Decorative shelves are used to display artifacts, books, frames, and other decorative items in homes and offices while also freeing up floor space. They come in various materials, styles, and sizes to suit different interior aesthetics and storage needs.
Market key trends:
The rising consumer demand for customizable shelves to match interior décor is driving shelf manufacturers to introduce modular and multi-functional shelves. Furthermore, the growth of online interior and furniture retailers is providing consumers with a huge variety of decorative shelves options at competitive prices delivered conveniently. The increasing popularity of interior designing blogs and social media highlighting new shelf styling ideas is also fueling the market growth. However, economic slowdowns might hamper the market to some extent.
Market key trends:
One of the key trends in the Decorative Shelves Market Demand is the rising demand for multifunctional and space-saving shelves. With more people living in compact spaces especially in urban areas, there is growing preference for shelves that can serve dual purposes like storage and displays. Many players in this market have launched decorative shelves that have modular designs allowing customized storage and style options. Manufacturers are also focusing on introducing designer and specialty decorative shelves made of different materials to suit various consumer preferences and interior aesthetics.
Strength: Decorative shelves market caters to the home décor and storage requirements of a large consumer base.
Weakness: Growing popularity of online shopping poses challenge to brick-and-mortar dealers of decorative shelves.
Opportunity: Increasing home renovation and remodeling activities present an avenue for market expansion.
Threats: Intense competition amongst organized players and local manufacturers impacts profit margins.
The global decorative shelves market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period of 2023 to 2030, due to increasing home improvement activities and rising consumer spending on home décor worldwide.
The North America region currently dominates the market due to large furniture consumption in the US and Canada. Europe is another major regional market for decorative shelves driven by ongoing trend of interior makeovers in the UK, Germany, France and Italy.
Key players operating in the decorative shelves market are IKEA, Crate & Barrel, Wayfair, Amazon, Target, Walmart, AtHome, Ashley Furniture, Ethan Allen, Home Depot, Lowe’s, Bob’s Discount Furniture, Pier 1 Imports, Made.com. These players are focusing on strengthening their online presence and launching new product variants to cater different customer segments.