According to a new report published by Allied Market Research, titled, “Sustainable Home Décor Market,” The sustainable home decor market size was valued at $331.0 billion in 2021, and is estimated to reach $556.3 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
Urbanization growth in developing nations and rising consumer spending on eco-friendly home furnishings like carpet and rough textile have both made a substantial contribution to the expansion of the global market. The floor covering market had the largest revenue in 2021, and it is anticipated that it would continue to lead the market during the forecast period, per the analysis of the worldwide market for sustainable home décor. The increase in customer desire for fashionable floor covering products is to blame for this. The need for diverse designs and customization is rising along with the popularity of sustainable home decor items, which has a favorable effect on the expansion of the global market for sustainable home decor.
According to CXOs of leading companies, due to rising consumer interest in the idea of sustainable house decor, the global market for sustainable home decor is anticipated to rise significantly during the forecast period. Additionally, a rise in urban population and the expansion of the real estate sector in emerging economies have boosted sales of sustainable home decor items, which has fueled the expansion of the global market. Because there is such a huge demand from home buyers, Asia-Pacific is currently the world leader in the home décor industry. Asia-Pacific is predicted to experience a substantial development trend over the projected period due to an increase in demand for sustainable home decor items from nations like China and India. The number of homes and size of households are also anticipated to have an impact on market expansion.
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Additionally, it is anticipated that an increase in disposable money and an improvement in personal lifestyles would present lucrative prospects for investors in the market for sustainable home design. Consumers are increasingly accepting eco-friendly, sustainable home design products in the current market. As a result, market participants are concentrating their efforts on creating eco-friendly products in order to take advantage of the rising demand. Competitors in the market compete on factors such product design, style, and raw material quality. In addition, numerous producers are working with importers, builders, and interior designers to market their eco-friendly home furnishings. Additionally, businesses have chosen to use e-commerce platforms to market their goods and boost their profit margins by cutting the cost of distribution.
In terms of revenue, the floor coverings segment contributed significantly to the overall global sustainable home decor market in 2021 and is predicted to expand at a CAGR of 5.6% over the course of the forecast period. One of the key areas, North America, represented a sizable portion of the global sustainable home décor market in 2021. Over the years, there has been tremendous expansion in the sustainable home décor market, and this trend is anticipated to continue steadily during the projected period. Due to growing environmental awareness, market participants are concentrating on creating eco-friendly products, which is why this has occurred. This is creating sustainable home decor market opportunity.
Key Take Away
- By product types, the floor covering segment was the highest revenue contributor to the market, with $155,516.0 million in 2021, and is estimated to reach $263,618.8 million by 2031, with a CAGR of 5.6%.
- Depending on price point, the mass segment was the highest revenue contributor to the market, with $196,728.8 million in 2021, and is estimated to reach $324,776.1 million by 2031, with a CAGR of 5.3%.
- By income group, the higher income segment was the highest revenue contributor to the market, with $122,273.2 million in 2021, and is estimated to reach $208,730.5 million by 2031, with a CAGR of 5.6%.
- As per distribution channel, the specialty stores segment was the highest revenue contributor to the market, with $159,418.8 million in 2021, and is estimated to reach $262,007.2 million by 2031, with a CAGR of 5.2%.
- Region wise, Asia-Pacific was the highest revenue contributor, accounting for $104,272.3 million in 2021, and is estimated to reach $173,570.2 million by 2031, with a CAGR of 5.4%.
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According to the estimate for the global sustainable home decor market, Asia-Pacific held the largest share of the market in 2021 and is expected to keep doing so in the near future. The increase in consumer spending on high-end, environmentally friendly home design items and the rise in living standards are ascribed to this. Sales in this area are further boosted by a well-developed retail infrastructure and celebrity brand endorsements. Additionally, China is anticipated to expand at the greatest CAGR because of its fast-developing infrastructure and alterations in consumer behavior brought on by an increase in disposable income. This is one of the sustainable home decor market trends.
The COVID-19 epidemic had a minimal effect on the global market for sustainable home design. The pandemic’s disruption of the supply chain, shortage of raw material availability, and restrictions on the transit of commodities had an effect on the market for sustainable home decor. Additionally, delays and disruptions at national borders have made it difficult to export and supply sustainable home decor around the globe. On the other hand, increased use of internet sales channels benefited the market.
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The major players analyzed for global sustainable home decor industry are Vermont Woods Studios, Cisco Brothers, Lee Industries Inc., Duresta Upholstery Ltd., Greenington, Jianxgi, La-Z-Boy Inc., Manchester Wooden, Moso International, Shenzhen Vincent Handicraft, Ashley Furniture, Forbo, Herman Miller Inc., Inter IKEA Holding B.V., and Mannington Mills, Inc.
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