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Allied Market Research Forecasts Household Goods Market to Register CAGR of 5.20% 2021-2028 | $2,028.68 billion

Household goods market

Rising demand for advanced, smart and stylish home appliances and furniture is expected to drive up the demand for household products

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, February 2, 2022 / — Rising demand for advanced, smart and stylish home appliances and furniture is expected to drive up the demand for household products. Rising spending on decorating and home improvement practices due to growing disposable income, especially in emerging economies including China, India and Brazil, is expected to contribute to the household goods market growth over the forecast period. According to a new report published by Allied Market Research, titled “Homeware Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast 2021-2028”, the global homeware market size is expected to reach 2 $028.68 billion by 2028 at a CAGR of 5.2% from 2021 to 2028.

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The home goods market is made up of various markets such as furniture, appliances, home decor, lighting, and bathroom accessories. The household goods market is mainly driven by increasing number of residences, increasing disposable income, and increasing adoption of smart and advanced home appliances. Changing lifestyles due to rapid urbanization and increasing purchasing power in developing countries including China, Taiwan, India and Brazil are fueling the demand for various household products, including microwave ovens, dishwashers, sofas, beds and refrigerators. Additionally, manufacturers are introducing localized products based on the consumer needs of a particular region or country. For example, in March 2019, Robert Bosch GmbH announced the launch of India-specific dishwashers that will incorporate the Kadhai function, which is an essential utensil for Indian consumers.

Due to the COVID-19 pandemic, the supply chain has been affected, resulting in losses for the entire consumer goods industry. The government frequently practices total lockdown in order to limit the spread of the corona virus, in which retail stores, including specialty stores, are strictly advised to remain closed. Manufacturing units are also temporarily closed, which is expected to reduce the production of furniture, household appliances and lighting products, which in turn has a negative impact on the household goods market.

According to the homeware market analysis, the homeware market is segmented on the basis of type, distribution channel and region.

Based on type, the market is categorized into home décor, furniture, kitchenware, appliances, upholstery, lighting, bathroom accessories, and others.
According to the distribution channel, it is divided into home goods stores, franchise stores, department stores, online stores and specialty stores.
By region, it is analyzed in North America (United States, Canada and Mexico), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, rest of Europe), Asia-Pacific (China , Japan, India, Australia, South Korea and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa).

Get a detailed analysis of the impact of COVID-19 on the Household Goods Market:-

Market Trends, Segmentation, Growth Prospects, Demand, Opportunities and Forecast 2021-2026:-

According to Household Goods Market Opportunities, on the basis of type, the Furniture segment was valued at USD 370.17 Billion in 2020 and is projected to reach USD 500.47 Billion by 2028, registering a CAGR of 4, 30% from 2021 to 2028. Due to space constraints found in urban areas, multi-functional furniture is gaining popularity among urban consumers, as such furniture helps save space, which fuels the growth of the furniture segment . Also, increased consumer awareness of environmental safety has led to an increase in demand for eco-friendly furniture. Moreover, the increase in disposable income and the willingness of customers to invest in home furnishings are contributing significantly to the growth of the market. Additionally, the rapid urbanization coupled with the increase in the concept of nuclear family structure is driving the growth of the furniture market. In addition, the development of the real estate sector coupled with the high penetration of the e-commerce platform is expected to provide significant opportunities for the furniture market.

According to Home Goods Market Trends, on the basis of distribution channel, online store segment was valued at USD 199.34 billion in 2020 and is projected to reach USD 339.55 billion by 2028, registering a CAGR of 7.30% from 2021 to 2028. Increase in adoption of various online portals in developing regions and increase in the number of offers or discounts offered by these sites entice consumers to purchase household items through online stores. Moreover, online stores have increased their reach among consumers, due to which they have become a key source of income for many businesses. In addition, the market for online stores is expected to grow in the future, due to the rapid growth of online and mobile user base in emerging markets.

Regional Analysis 2021-2026:-

Regionally, Europe was valued at $360.94 billion in 2020 and is projected to reach $490.13 billion by 2028, registering a CAGR of 4.40% from 2021 to 2028. Considerable growth is expected for new advanced and smart home appliances and stylish, multi-functional furniture. In addition, demand from major European countries such as France, Spain, UK and Russia has increased significantly. The growing preference for a hassle-free lifestyle, people are increasingly demanding air conditioners, vacuum cleaners and dishwashers, supporting the growth of the home appliance and furniture market in the region. Thus contributing to the increase in sales of household products in Europe.

Key players profiled in this report include
Arc International S.A.,
Conair Corporation,
Ikea Systems,
International Kitchen Utensils SAS,
Lock and Lock Co., Ltd.,
Pacific International Market,
Tempur Sealy International, Inc.,
The Oneida Group and Tupperware.

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Main results of the study

In 2020, the Household Goods Market was valued at USD 1,395.73 Billion and is projected to reach USD 2,028.68 Billion by 2028, growing at a CAGR of 5.20% during the forecast period.
In 2020, by type, the home décor segment was valued at $351.58 billion, accounting for 25.19% of the global homeware market share.
In 2020, by distribution channel, the franchise store segment was valued at $274.29 billion, accounting for 19.65% of the global home goods market share.
In 2020, the United States was the largest market in North America and is expected to reach $428.5 billion by 2028, growing at a CAGR of 4.80% during the forecast period .

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David Correa
Allied Analytics LLP
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