April 24, 2024
Decorative Shelves market

Decorative Shelves Market is Estimated To Witness High Growth Owing To Trend of Customizing Home Décor

The decorative shelves market is estimated to be valued at US$ 6.26 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Decorative shelves are the shelves that enhance the aesthetic appeal of a room by providing display and storage space. They come in various materials, designs, sizes, and structures to match any décor style. Decorative shelves are indispensable for home, office, and retail display purposes as they offer an organized way to highlight prized possessions, books, photographs, plants, and other trinkets.

Market key trends:
The demand for decorative shelves is witnessing high growth owing to the trend of customizing home décor as per personal tastes. Consumers are increasingly opting for decorative shelves available in different styles, finishes, materials like wood, metal, glass to match their interior aesthetics. Moreover, the rising trend of indoor gardening has also augmented the sales of decorative wall-mounted shelves for displaying potted plants and succulents. Furthermore, the growth of e-commerce retail has provided consumers with easy access to an extensive collection of designer decorative shelves from all over the world at competitive priceswhich is a key trend driving the decorative shelves market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low as Decorative Shelves Market is a fragmented industry with presence of both large and small players. Significant capital investment and strong economies of scale are needed to compete with existing manufacturers.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of wide range of product options across price segments. Buyers can easily switch brands based on quality, design and pricing.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers are commodity based and not unique to any particular manufacturer. However, larger players can influence raw material prices to some extent.

Threat of new substitutes: Substitute products include furniture storage units and storage boxes which offer low threat currently due to preference for decorative home décor products.

Competitive rivalry: Intense due to presence of myriad global and local players vying for market share through product innovation, brand positioning and competitive pricing.

SWOT Analysis
Strength: Wide product portfolio and strong brand recognition among top players. Omnichannel retailing strategy enhances accessibility.
Weakness: High inventory and operating costs. Vulnerable to price wars.
Opportunity: Growing home décor industry and demand for versatile storage solutions. E-commerce further expands reach.
Threats: Macroeconomic downturns and trade barriers impact demand. Stiff competition from private label brands.

Key Takeaways

The global Decorative Shelves Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing spending on home improvement and rising demand for multifunctional furniture. Regionally, North America dominates the market currently due to high disposable income and growing trends of interior decoration in the US and Canada. Asia Pacific is projected to be the fastest growing market, expanding at a CAGR of over 9% during the analysis period with India & China emerging as major contributors.

Key players operating in the Decorative Shelves Market are IKEA, Crate & Barrel, Wayfair, Amazon, Target, Walmart, AtHome, Ashley Furniture, Ethan Allen, Home Depot, Loweâ€TMs, Bobâ€TMs Discount Furniture, Pier 1 Imports, Made.com. IKEA holds leading position with expansive product portfolio and global retail footprint. Strategic acquisitions remain key focus area for large players to complement organic growth and capture untapped opportunities.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it