The wall decor market includes the sale of wall decor and similar items by businesses (organizations, single traders, and partnerships) that are used to produce an artistic appearance on residential and office walls. Wall decors can also be defined as decoration items used in home decors like paintings, wall art, clocks, decals, and others to create a space that improves the touch and feel of the room, making it more intimate and raising the value of the property.
The global wall decor market is estimated to increase at a compound annual growth rate (CAGR) of 6.9% from $ 49.28 billion in 2021 to $52.70 billion in 2022, according to a report by Cognitive Market Research. Additionally, the market is estimated to increase at a CAGR of 4.4% to $62.56 billion by 2026.
The most common kinds of wall decor products available in the market are shelves, wall stickers, hangings, frameworks, mirrors, metal works, wall art, paintings, and many more. Shelves are often composed of flattened wood installed on walls to store objects while also adding aesthetic value to the wall. Wood, fabric and textiles, plastic, glass, and metal are some of the many base materials distributed through channels like wholesalers and distributors, hypermarkets and supermarkets, specialized stores, internet retailers, and many others. Households, offices and businesses, medical and dental institutions, hotels and spas, restaurants, cafés, and bars are popular places where such decorative shelves can be seen.
The Rapid Growth of the Wall Decor Market
The urge to create an appealing look in homes and offices is projected to drive the growth of the wall decor industry. Aesthetic refers to the art of improving the appearance of things or objects in a way that increases the pleasurable and positive value of the object. People are focusing more on interior design to achieve an attractive look for their homes and offices, which helps to provide usefulness to spaces.
For example, in May 2021, based on the Home Decor Survey conducted by Sullivans in the United States, a US-based home decor company, roughly 76% of people intend to purchase the same or more amount of home decor as the previous year, and 24% of consumers are expected to buy latest decor than previously purchased. As a result, the growing desire to improve the aesthetics of homes and offices is propelling the growth of the wall decor industry.
New product innovations are the primary trend getting more attraction in the wall decor industry. Major market players are releasing new innovative items to accomplish a competitive advantage. For example, Spacekit, a US-based home decor startup, released a customizable, modular wall decor system for homes and offices in December 2020.
These decors are composed of design strips and textured art panels that can be displayed in various ways. When transforming a room or relocating to a new home, Spacekit's snap-and-go design and self-contained framing system help users reconfigure and remove quickly. The panels are constructed from a 100% tree-free wood substitute, making them an attractive and environmentally friendly design option.
Some of the key companies in the wall decor market are Bed Bath & Beyond Inc, The Home Depot, Inter IKEA Systems B.V., Lowe's Companies Inc, Ethan Allen Interiors Inc, J.C. Penney, Paragon, Artissimo Designs LLC, Green Front Furniture, STUDIO MCGEE, Northern Oaks Décor Co, and Crate and Barrel.
Author's Detail:
Surabhi Bhaiyya, LinkedIn
Senior Research Analyst at Cognitive Market Research
Surabhi Bhaiyya is an experienced market researcher focused on the Pharma & Healthcare industry. With over 7+ years of experience, She has worked with major pharmaceutical companies and healthcare providers, helping them to understand market trends, identify new business opportunities, and develop effective sales & marketing strategies. Her expertise lies in the ability to analyze complex data sets and deliver insights that drive business decisions. At Cognitive Market Research, she handles the market research related to Pharma and healthcare industry. To get in touch and access the above report book an apointment at https://calendly.com/speak-to-analyst.