Green Building Materials Is Fastest Growing Segment Fueling The Growth Of Online Home Decor Market

 

Market Overview: The online home decor market comprises of various decorative furnishings and products including furniture, textiles, floor coverings and other home furnishing accessories. With increase in e-commerce platforms and rising internet penetration globally, online platforms provide convenience of finding varied options of products for home décor and furnishings at competitive prices.

The global Online Home Decor Market is estimated to be valued at US$ 97.39 Bn or Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the prominent trends in the online home decor market is growing adoption of green building materials. Consumers are increasingly preferring eco-friendly home decor products which have lesser environmental impact. This includes products made from recyclable materials, sustainably sourced plants and woods. For example, use of bamboo, cork and recycled woods in furniture making. Demand for organic cotton, jute and hemp textiles is also growing. Growing awareness about benefits of natural materials in terms of indoor air quality, low toxicity and environmental sustainability is driving this key trend in the market.


Segment Analysis
The global online home decor market is dominated by furniture segment. Furniture segment accounted for the largest market share of around 35% in 2023. Increasing demand for stylish and multifunctional furniture from millennials and rising trend of renovation of homes is driving the growth of furniture segment. Changing consumer lifestyle and preference for modern and appealing home decor also supplements the demand for wide range of furniture available online.

Key Takeaways
The global online home decor market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for personalized home decor solutions and convenience of online shopping.

The North America region is expected to dominate the online home decor market, with a share of over 35% in 2023. This is attributed to high internet penetration, rising disposable income, and increasing preference of millennials for online shopping in the region. Asia Pacific region is likely to exhibit fastest growth during the forecast period owing to rapid urbanization, growing middle class population and improving living standards in countries like China and India.

Key players operating in the online home decor market are Amazon, Bed Bath & Beyond, Walmart, Wayfair, IKEA, Overstock.com, Target, Home Depot, Williams-Sonoma, Lowe’s, Etsy, eBay, HomeGoods, JCPenney, Kohl’s, Macy’s, Pier 1 Imports, Crate and Barrel, At Home Stores, and Restoration Hardware. players like Amazon, Wayfair and eBay captured major share of the market in 2023 owing to their wide selection of home decor products and ability to provide seamless online shopping experience across the globe.

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