Decorative Accessories Market is estimated to be valued at US$ 1,091.34 Billion in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the decorative accessories market. Coherent Market Insights’ analyst projected the decorative accessories market to be valued at US$ 1,091.34 Bn in 2031. It is expected to exhibit a CAGR of 5.8% over the forecast period 2024 -2031.

Increasing consumer spending on home décor items and rising homeowners’ preference towards personalized home interior designs drives market growth. With growing disposable income, consumers are spending more on beautifying their homes with decorative items such as candles, photo frames, clocks, pillows and blankets.

According to Bureau of Economic Analysis, personal consumption expenditure on household furnishings and decorative items in the US grew from USD 322.4 billion in 2017 to USD 355.1 billion in 2021. Shift towards nuanced interior designs as per current trends have augmented the sales of decorative accessories in recent years also drives market growth.

Key Market Trends:

Rising popularity of customized decorative accessories: Customized decorative accessories is a key trend driving market growth. Growing demand for unique and personalized home décor items have encouraged manufacturers to offer customizable decorative products. Options to create one-of-a-kind decorative pieces with personalized photos, quotes or designs on pillows, candles, wall art etc. are gaining traction.

Eco-friendly decorative materials: Eco-friendly decorative material is another trend gaining traction. Consumers today prefer home decor products made with eco-friendly materials. Manufacturers are increasingly using recycled, organic and sustainable materials such as bamboo, cork, recycled glass and paper to produce decorative accessories.

Market Opportunities

The lamp and lighting segment is expected to hold a major market share of around 30% over the forecast period. Decorative lighting helps enhance the look and ambiance of any indoor space. With changing design trends, decorative table lamps, floor lamps, and hanging fixtures are in high demand. Additionally, smart lighting systems that can be controlled remotely are gaining traction in both residential and commercial spaces.

The pottery and vases segment is anticipated to witness a CAGR of over 7% during 2024-2031. Decorative pots, planters, and vases made of ceramics, glass, and other materials are used indoors as well as outdoors to add aesthetic value. Moreover, customized and experiential pottery has stimulated interest among millennials.

Rugs & pillows segment accounts for approximately 25% of the global decorative accessories market share. Rugs enhance the look of flooring while providing comfort. Decorative pillows and throws in various designs, fabrics, and textures are used to embellish sofas, beds, and floor areas.

Key Market Takeaways

The global decorative accessories market is anticipated to witness a CAGR of 5.8% during the forecast period 2024-2031. This is owing to the growing demand for luxurious home décor products and changing consumer preference towards aesthetically appealing indoor spaces.

On the basis of product type, the lamp and lighting segment is expected to hold a dominant position. This is owing to the rising popularity of smart lighting systems.

On the basis of application, the residential segment accounts for over 60% market share. This is due to the increasing home remodeling and renovation activities.

North America is dominating the regional landscape with around 30% share. This is due to the high disposable income and growing interest in interior designing among individuals in the US and Canada.

Competitor Insights

Key players operating in the decorative accessories market include

Berkshire Hathaway Inc

Lowes Companies, Inc

Mohawk Industries Inc

Armstrong World Industries Inc

Forbo Holding AG.

IKEA Holdings B.V

Herman Miller, Inc

Ashley Furniture Ltd

Kimball International Inc

Recent Developments: 

In 2024, IKEA desires to establish smaller-format stores in cities in India and Latin America, catering to urban lifestyles.

Target’s Threshold brand has developed exclusive seasonal decor sets for Halloween and Christmas 2023, including ecological packaging. More information is available in full report