(MENAFN- EIN Presswire)
On the basis of product, the furniture segment held the major outdoor decor market share in 2022.
The outdoor decor market size was valued at $83 billion in 2022, and is estimated to reach $117.7 billion by 2032, growing at a CAGR of 3.5% from 2023 to 2032.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, October 3, 2024 /EINPresswire / -- The outdoor décor market has gained significant traction in recent years, fueled by a growing interest in enhancing outdoor living spaces for both residential and commercial purposes. Consumers are increasingly viewing outdoor spaces such as gardens, patios, balconies, terraces, and backyards as extensions of their indoor living areas, leading to increased investments in outdoor furnishings, lighting, decorative accessories, and landscaping.
The trend is especially strong in regions with warm climates, but even in temperate zones, homeowners and businesses are investing in creating stylish and functional outdoor environments. The market for outdoor décor includes a wide range of products, including furniture, rugs, cushions, planters, water features, lighting, garden sculptures, and more.
Market Overview
The outdoor decor market size was valued at $83 billion in 2022, and is estimated to reach $117.7 billion by 2032, growing at a CAGR of 3.5% from 2023 to 2032. The rising demand for aesthetically pleasing outdoor spaces, coupled with a shift towards outdoor entertainment and recreation, is driving this growth. As more people seek to spend time outside, particularly in the wake of the COVID-19 pandemic, where outdoor gatherings became a safer option, the demand for functional and decorative outdoor products has surged.
Request Sample Copy of Report:
Key product segments include:
Outdoor Furniture: Sofas, dining sets, loungers, and chairs.
Lighting: Solar lights, string lights, lanterns, and spotlights.
Textiles: Outdoor rugs, cushions, and covers.
Decorative Accessories: Planters, sculptures, wall art, and water fountains.
Garden and Landscaping: Plants, edging, pebbles, artificial grass, and trellises.
Key Market Trends
Increased Interest in Outdoor Living Spaces
The shift towards outdoor living is one of the main drivers of the outdoor décor market. People are investing in creating comfortable, functional, and aesthetically appealing outdoor spaces for socializing, dining, relaxing, and entertaining. Outdoor furniture and decorative items that blend comfort with style are highly sought after. Patios and decks have become focal points for creating outdoor living rooms, with furniture sets designed to withstand weather conditions without sacrificing comfort.
Sustainability and Eco-Friendly Materials
Consumers are increasingly concerned about the environmental impact of their purchases, leading to a growing demand for sustainable and eco-friendly outdoor décor products. Manufacturers are responding by offering products made from recycled materials, responsibly sourced wood, bamboo, natural fibers, and solar-powered lighting. The demand for sustainable materials, such as reclaimed wood furniture and eco-friendly garden accessories, is expected to grow as awareness of environmental issues increases.
Growth in Urban Gardening
As urbanization increases and people live in smaller spaces with limited access to traditional gardens, the trend of urban gardening has gained momentum. Consumers are utilizing balconies, rooftops, and small outdoor spaces to grow plants and create miniature gardens. Products such as vertical planters, hanging pots, raised garden beds, and container gardening solutions are in high demand. This trend has also driven the popularity of outdoor planters, decorative pots, and compact furniture designed for smaller outdoor areas.
Integration of Technology in Outdoor Spaces
Technology is playing an increasingly important role in outdoor décor. Smart lighting, such as app-controlled or voice-activated lights, allows consumers to customize the ambiance of their outdoor areas. Weather-resistant speakers, outdoor TVs, and other electronics have become popular additions to outdoor entertainment areas, offering a seamless integration of indoor conveniences with the outdoors. These innovations appeal to tech-savvy consumers looking to create modern and functional outdoor spaces.
Personalization and Customization
The trend toward personalization in home décor extends to outdoor spaces as well. Consumers want their outdoor areas to reflect their personal style, and they are increasingly seeking customized furniture, bespoke planters, and personalized accessories. Custom outdoor décor allows homeowners to create unique spaces that cater to their specific needs and design preferences. This has led to a rise in demand for custom-built furniture, tailored outdoor cushions, and personalized garden accessories.
Growth Drivers
Post-Pandemic Outdoor Recreation Boom
The COVID-19 pandemic prompted many individuals to reimagine their homes, with outdoor spaces becoming vital areas for safe socializing and relaxation. The increased focus on outdoor gatherings has led to a rise in demand for outdoor décor products, including seating arrangements, fire pits, outdoor kitchens, and lighting. As many people continue to prioritize outdoor activities post-pandemic, this demand is expected to remain robust.
Rising Disposable Income and Urbanization
As disposable income rises in many parts of the world, particularly in developing economies, more consumers are investing in home improvement, including outdoor spaces. The growth of urbanization has also led to a shift in living styles, with many urban residents seeking to maximize the utility and beauty of smaller outdoor spaces like balconies and patios. This has fueled the demand for compact yet stylish outdoor furniture and decorative items.
Expansion of Hospitality and Commercial Outdoor Spaces
The outdoor décor market is also benefiting from the expansion of the hospitality industry, particularly with hotels, restaurants, and cafes investing in creating inviting and aesthetically appealing outdoor dining and lounge areas. The popularity of alfresco dining and outdoor entertainment spaces has driven demand for weather-resistant, durable, and stylish outdoor décor products. Moreover, businesses are leveraging outdoor spaces to provide enhanced customer experiences, which is boosting the market.
