Home Decor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Home Decor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global home decor market size reached US$ 715.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 937.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.

Home decor refers to aesthetic components and accessories used to make residential spaces aesthetically appealing. It includes furniture, showpieces, key holders, flower vases, quoted wall hangers, wooden wall shelves, scented candles, tealight candle holders, and decorative mirror stickers. It also comprises home textiles, such as bath, kitchen and dining room, living room, and bedroom textiles and laminated floor coverings. It boosts mood and assists in keeping homes more organized and well-maintained. As a result, the demand for home decor items is rising worldwide.

Market Trends and Drivers:

The increasing construction, remodeling, and renovating activities in residential and commercial spaces currently represent one of the key factors positively influencing the market. In addition, the shifting population from rural to urban areas and the increasing expenditure capacity of individuals are catalyzing the demand for home decor items across the globe. Apart from this, a considerable rise in the trade activities of decorative products is creating a positive market outlook. In line with this, the rising internet penetration and shifting consumer reliance on smartphones is increasing the sales of home decor products through online platforms. Furthermore, the easy availability of aesthetic components at discounted rates, coupled with the facilities of free home delivery and secured online payment methods, is offering lucrative growth opportunities to manufacturers. Additionally, the rising awareness among individuals about the benefits of using eco-friendly materials is encouraging leading market players to expand their product portfolios. Moreover, they are focusing on strategic collaborations with interior designers to provide consumers with customized home decor items, which is anticipated to propel market growth in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global home decor market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type and distribution channel.

Breakup by Product Type:

Home Furniture
Home Textiles
Flooring
Wall Decor
Lighting
Others

Home furniture is the most popular product as it offers utility and enhances the aesthetic appeal of residential places.

Breakup by Distribution Channel:

Home Décor Stores
Supermarkets and Hypermarkets
Online Store
Gift Shops
Others

Home decor stores account for the majority of the market share as they are easily accessible and offer a wide range of products at affordable rates. They also provide customized decorative items to customers.

Breakup by Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

North America exhibits a clear dominance in the market due to the flourished retail sector and the presence of various prominent players in the region.

Competitive Landscape 

The competitive landscape of the industry has also been examined along with the profiles of the key players Ashley Furniture Industries Inc., Duresta Upholstery Ltd., Forbo Holding AG, Herman Miller Inc., Inter IKEA Systems B.V., Kimball International Inc., Koninklijke Philips N.V., Mannington Mills Inc., Mohawk Industries Inc., Hanssem Co., Ltd., Siemens AG, Springs Window Fashions, LLC, Suofeiya Home Collection Co., Ltd., Samson Holding Ltd, Shaw Industries Group Inc. (Berkshire Hathaway Inc.) and Sophia Home.

Key Questions Answered in This Report:

What was the size of the global home decor market in 2022?
What is the expected growth rate of the global home decor market during 2023-2028?
What are the key factors driving the global home decor market?
What has been the impact of COVID-19 on the global home decor market?
What is the breakup of the global home decor market based on the product type?
What is the breakup of the global home decor market based on the distribution channel?
What are the key regions in the global home decor market?
Who are the key players/companies in the global home decor market?