NEWARK, Del, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The houseware market is expected to be US$ 343 billion in size in 2024. The size of the market in 2023 was tipped to be US$ 332 billion. From 2024 to 2034, the CAGR for the market is projected to be an average of 4.1%. By the end of the forecast period, the market value is anticipated to have risen to US$ US$ 513 billion.
The demand for houseware is dependent on the proliferation of homes. With the construction sector booming, the residential sector is increasing rapidly, in turn benefitting the houseware market. Houseware demand is also being impacted positively due to the luxurious living habits of higher-end consumers.
Consumers are enamored of creative designs and technological innovations in houseware. Apart from functionality, houseware is also serving an aesthetic purpose in many homes, aided by trends in interior design and home décor. Thus, houseware in different colors and a variety of designs and patterns is winning over consumers. Personalized and customized houseware is also increasing in popularity. However, a significant threat to the market is posed by low-quality counterfeit products.
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“People are desirous to have their homes be as eco-friendly as possible. The commitment to sustainability extends to innovative houseware. The market is witnessing advancement in the houseware products and the adoption of smart and connected appliances,” Opines Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI)
Key Takeaways from the Houseware Market:
- The houseware market is anticipated to be valued at US$ 343 billion in 2024.
- Kitchen appliances are the most sought-after type of houseware. For 2024, kitchen appliances are projected to contribute 33.3% of the market share by product type.
- Supermarkets/hypermarkets are consumers' top choice when it comes to buying houseware. For 2024, supermarkets/hypermarkets are expected to account for 47.1% of the market share by distribution channel.
- India is marked to be one of the leading countries in the market. During the 2024 to 2034 period, the CAGR for India is pegged to be 5.5%.
- Besides India, China is another promising Asian country for the market. For the forecast period, the market is expected to progress at a CAGR of 4.1% in China.
- The market is anticipated to progress at a CAGR of 4.7% in Australia.
Competition Analysis of the Houseware Market
Multinational companies have a stronghold in the houseware market. However, start-ups and small-scale companies have also carved out a piece of the pie for themselves.
Market players are taking the help of celebrities to advertise products, though celebrity involvement is also extending beyond. Some prominent companies in the market are
Key Players in the Houseware Market
- Bradshaw Home Inc.,
- Denby Pottery,
- HF Coors Co. Inc.,
- Inter Ikea Holding Bv.
- Hutzler Manufacturing Co. Inc.
- TTK Prestige Ltd.
- Newell Brands Inc.
- BSH Hausgerate GmbH
- Kohler Co
- Haier US Appliance Solutions Inc.
Recent Developments in the Houseware Market
- In November 2023, Flannels entered the market with the launch of Flannels Home, offering houseware products from Versace and Dolce & Gabbana.
- In September 2023, Ultimate Products opened a showroom in Paris, entering the French market.
- In August 2023, Indian e-commerce website Myntra stuck up a deal with Australian brand Anko, making the latter’s products available in India.
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Key Segments
By Product Type:
- Cookware and Bakeware
- Tableware
- Kitchen Appliances
- Bathroom Essentials
- Others
By Distribution Channel:
- Supermarkets/Hypermarkets
- Specialty Stores
- Online Retail
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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