Influence of Social Media and Design Trends
Social media platforms like Instagram, Pinterest, and Houzz have played a major role in popularizing outdoor décor trends. Homeowners are increasingly turning to these platforms for inspiration and ideas to enhance their outdoor spaces, leading to a surge in demand for aesthetically pleasing, trendy, and design-forward outdoor décor products. The desire to create "Instagrammable" outdoor spaces has pushed up demand for eye-catching décor items like outdoor string lights, decorative planters, and stylish patio furniture.
Challenges in the Market
Weather Resistance and Durability
One of the major challenges in the outdoor décor market is ensuring that products are durable and weather-resistant. Outdoor furniture and décor items are exposed to the elements, such as rain, sun, wind, and snow, which can lead to wear and tear. Consumers expect their outdoor investments to last for years, so manufacturers must focus on creating high-quality, durable products that can withstand varying weather conditions.
High Cost of Premium Outdoor Décor
Premium outdoor décor products, particularly those made from high-quality materials like teak, metal, and rattan, can be expensive. While there is a growing demand for luxury outdoor décor, the high price point of premium products may limit their accessibility to a broader audience. Consumers looking for affordable alternatives may opt for cheaper materials that are less durable, creating challenges for manufacturers to strike a balance between affordability and quality.
Supply Chain Disruptions and Material Shortages
The outdoor décor market has faced supply chain disruptions, particularly during and after the COVID-19 pandemic. Shortages of raw materials, such as wood, metals, and fabrics, as well as shipping delays, have impacted production and delivery times. Rising costs of raw materials have also led to price increases, which can be a barrier for consumers looking for budget-friendly options.
Future Opportunities
Eco-Friendly and Sustainable Products
As the global focus on sustainability intensifies, there are significant opportunities for manufacturers to introduce eco-friendly outdoor décor products. Consumers are increasingly seeking products made from recycled, biodegradable, and natural materials, as well as those that are produced using environmentally responsible methods. Offering sustainable products will not only meet consumer demand but also help manufacturers align with global trends toward greener living.
Growth of E-Commerce and Digital Sales Channels
The rise of e-commerce has transformed the outdoor décor market, allowing consumers to easily browse and purchase products online. Retailers and manufacturers can capitalize on this trend by enhancing their online presence, offering virtual showrooms, and providing customers with tools to visualize how products will look in their outdoor spaces. Expanding digital sales channels will be key to reaching a broader audience and meeting the growing demand for outdoor décor.
Smart and Tech-Integrated Outdoor Décor
As technology continues to influence home design, there is a growing opportunity for manufacturers to incorporate smart technology into outdoor décor products. Smart lighting systems, weather-resistant outdoor entertainment systems, and tech-integrated furniture (e.g., seating with built-in speakers or charging ports) are gaining popularity. The continued integration of technology into outdoor spaces will create new opportunities for innovation and growth.
Customization and Modular Designs
Offering customizable and modular outdoor décor solutions presents a major opportunity for growth. As consumers seek more personalized designs, manufacturers can cater to this demand by offering products that allow for customization in terms of colors, materials, and configurations. Modular outdoor furniture, which can be rearranged to fit different spaces, is also becoming popular, particularly for urban dwellers with smaller patios or balconies.
Regional Insights
North America: One of the largest markets for outdoor décor, driven by strong demand for outdoor living products in the U.S. and Canada. The trend of creating functional outdoor living spaces is widespread, with a focus on patio furniture, outdoor kitchens, and fire pits.
Europe: Known for stylish and eco-friendly outdoor décor products, Europe is a key market, particularly in countries like Germany, France, Italy, and the UK. The demand for sustainable, durable, and aesthetically pleasing products is high.
Asia-Pacific: Rapid urbanization, rising disposable incomes, and a growing middle class in countries like China, India, and Japan are driving demand for outdoor décor products. Urban gardening and balcony makeovers are popular trends in this region.
Middle East & Africa: The growing hospitality and tourism sector in the GCC and other Middle Eastern countries is driving demand for outdoor décor, especially for luxury hotels, resorts, and restaurants looking to create inviting outdoor spaces.
Conclusion
The outdoor décor market is set for significant growth, driven by rising consumer interest in enhancing outdoor spaces, growing urbanization, and an increasing focus on eco-friendly and tech-integrated products. Manufacturers that can provide durable, sustainable, and aesthetically appealing solutions will be well-positioned to capitalize on the opportunities in this expanding market. With the trend towards outdoor living continuing to gain momentum, the market for outdoor décor products will remain robust for years to come.
Enquire before buying:
Leading Market Players: -
Elho B.V.
Net Retailers, LLC
Frontgate
The Home Depot, Inc.
Inter IKEA Holding B.V.
Renson
Kimball International Inc.
Walmart Inc
Ashley Furniture Industries, LLC
Wayfair Inc
Read More Trending "AMR Exclusive Insights:
Sustainable Home Decor Market
U.S. Home Decor Market
David Correa
Allied Market Research
+ +1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN03102024003118003196ID1108744525