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The Global Sustainable Home Decor Market size is expected to reach $415.7 billion by 2028, rising at a market growth of 5.4% CAGR during the forecast period.
Global Sustainable Home Decor Market Size, Share & Industry Trends Analysis Report By Price Point, By Distribution Channel, By Income Group, By Product Type (Floor Covering, Furniture and Home Textile), By Regional Outlook and Forecast, 2022 – 2028
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Sustainable home d?cor is the practice of designing indoor and outdoor areas that are both visually beautiful and functional for occupants. From furniture to floor coverings like tiles, wood & laminate, vinyl & rubber, carpets & rugs, and others, sustainable home d?cor products are available. They also consist of textiles for the home, such as rugs, textiles for the bathroom, bedding, kitchen, and dining areas, and textiles for the living room.
Furniture designs can be changed using automated and manual processes. Home d?cor is popular globally, and generalists are learning different techniques for keeping their homes beautiful and serene. According to the United States Environmental Protection Agency (EPA), sustainability is founded on the straightforward tenet that everything people require for their existence and well-being depends on the natural world, either directly or indirectly.
Social, environmental, and economic sustainability are the three widely acknowledged elements of sustainability. To truly be sustainable, these elements must be combined. By adopting clever, environmentally conscious design, the sustainable design seeks to ensure that there are no adverse effects on the environment. This entails utilizing renewable resources, having minimal influence on the environment, and fostering a sense of connection between people and nature.
The implementation of eco-friendly materials and practices is also a way to contribute to sustainable homemaking. Typically, this refers to items that support eco-friendly living or actions that promote the efficient use of natural resources like water and electricity. Additionally, eco-friendly products reduce their impact on contamination of the air, water, and land. Sustainability also depends heavily on ethics, so consumers also prefer brands that value their creators highly. A number of these firms have “Fair Trade” certificates, and many of them collaborate with master craftspeople to sustain traditional crafts.
COVID-19 Impact Analysis
A major impact of the pandemic was the emergence of work-from-home. This change was so big that it created a whole new range of furnishing products out of the limited catalogs. Major companies have come up with a unique work-from-home furniture range. By the time the pandemic settled a little, people became more inclined towards an earth-first approach in their choices. So many companies also got this hint and came up with products to quench such demands. In this way, COVID has a positive effect on the sustainable home d?cor market.
Market Growth Factors
Government-Issued Certifications And Credentials For Green Construction
One major reason for the growth of the sustainable home d?cor market is the adoption and promotion of ?green construction? by major builders and real estate companies. The fast pacing urbanization is usually accompanied by the installation of sustainable home d?cor. This becomes profitable in two ways. Firstly, the issuing of green certificates by institutions like the U.S. Green Building Council (USGBC), Green Building Certification Institute (GBCI), and National Center for Construction Education and Research (NCCER). Secondly, this increases engagement among builders and home buyers.
Growth Of Online Retailing As A Distribution Method
The online home furnishing retailing business would grow due to the significant e-commerce growth across the world. The expansion of house furniture online commerce is also being fueled by rising expending on home furnishings. The emergence of new opportunities for consumers to shop online is one of the key factors influencing the online purchase of home furnishings like chairs, beds, tables, and closets. Due to significant discounts, comfort, and trendy designs, consumers are more likely to purchase foldable, multipurpose, and technologically advanced furniture through e-commerce websites, which is primarily responsible for the growth of these platforms.
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Market Restraining Factors
The Rise In Counterfeit Products And Sub-Par Products
The rise of counterfeit and sub-par products in the sustainable home d?cor market gives the thought of eco-friendly and green furniture a negative connotation. Firstly, it makes manufacturers refrain from coming up with any original ideas. Considering the fact that furniture industries involve huge investments, the acceptance of counterfeit products makes that investment unnecessary. It also puts the whole design environment irrelevant. Some other issue related to counterfeit and sub-par products is environmental testing. While the original pieces go through numerous tests to get their proper certifications, the counterfeit doesn?t.
