Outdoor furniture market set to hit $ 31 billion by 2031 – Sourcing Journal
The outdoor furniture segment has been on the rise for several years and, according to a new report from Transparency Market Research, this growth is expected to accelerate over the next decade.
According to the study, the global outdoor furniture market is expected to reach $ 31 billion by 2031, at a compound annual growth rate of 6%. That tally is almost double the $ 17 billion worldwide that the category represented in 2020.
The COVID-19 pandemic has helped fuel some of that growth. With people staying at home and forgoing vacations over the past year, the desire and resources to improve outdoor spaces to create a home getaway has increased. And as more people get vaccinated and travel has started to pick up, the contract furniture market – hotels, restaurants and other public spaces – has picked up, helping to boost sales.
Innovations in the design and construction of outdoor furniture, especially materials like performance upholstery, premium metals and recycled plastics, have made outdoor furniture more attractive to consumers for their purposes. ability to deliver a high level of style with weather resistant durability.
“Outdoor furniture is designed to withstand hot and humid temperatures and gives a new style to outdoor living spaces,” the report says. “Its potential to be used in outdoor gardens or terraces and to make outdoor living spaces aesthetically pleasing is driving consumer demand. “
The report identified the Asia-Pacific region as the largest market for outdoor furniture, highlighting its increasing urbanization, increasing construction projects, and abundant disposable income as the drivers. And as the pandemic abates, tourism will also contribute to that growth.
“In addition, the increase in tourism to countries such as Singapore, India, Malaysia and others is one of the main reasons for propelling market growth in this region,” the report states.
The report warned that the pandemic also has the potential to hamper the growth of the outdoor furniture market, at least in the short term. Continued blockages, production interruptions and shipping delays are impacting the delivery of outdoor furniture, but demand remains strong and is expected to remain so over the next two years.