LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global homeware market to grow at a CAGR close to 7% during the forecast period, according to their latest market research report.
The increase in availability of private-label brands is one of the major trends being witnessed in the global homeware market 2019-2023. The share of private-label products in the homeware market space is set to grow. As the ethos is centered around delivering value at a lower price, discounters are not highly focused on selling branded products, which is resulting in the growth of private-label products. This scenario is especially prominent in developing countries, where private-label homeware products account for a major share. Some of the key distribution channels for private-label products include supermarkets, discount outlets, and hypermarkets. Distributors that undertake contracts for private-label production are also focusing on improving their procurement processes and monitoring quality. For instance, Walmart sells homeware products through its private-label brand, Right Buy. Some of the private-label products offered by the company include bath towels and hand towels. Therefore, with such initiatives, the market is expected to grow largely during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global homeware market is the innovation and portfolio extension leading to premiumization:
Global homeware market: Innovation and portfolio extension leading to premiumization
The introduction of homeware products with new designs and bright colors, along with the portfolio extension of products, is driving the global homeware market. Consumers are increasingly demanding stylish homeware products, which allow them to showcase their unique sense of style. Several vendors are also offering homeware products in various colors and styles. The sale of brightly colored and stylish homeware products, such as hardware products, has been on the rise. With this styling factor, consumers are ready to purchase a new product simply because its unique style appeals to their individuality. As a result, the purchasing frequency of products may increase faster than required by the normal product replacement cycles. The younger generation is interested in buying products that express their own unique sense of style, which is one of the key factors behind the popularity of more stylish homeware products in recent years. Thus, innovative features in homeware products and the portfolio expansion by vendors are factors that are expected to propel the growth of the market during the forecast period.
According to a senior analyst at Technavio for research on general retail goods and services, “The growth of the real estate industry across the globe is another factor that may propel the demand for homeware products. The demand for luxury and superior-quality homeware products is expected to grow significantly in residential establishments. Therefore, the growing housing construction industry is expected to boost the demand for homeware products.”
Global homeware market: Segmentation analysis
The global homeware market research report provides market segmentation by distribution channel (offline and online), by product (soft furnishing and textile, hardware, lighting, window dressing), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for close to 36% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
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