Price Point Outlook
Based on price point, the sustainable home d?cor market is bifurcated into premium and mass. The mass segment dominated the revenue share of the sustainable home d?cor market in 2021. Increased mass market product consumption by lower middle class and upper-middle-class customers has a substantial positive impact on the sustainable home decor market’s expansion. The need for more mass-produced sustainable home decor products will increase, as more people move into the middle class.
Income Group Outlook
On the basis of income group, the sustainable home d?cor market is segmented into lower middle income, upper middle income, and higher income. The higher income segment procured the maximum revenue share in the market of sustainable home d?cor in 2021. The high-income consumer segment is prone to impulsive purchases, which is a major market driver. The purchasing pattern of the higher income people would happen to be on the expensive side as well.
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Distribution Channel Outlook
Based on distribution channel, the sustainable home d?cor market is classified into supermarkets and hypermarkets, specialty stores, e-commerce, and others. The supermarkets and hypermarkets segment procured a significant revenue share in the market of sustainable home d?cor in 2021. Demand for supermarkets and hypermarkets is being driven by the presence of furniture, which allows customers to shop for all of their home goods under one roof. Along with that, various offers are being given by these stores to attract more customers and hence, augmenting the growth of the segment.
Product Type Outlook
On the basis of product type, the market for sustainable home d?cor can be categorized into floor covering, furniture, and home textile. The furniture segment witnessed a substantial revenue share in the market of sustainable home d?cor in 2021. Due to environmental concerns, many sustainable furniture makers exclusively use natural materials and stay away from synthetics. They also place a strong emphasis on renewable natural materials, such as fast-growing bamboo and reclaimed wood items. Such types of furniture are mostly certified by Forest Stewardship Council (FSC).
Regional Outlook
Region-wise, the sustainable home d?cor market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered the largest revenue share in the market for sustainable home d?cor in 2021. Its highly developed retail infrastructure is the reason for this. A major factor driving the growth of the market is the rising acceptability of sustainable home decor products around the world as a result of aggressive advertising and celebrity brand endorsements.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Mohawk Industries Inc. and Inter IKEA Systems BV are the forerunners in the Sustainable Home Decor Market. Companies such as Armstrong World Industries, Inc., Ashley Furniture Industries, LLC and Herman Miller Inc. are some of the key innovators in Sustainable Home Decor Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Armstrong World Industries, Inc., Mohawk Industries Inc., Inter IKEA Systems B.V., Herman Miller, Inc., Forbo Management SA, Kimball International Inc., Ashley Furniture Industries, LLC, Cisco Brothers Corp., Duresta Upholstery Ltd., and Greenington Fine Bamboo.
Recent Strategies deployed in Sustainable Home Decor Market
Partnerships, Collaborations and Agreements:
Jul-2022: Armstrong World Industries extended its existing partnership with Price Industries, a company manufacturing HVAC products. Through this partnership, the companies aimed at accelerating the development of holistic solutions to promote healthy indoor spaces. The partnership would bring together their strengths to continue developing the latest products that address the key attributes of healthy spaces. Also, the two companies would partner on IEQ research & testing, marketing, and industry leadership, which includes the advancement IEQ standards into commercial building codes.
Oct-2021: Armstrong World Industries came into partnership with 9 Foundations, an independent scientific advisory firm. Under this partnership, 9F would work with Armstrong World Industries in its continued focus on manufacturing ceiling and wall solutions based on the most advanced healthy building science and design.
Product Launches and Product Expansions:
Jul-2022: Mohawk released ultra wood naturally sustainable. The launched UltraWood Naturally Sustainable flooring has a natural hardwood feeling and at the same time is eco-friendly as it requires less natural wood to be produced, having the ability to eliminate carbon from the air and store it in a beautiful long-lasting floor.
Mar-2022: Ashley Furniture introduced the Elegant Arroyo Furniture Collection. The collection includes Arroyo Ottoman, Arroyo Loveseat, Arroyo Sofa, and Arroyo Chair. With the weathered, rustic look, these latest sofas add that much-needed extra chicness and warmth to contemporary spaces.
