The outdoor furniture and grill market mainly consists of products such as patio furniture sets, seating sets, dining sets, BBQ grills and accessories. These products provide enhanced comfort, aesthetic appeal and convenience for outdoor spaces. The growing trend of socializing and spending leisure time outdoors has boosted the demand for outdoor furniture and grills.
The global outdoor furniture and grill market is estimated to be valued at US$ 65 Billion 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:
Growing popularity of outdoor activities: The key trend propelling the growth of the outdoor furniture and grill market is the growing popularity of outdoor recreational activities among consumers. People are increasingly preferring to utilize their outdoor spaces for social gatherings, parties and family meals. This has augmented the demand for high-quality, durable and aesthetically appealing outdoor furniture and grills. Manufacturers are launching innovative product designs and features to cater to the evolving needs of outdoor enthusiasts. TheCovid-19 pandemic has further boosted this trend as people spent more time at home and in their outdoor areas for leisure and entertainment purposes.
SWOT Analysis
- Strength: Outdoor furniture and grill items offer durable and high quality long lasting products suitable for outdoor use.
- Weakness: Outdoor furniture and grill items have high initial investment costs. Seasonal dependence impacts sales.
- Opportunity: Growth in outdoor living and grilling trend globally increases demand. Rise of DIY culture boosts do-it-yourself grill and furniture sales.
- Threats: Price fluctuations of raw materials like wood, metal increase product costs. Strict environmental regulations on materials impact manufacturing.
Key Takeaways
The global outdoor furniture and grill market is expected to witness high growth. The global outdoor furniture and grill market is estimated to be valued at US$ 65 Billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America currently dominates the market owing to rising disposable incomes and outdoor living trend in countries like United States. Growing popularity of patio furniture, BBQs, and outdoor kitchen appliances drives sales growth significantly in the region. Europe is emerging as the second largest market for outdoor furniture and grills. Countries like Germany, UK, Italy, France are major EU markets adopting outdoor lifestyle trends. Improving economic conditions increase consumer spending on luxury outdoor items.
Key players operating in the outdoor furniture and grill market are Home Depot, Lowe’s, Walmart, Costco, Target, Berkshire Hathaway, IKEA, and Sam’s Club. Growing online sales through company websites and e-commerce platforms become an important revenue source. Customers prefer one stop online shopping for variety of outdoor items offered under one roof.
