by The global outdoor furniture and grill market consists of a wide variety of outdoor furniture including chairs, tables, seating sets, loungers, ect. as well as grills which allow homeowners to host gatherings and entertain guests outdoors. Outdoor grills are being increasingly used not just for barbecuing but also as an outdoor cooking appliance. The rising popularity of al fresco dining and grilling among consumers is driving the demand for high-quality yet affordable outdoor furniture and grills.
The global outdoor furniture and grill Market is estimated to be valued at US$ 70 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 Dynamics:
Increasing homeowners’ preference for outdoor entertainment areas: As mentioned in the heading, more homeowners are investing in well-designed outdoor living spaces for leisure activities and social gatherings with family and friends. This growing trend of outdoor living is a key driver boosting demand for outdoor furniture and grills.
Rise of grilling culture: Grilling has become a favorite outdoor cooking method enjoyed across regions and demographics. The rise of grilling culture and barbecues on holidays and weekends has increased sales of charcoal and gas grills in both residential and commercial sectors over the past few years. This widespread popularity of grilling is expected to favor the outdoor furniture and grill market growth over the forecast period.
Segment Analysis
The outdoor furniture and grill market is dominated by the Residential segment accounting for around 65% share. There is rising demand for outdoor furniture sets such as loungers, chairs, tables, sofas amongst residential homeowners and tenants for leisure and recreational activities. The easy availability of various modular, portable and foldable furniture through online and offline retail channels along with rising spending on outdoor living and grilling drives the residential segment growth. The commercial segment includes hospitality and commercial establishments like hotels, resorts, restaurants, parks, etc. It is the fastest growing segment and is expected to witness high demand due to growing investments in public infrastructure development and tourism industry globally.
PEST Analysis
- Political: Favorable government initiatives towards public infrastructure development such as parks, trails and beaches positively impact the market. However, stringent environmental policies regarding disposal of non-biodegradable materials post usage remains a challenge.
- Economic: Strong economic growth, rising disposable incomes, rapid urbanization and growing ambition towards lavish lifestyles drive consumer spending on premium outdoor living products. Fluctuations in raw material prices impact producers.
- Social: Evolving outdoor living trends and growing prominence of recreational outdoor activities is a key driver. Work-life balance and family bonding drives preference for quality outdoor spaces.
- Technological: innovation in materials, advanced coating and finishes extend product life. Digitization and e-commerce allows customization and convenient online shopping experience. However, large counterfeit products remain a concern.
Key Takeaways
The global outdoor furniture and grill Market is estimated to be valued at US$ 70 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
The global outdoor furniture and grill market witnesses high demand in regions with warm climatic conditions and growing tourism industry like North America, Europe and Asia Pacific witnessing massive investments in infrastructure development, urban green spaces and public parks. North America dominates currently with the US being the major market owing to large backyard ownership and rising affinity towards grilling and outdoor living.
The key players operating in the outdoor furniture and grill market are IKEA, Home Depot, Lowe’s, Walmart, Sam’s Club, Crate & Barrel, Artisan Hardware, Bluish Village, Gloster Furniture, William Sonoma, among others. Regions like Asia Pacific and Middle East and Africa offer immense growth potential attributed to developing economies, rapid urbanization, growing affluent population and rising living standards.
