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.
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.
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Growing consumer expenditure on sustainable and environment home furnishings like carpet and rough textile, as well as the urbanisation boom in developing countries, have both significantly aided in the growth of the global market. According to the analysis of the global market for sustainable home décor, the floor covering market generated the highest revenue in 2021 and is predicted to hold the top spot during the projected period. This is due to consumers’ growing desire for stylish floor covering items. The popularity of sustainable home decor products is increasing the need for unique designs and customization, which benefits the growth of the global market for sustainable home decor.
Leading business executives predict that the global market for sustainable home décor will grow significantly over the forecast period due to growing consumer interest in the concept of sustainable home decor. Additionally, a rise in the number of urban residents and the growth of the real estate industry in emerging economies have increased sales of sustainable home decor products, which has propelled the global market’s expansion. Asia-Pacific is now the world leader in the home décor sector due to the enormous demand from home buyers. Due to an increase in demand for sustainable home decor products from countries like China and India, Asia-Pacific is expected to witness a significant development trend over the projected period.
Key Learnings
- With a market revenue contribution of $155,516.0 million in 2021 and an estimated $263,618.8 million by 2031, the floor covering category led all product types in terms of CAGR.
- The mass sector, depending on price point, contributed the most to the market’s revenue in 2021, with $196,728.8 million, and is anticipated to reach $324,776.1 million by 2031, with a CAGR of 5.3%.
- By income group, the higher income sector contributed the most to the market’s revenue with $122,273.2 million in 2021. With a CAGR of 5.6%, it is predicted to reach $208,730.5 million by 2031.
- The specialty shops category, which was the largest revenue contributor to the market by distribution channel in 2021 with $159,418.8 million, is anticipated to grow to $262,007.2 million by 2031 with a CAGR of 5.2%.
- Asia-Pacific was the region that contributed the most to global revenue, accounting for $104,272.3 million in 2021, and is expected to grow at a CAGR of 5.4% to reach $173,570.2 million by 2031.
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Leading market players of the global sustainable home décor market analyzed in the research include 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.
The report provides a detailed analysis of these key players of the global sustainable home décor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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