Outdoor décor market is driven by rise in availability of sustainable and eco-friendly design, increased concept of indoor-outdoor living spaces and consumer shift towards colorful and aesthetic outdoor décor.
PORTLAND, Ore., Nov. 24, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Outdoor Décor Market by product (Furniture, Flower Pots and Planters, Rugs and Cushions, Lighting, Patio Umbrellas and Shade Structures, Water Features and Others), End User (Residential and Non-residential), and Distribution Channel (Supermarket and hypermarket, Specialty Stores, E-Commerce and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032″. According to the report, the global outdoor decor market size was valued at $83 billion in 2022, and is projected to reach $117.7 billion by 2032, growing at a CAGR of 3.5% from 2023 to 2032.
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Prime determinants of growth
The growth of the outdoor decor industry is majorly driven by many factors. Market expansion for outdoor decor is significantly fueled by its increased demand in residential sector. Moreover, consumers are increasingly interested in products made from recycled or renewable materials, as well as those designed with minimal environmental impact in mind, owing to the growth in emphasis on sustainable and eco-friendly outdoor décor. Eco-conscious decor items, such as reclaimed wood furniture, solar-powered lighting, and planters made from recycled materials, have gained popularity. In addition, consumers are investing in outdoor decor elements that create cozy and functional living areas, such as outdoor rugs, weather-resistant seating, and weatherproof lighting.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
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Market Size in 2022 |
$83 billion |
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Market Size in 2032 |
$ 117.7 billion |
|
CAGR |
3.5 % |
|
No. of Pages in Report |
250 |
|
Segments covered |
Product, End-User, Distribution Channel and Region. |
|
Drivers |
Increase in Focus on Outdoor Living Eco-Friendly and Sustainable Products Online Retail and E-commerce |
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Opportunities |
Introduction of smart outdoor decor |
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Restraints |
Economic downturns Strict Environmental Regulations by Government |
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The furniture segment to maintain its leadership status throughout the forecast period
Based on product, the furniture segment held the highest market share in 2022, accounting for more than one-fifth of the global outdoor décor market revenue and is estimated to maintain its leadership status throughout the forecast period. Furniture usage among consumers has increased owing to rise in disposable income and the influence of western culture. Furthermore, customers can spend more on outdoor furniture due to rise in disposable income. In response to consumer demand, market participants have introduced outdoor furniture with novel designs and aesthetics. When choosing furniture, buyers have also given priority to factors like durability, style, and design.
The residential segment to maintain its leadership status throughout the forecast period
Based on end user, the residential segment held the highest market share in 2022, accounting for more than three-fifths of the global outdoor décor market revenue and is estimated to maintain its leadership status throughout the forecast period. In the criteria of decor items, outdoor decor products have gained popularity. Customers outfit their houses to suit their preferences. The plethora of decor items in all sizes, shapes, and patterns makes this possible. The creation of outdoor rooms, which include outdoor kitchens, dining areas, lounges, and entertainment areas, is one of the main causes driving the outdoor decor business. Furthermore, there has been a yearly decrease in the air quality index, which has been linked to many health issues including asthma, emphysema, chronic obstructive pulmonary disease (COPD), and other respiratory ailments. This has led to a need for outdoor décor items for creating vertical gardens in residential outdoor spaces.
The specialty stores segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the specialty store segment held the highest market share in 2022, accounting for half of the global outdoor décor market revenue and is estimated to maintain its leadership status throughout the forecast period. Along with a wide range of related things, the outdoor décor specialty shop outlet offers a huge assortment of merchandise. The specialty store offers customized solutions to corporate clients and residential apartment buildings. Furthermore, as customers prefer to examine and evaluate things before making a purchase, specialty stores are selling more outdoor decor items at retail. Customers often inspect the store’s assortment of colors, quality, and durability along with evaluating the accessories that fit them. The market for specialty stores has grown as a result of the increase in both residential and commercial construction, which is driving the demand for outdoor décor products.
The Asia-Pacific segment to maintain its leadership status throughout the forecast period
Based on region, the Asia-Pacific segment held the highest market share in 2022, accounting for nearly one-third of the global outdoor décor market revenue and is estimated to maintain its leadership status throughout the forecast period. The Asia-Pacific market is witnessing growth owing to the rapid urbanization and increase in disposable income in Asian countries like China, Vietnam, and India. The growing middle class in China has made it the industry leader in terms of revenue for outdoor decor. Furthermore, the way people’s lives are changing in Asia has an impact on consumer trends. The main purchases made by young families are furniture and carpets. Customers in the area choose to buy outdoor decor products from specialty shops and department stores. Online shopping is becoming popular in the area, which is contributing significantly to the expansion of the market.
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Leading Market Players: –
Elho B.V.
Net Retailers, LLC
Frontgate
The Home Depot, Inc.
Inter IKEA Holding B.V.
Renson
Kimball International Inc.
Walmart Inc
Ashley Furniture Industries, LLC
Wayfair Inc
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.
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