by - The outdoor furniture and grill market comprises outdoor seating, tables, chairs, loungers, umbrellas, and outdoor grills. Outdoor furniture allows consumers to extend living spaces outside. Moreover, outdoor grilling is a popular activity enjoyed by many families and groups. Outdoor furniture comes in a variety of materials like wood, wicker/rattan, metal, and synthetic rattan that make the products durable against all weather conditions.
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:
One of the key trends in the outdoor furniture and grill market is increasing adoption of eco-friendly materials. Manufacturers are increasingly using recyclable and sustainable materials like recycled plastic, aluminum, and recycled wood in outdoor furniture to reduce environmental footprint. Moreover, consumers are also preferring eco-friendly outdoor furniture products. Furthermore, multi-functional outdoor furniture allowing multiple seating and lounge positions is gaining popularity. Manufacturers are introducing innovative, space-efficient, and versatile furniture supporting various activities.
Porter’s Analysis - Threat of new entrants: The outdoor furniture and grill market has moderate barriers for new entrants owing to high costs of raw material procurement and production.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products from international players.
- Bargaining power of suppliers: Major suppliers have moderate bargaining power due to availability of alternative raw material suppliers in the market.
- Threat of new substitutes: Substitute threat is low as outdoor furniture and grill products have limited substitutes and high customer loyalty.
- Competitive rivalry: The market has high competition due to presence of numerous international and domestic players.
Key Takeaways
The global outdoor furniture and grill market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing consumer spending on leisure and outdoor activities.Regional analysis: North America dominates the market and is expected to continue its dominance over the forecast period. Increasing consumer spending on outdoor equipment and rising demand for grills and patio sets in the US are driving the North American outdoor furniture and grill market. The Asia Pacific region is expected to be the fastest growing market owing to rising disposable incomes, growing middle class, and increasing spending on leisure and recreational activities.
Key players: 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 companies are focusing on new product launches and strategic partnerships to gain higher market share
