Homewares Market Size, Share & Industry Analysis, By Product Type (Furniture & Furnishings, Kitchen Wares, Lighting products, Others), By Distribution Channel (Specialty stores, Hypermarkets & Supermarkets, Online Stores, Others) And Regional Forecast, 2024-2032

Homewares items are essentially used by the people for their daily household usage. They are of various categories such as furniture, utensils, decorative objects, and others. Nowadays, chairs of tonic styled colors are widely popular among households. Consumers largely prefer to purchase elegantly colored and textured homeware items such as shelves, wardrobes, and others that suit their basic home décor needs.

Companies are focusing on expanding their presence in the newer markets to grow their overall revenues from such products. For instance, in October 2020, Cooks Group, Birmingham, U.K.-based homeware products company secured a loan of USD 261,398 from Lloyds Bank to further expand its homeware items’ business including the showrooms and storage facilities in Birmingham, Solihull, and Sutton Coldfield.

The recent introduction of innovative homeware items by the companies is likely to attract people towards buying such products thereby, driving the growth of the market. For instance, in June 2019, Buffy, a New York-based homeware products company launched an innovative duvet product made up of eucalyptus wood pulp, a vegan and biodegradable material in the U.S. Additionally, people largely prefer to shop newer homeware items during the festival seasons. Therefore, growing festival celebration trends among the global population are further expected to drive the demand for such products.

Moreover, the uncertain occurrence of the COVID-19 lockdown restriction has provided ease in the popularity of the remote style of working among corporate professionals in many countries across the globe. This is likely to drive the demand for the work desks and chair furniture items among such professionals thereby, driving the market growth. Changing home décor related fashion trends among the households will provide a long term demand for such products. Shifting consumer trends towards the usage of premium & high-quality homeware items is further driving the market growth.

However, the higher cost of such innovative items is anticipated to restrain the market growth. Additionally, huge competition from the unorganized and local industry players is expected to limit the business growth of the prominent companies thereby, hampering the market growth.

Key Market Driver -

Recent introduction of the innovative homeware items is expected to drive the market growth.

Key Market Restraint -

Higher cost of the innovative homeware items is anticipated to restrain the market growth.

Key Players Covered:

The prominent players associated with the global homewares market are Steeelcase, Herman Miller Inc., Haworth Inc., HNI Corporation, GE Appliances, Philips Koninklijke N.V., F.I.L.A. Group, Le Creuset, Groupe SEB, Conair Corporation, and many others.

The global homewares market is segmented based on product type, distribution channel, and geography.

Based on product type, the market is segmented into furniture & furnishings, kitchen wares, lighting products, and others. The furniture & home furnishings segment is expected to hold a major share of the market owing to the large consumption of the variety of the furniture items such as sofa’s & seating’s, tables, chairs, and others among the households for their daily usage. Additionally, the availability of the variety of such furniture items of different colors and textures is expected to attract the consumers towards buying them thereby, driving the segmental growth.

By distribution channel, the global market is segmented into specialty stores, hypermarkets & supermarkets, online stores, and others. The largest share of the specialty stores segment is attributed to the presence of a variety of the branded kitchenware and furniture items at these stores. Additionally, the provision of discounts by such stores on the select product purchases is likely to attract the users towards buying them thereby, fuelling the growth of such a segment.

Regional Analysis:

By geography, the global homewares market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

The largest share of the Asia Pacific region is attributed to the presence of adequate production facilities of the furniture items in the countries such as China and India. This is likely to drive the consumption rate of such products among the population in the region. According to the data presented by the International Tropical Timber Technical Association, in 2018, Chinese wooden furniture production output reached USD 630 billion. The growing urbanization rate, as well as the trends of nuclear families, is further likely to drive the demand for such products among the households in the region.

Considerable growth of the European region is attributed to the growing expansion of the prominent companies related to the kitchenware items such as Sambonet Paderno Industrie S.p.A., I.L.L.A. S.p.A., and many others in the U.K. and Germany. This is likely to support the consumption rate of such products among the population in the region. For instance, in November 2020, Pampered Chef, a prominent kitchenware brand of a parent company BERKSHIRE HATHWAY INC. expanded its presence in the countries such as France and Germany with the help of its 50,000 kitchenware consultants to further expand its business in the European market. Additionally, shifting consumer trends towards the usage of premium homeware items is further likely to drive the market growth in the region.

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Segmentation

Key Industry Developments:

• In September 2020, GHETTO GASTRO, a New York based manufacturer of the kitchenware items partnered with CRUX and Williams Sonoma Inc. to launch a smart kitchenware collection including the products such as air fryer, blender, waffle maker, and others in the U.S.


• In November 2019, Kurl-on, a mattress manufacturing company of a parent firm Manipal Group of Companies, acquired Spring Air Company, a U.S. based home furnishing company to expand its business in the global home furnishing industry.