Apr-2021: Mohawk launched Data Tide, an innovative collection of modular carpet planks. The launch aimed at exploring the symbiotic relationship between nature & data through the visualization of water. Data Tide enjoys the exceptional ecosystem of estuaries where freshwater and saltwater converge to sequester Blue Carbon along with supporting biodiversity.
Mar-2021: Herman Miller launched Revenio, the latest sustainable textile collection. The collection includes fabric made from all recycled and ocean-bound plastic materials and an industry-leading 100% post-consumer biodegradable polyester. Revenio aimed at utilizing the new sustainable textile innovations to alleviate global waste, without sacrificing aesthetics, performance, or longevity.
Apr-2020: Mohawk released Smart City carpet, a new carpet collection. The launched carpet collection reinterprets the transit maps of main cities as well as urban areas into soft surfaces for commercial interiors. The system includes the Urban Model, an organic base pattern that reflects the texture and rhythm of a metropolitan mapscape, and Urban Mobility, coordinating pattern styles with linework and accent colors inspired by the subway systems of Berlin, New York, Istanbul, London, Paris, and Shanghai.
Mar-2020: IKEA introduced BOTANISK, a handmade range of soft furnishings and home accessories. BOTANISK, in particular, comprises pots, pot hangers, baskets, hanging planters, hand towels, aprons, cushion covers, throws, and more, made with natural tactile materials like banana fibre, jute, and cotton, which are sustainably sourced and also reflect the collection’s botanical theme.
Acquisitions and Mergers:
Jun-2022: Mohawk Industries completed the acquisition of Vitromex, Mexico?s third largest tile producer. The acquisition would offer customers a whole array of residential and commercial products at all price points with improved service capabilities.
Jan-2022: Ashley Furniture completed the acquisition of Wilson Logistics, a trucking company. This acquisition would expand the company?s brokerage and distribution operations in the western United States. The purchase is focused on strengthening Ashley’s supply chain capability.
Jul-2021: Herman Miller took over Knoll, an American design firm. This acquisition would create the preeminent leader in modern design, catalyzing the transformation of the home as well as office sectors at a time of unprecedented disruption.
Aug-2020: Armstrong World Industries signed an agreement to acquire Moz Designs, a designer & fabricator of custom architectural metal walls, ceilings, dividers, and column covers for interior & exterior applications. The talented team at M?z combines custom perforations, engraving, high-end metal finishes, and forming to produce rich, artistic visuals with depth and movement, collaborating with architects and designers to make their vision a reality. With this latest exciting capability, the company would enrich its leading portfolio of the metal ceiling and wall solutions.
Jul-2020: Armstrong World Industries took over Turf Design, a Chicago-based commercial interiors design house & maker of the custom felt ceiling and wall solutions. This acquisition would strengthen AWI?s design and manufacturing abilities and broadens its extensive portfolio of architectural specialties ceiling and wall solutions.
Geographical Expansions:
Aug-2021: IKEA expanded its geographical footprints in India by launching the company’s first city in Mumbai. The city store format enables IKEA to be adapted to smaller spaces in an urban context and makes it more convenient for the many customers to experience the IKEA offer. With a range of over 6,000 well-designed, affordable, good quality, sustainable products and room sets for inspiration, the store promises everything for the home to help the consumers do more with every space in the house.
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Scope of the Study
Market Segments covered in the Report:
By Price Point
Mass
Premium
By Distribution Channel
Specialty Stores
Supermarket/Hypermarket
Ecommerce
Others
By Income Group
Upper Middle Income
Lower Middle Income
By Product Type
Floor Covering
Furniture
Home Textile
By Geography
North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Companies Profiled
Armstrong World Industries, Inc.
Mohawk Industries Inc.
Inter IKEA Systems B.V.
Herman Miller, Inc.
Forbo Management SA
Kimball International Inc.
Ashley Furniture Industries, LLC
Cisco Brothers Corp.
Duresta Upholstery Ltd.
Greenington Fine Bamboo
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Updated : 2022-09-17 08:56 GMT+08:00
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