Homeware Market
Overview and Scope
Homeware refers to products that aids in home renovation and are used for indoor home furnishings and layouts. Homewares including interiors play an important role in enhancing the look and feel of the home.
Sizing and Forecast
The homeware market size has grown steadily in recent years. It will grow from $133.97 billion in 2023 to $139.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to demographic changes, economic conditions, consumer preferences, market competition, environmental awareness, retail landscape.
The homeware market size is expected to see strong growth in the next few years. It will grow to $175.34 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to smart home integration, sustainable practices, urbanization, global economic outlook, health and wellness focus. Major trends in the forecast period include personalization, global influences in design, virtual try-before-you-buy, digital marketing trends, minimalist design.
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Segmentation & Regional Insights
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
North America was the largest region in the homeware market in 2023. The regions covered in the homeware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing customer spending on home interior designing and household furnishing is expected to drive the growth of the homeware market going forward. Customers desire customized homes with good interior and household furnishings, and the COVID pandemic has increased home renovation and decoration spending even more. As a result of the COVID-19 pandemic, millions of customers are buying new homes and improving their existing ones, and the retail home furnishings category has witnessed a significant boost in both site traffic and spending. For instance, in September 2023, according to Statistics Canada, a Canada-based national statistical agency, in 2021, the average expenditure per household on furnishings and equipment stood at $3570. Thus, the growing consumer spending in home interior and furnishing will further contribute to the growth of the homeware market.
Key Industry Players
Major companies operating in the homeware market report are 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
The homeware market report table of contents includes:
1. Executive Summary
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