The global sustainable home decor market was valued at US$ 331.0 billion in 2021 and it is anticipated to grow up to US$ 556.3 billion by 2031, at a CAGR of 5.3% during the forecast period.
Global Sustainable Home Decor Market report from Global Insight Services is the single authoritative source of intelligence on Sustainable Home Decor Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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For many, sustainable home decor means working with local artisans from their local community to create handmade products. For others, sustainable home decor means weaving sustainable and local materials into their designs. With more consumers looking to source ethically made and sustainable home decor products, designers try to provide quality products that shoppers can connect with on many levels. They are beautiful and created with minimal impact on the earth and society. Sustainable decorating is decorating a home in a way that benefits rather than harms the environment. Also, recycled materials are present in many sustainable home decor products.
Market Drivers and Trends
Increasing levels of urbanization have resulted in an increasing number of new households being set up. Nowadays, more than half of the global population lives in urban areas. Going forward, these levels are expected to increase further, positively impacting the demand for home decor products. Moreover, home decor products are income elastic, with global disposable incomes increasing continuously over the next few years, particularly in economies such as Asia, Africa, the Middle East, and Eastern Europe. In addition, the recovery of the global real estate sector is also expected to drive homeownership rates creating a positive impact on this market. Another major factor driving this market is the strong performance of the online retail sector. Online retail has made home decor products easily available, affordable, and convenient to buy. Thus, factors such as increasing levels of urbanization, rising consumer disposable income, and strong performance of the online retail sector are boosting the growth of sustainable home decor market.
Market Restraints and Challenges
The growth of digital channels facilitating the sale and purchase of consumer goods has fuelled a surge in the trade of counterfeit products. It’s a fact that a counterfeit product equals a low-quality. The packaging and the product might look identical to the authentic brand, but it is made up of substandard material, which might harm the consumer. Inevitably, these consequences severely negatively impact a brand’s reputation and consumer trust. Since many consumers are unaware that the product they purchased is counterfeit, the customer will blame the authentic brand when the item fails to work correctly or doesn’t meet their expectations. This results in the loss of consumer trust in the brand and also likely that they won’t purchase from the same retailer in the future. Further, there is also a business threat of counterfeit products, resulting in a loss of revenue for the brand being copied. When counterfeiters sell a product that looks the same as the original but at a lower price, the authentic brand will lose sales. The lack of information is perceived as one of the main obstacles in the fight against counterfeit products. Hence, the availability of counterfeit goods is acting as a restraining factor for the global sustainable home decor market.
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Global Sustainable Home Decor Market Segmentation
By Product Type
- Floor Covering
- Furniture
- Home Textile
By Income Group
- Lower Middle Income
- Upper Middle Income
- Higher Income
Major Players in the Global Sustainable Home Decor Market
The key players studied in the global sustainable home decor market are Cisco Brothers (US), Duresta Upholstery Limited (UK), Forbo Flooring UK Limited (UK), Greenington (US), Herman Miller, Inc. (US), IKEA North America Services, LLC (US), La-Z-Boy Incorporated (US), Lee Industries (US), MOSO International B.V. (The Netherlands), and Vermont Woods Studios (US).
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