PUBLISHER: Orion Market Research | PRODUCT CODE: 1270951
PUBLISHER: Orion Market Research | PRODUCT CODE: 1270951
The global home organization products market size was valued at $12.0 billion in 2022, and is projected to reach $15.9 billion by 2030, registering a CAGR of 3.6% during the forecast period (2023-2030). Home organization products refer to the products that are true workhorses, problem-solvers, and work in many different spaces. They are universally accepted and most liked products as they save time, money, and other resources. Plastic, wire, wood, and metal, among others, are the different materials that are employed in the manufacturing of these products. The rising trend of working from home is likely to drive the demand for the market. The increasing numbers of households coupled with rising levels of disposable income of people are some of the factors driving the home organization products market. Other significant factors such as the rise in awareness, growing consumer acceptance, and changing lifestyles will accelerate the market growth rate. Furthermore, an upsurge in the strong demand for various end-use industries will positively impact the market's growth rate. Additionally, developing a home installations business and increasing the fraction of families will cushion the growth rate of the market. Also, the growing utilization of specialized and customized products will further increase the demand in the home organization products market.
The global home organization products market is segmented based on material type, product type, application, and end-user. Based on the material type, the market is segmented into wire, plastic, wood, and others. On the basis of product type, the market is segmented into bins, baskets, shelving, modular units, hanging storage, and others. Based on application, the market is segmented into bedrooms, garages, family rooms, kitchens, utility rooms, and others. Further on the basis of end-user, the market is segmented into a do-it-yourself, and professional installation. Among the product segment, the modular units sub-segment is expected to cater to a prominent market share over the forecast period.
The demand for modular units and storage is likely to rise over the forecast period, owing to an increase in existing house sales and housing starts. Additionally, in the short term, rising home renovation activities can stimulate market demand. The home improvement industry is stronger than it has been in over ten years, and it includes the sale of building materials, appliances, decor, and other home enhancements, along with the services provided by contractors, tradespeople, and other workers who assist in the construction, installation, modification, and upgrade of homes. The business of homeownership represents a significant portion. With a nationwide housing shortage and record-high home prices, more homeowners prefer to stay in their homes rather than relocate or upgrade to new ones.
The global home organization products market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the Asia-Pacific regional market is expected to cater to prominent growth over the forecast period, however, the North American region is projected to experience considerable growth in the home organization products market, owing to the rising pool of baby boomers across the country such as the US and Canada.
The Asia-Pacific region is expected to hold a prominent share of the market among other regions globally. The regional growth is attributable to high disposable income coupled with increasing penetration of the internet and e-commerce industry in the region. As per the survey conducted by World Data, in June 2022, in India more than 24% of the total population shops for products online once a week. Home organization products such as bins, boxes, containers, and others are high in demand across countries including India owing to their superior storing capabilities, which keep grains and pulses enclosed and safe. Furthermore, the region is also witnessing a considerable increase in DIY products for kitchens customized as per the customer's requirements, which is another factor propelling the market growth.
The major companies serving the global home organization products market include Organized Living, Home Products International, Iris USA Inc., Gladiator GarageWorks, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2022, mDesign Home Decor reveled a new collection of affordable storage, decor, and furniture pieces, in collaboration with Home Sort.