Outdoor furniture refers to chairs, tables, benches, and loungers that are specifically designed for outdoor use. Outdoor furniture allows people to relax and spend time together in outdoor settings such as gardens, decks, patios, or lawns. The durable and weather-resistant materials used in outdoor furniture ensure safety and longevity of the products.
The global Outdoor Furniture and Grill Market is estimated to be valued at US$ 48.93 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends:
Demand for sustainable outdoor furniture is growing significantly. Consumers are increasingly preferring wood from sustainable forestry programs and recycled plastic for outdoor furniture production. Manufacturers are focusing on using recyclable, repurposed, or sustainably sourced raw materials to manufacture outdoor furniture and cater to the growing demand for eco-friendly options. They are utilizing materials such as aluminum, teak wood, and weather-resistant synthetic wicker to produce sustainable outdoor furniture products with durability and longevity.
SWOT Analysis
- Strength: Outdoor furniture is durable and withstands harsh weather conditions well. It allows people to enjoy their homes and gardens regardless of the weather.
- Weakness: Outdoor furniture can be expensive depending on the material used. Plastic and wicker furniture is less expensive than teak or other hardwood options.
- Opportunity: Population growth and rising disposable incomes are increasing home renovations and outdoor living investments. There is demand for variety and styles.
- Threats: Stricter environmental regulations could impact raw material sourcing and production. Weather extremes like hurricanes can damage inventory.
Key Takeaways
The global outdoor furniture and grill market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing consumer preference for leisure and outdoor recreational activities. Residential and commercial construction growth is also fueling demand.Regional analysis: North America currently dominates the market due to increasing consumer spending on outdoor furnishing and grilling products. The region accounts for over 40% market share. Asia Pacific is expected to grow at the fastest pace, led by China, India and other developing nations experiencing rising living standards and spending power.
Key players operating in the outdoor furniture and grill market are Agio International Co., Inc., Homecrest Outdoor Living, LLC, Brown Jordan International Inc., Century Furniture LLC, Craftmade International Inc., Brown Jordan International Inc., Unaka Corporation, Weber-Stephen Products LLC, Keter Plastic Ltd., and Tropitone Furniture Co Inc. These manufacturers offer a variety of wood, wicker, and metal furniture designs along with gas and charcoal grills for residential and commercial use. Innovation in durable, customizable and affordable products has increased competition between brands.