. Customers now favor convenient products as a result of modernization. The accessibility to a variety of homeware products on internet platforms has aided in rapid homewares market growth.

Regional Insights

Widespread Presence of Manufacturing Facilities in Asia Pacific to Boost Sales

Asia-pacific projected to dominate the homewares market share in the upcoming years. The existence of efficient furniture manufacturing facilities in nations such as China and India is anticipated to increase the levels of consumption of such products among the region's populace. According to the International Tropical Timber Technical Association, the value of Chinese wooden furniture production hit USD 630 billion in 2018.

Europe is estimated to experience rapid growth and the forthcoming years. The region's consumption rate of such products is projected to be supported by the expanding expansion of notable kitchenware companies.

Competitive Landscape

Key Players to Introduce Product Variants to Expand Consumer Base

In order to entice customers, several companies are offering updated models and adding new features to current products. Many retail businesses, such as Big Bazaar, Star Market, and More Supermarket, have partnered with them. Additionally, independent homewares retailers such as Studio Pepperfry have aided in the market spread of these products by providing high-quality items. The introduction of new products provides people with new and varied product features.

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Industry Development:

• September 2020: In the U.S., GHETTO GASTRO, a New York-based kitchenware company, joined with CRUX and Williams Sonoma Inc. to offer a smart kitchenware collection that includes equipment such as an air fryer, blender, waffle maker, and others.