The global Decorative Shelves Market is estimated to be valued at US$ 6.26 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Decorative shelves are specially designed wall or floor mounted furniture used for storage and display of decorative items, books, photos and small showpieces in homes and offices. Decorative shelves comes in various materials like wood, metal, glass and plastic and in different styles, designs and colors to suit interior décor. They serve dual purpose of adding aesthetic appeal to indoor spaces along with providing utility storage space. Increasing consumer interest towards remodeling and smart home décor has boosted demand for attractive and multifunctional decorative shelves.
Market key trends:
One of the key trends in the decorative shelves market is the rising popularity of designer decorative shelves with innovative designs. Manufacturers are focusing on developing unique designs made of premium materials to attract consumers interested in luxury home décor items. They offer decorative shelves integrated with lighting, glass shelves, wood shelves with brass finishes and wall units with adjustable shelves. Growing do-it-yourself home décor trend has also increased demand for assemble-it-yourself decorative shelves kits available online. E-commerce has further facilitated the availability of wide variety of decorative shelf options for consumers globally.
Threat of new entrants: The threat of new entrants is low because manufacturing decorative shelves requires high investment in machinery, infrastructure and distribution channels. Bargaining power of buyers: The bargaining power of buyers is high. There is availability of substitutable products and buyers can easily switch between brands depending on price and quality. Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and suppliers cannot influence prices much. Threat of new substitutes: The threat of new substitutes is moderate as new innovative storage solutions like wall cabinets continue to emerge but decorative shelves remain popular for their flexibility. Competitive rivalry: Intense competition exists among the existing players.
The global Decorative Shelves Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing urbanization and growth in infrastructure.
Asia Pacific region dominates the global decorative shelves market owing to rapid urbanization and infrastructure growth in countries like India and China. Majority of the global decorative shelves sales are concentrated in Asia Pacific region.
Key players operating in the decorative shelves market are IKEA, Crate & Barrel, Wayfair, Amazon, Target, Walmart, AtHome, Ashley Furniture, Ethan Allen, Home Depot, Loweâ€TMs, Bobâ€TMs Discount Furniture, Pier 1 Imports, Made.com. IKEA is a leading brand in decorative shelves market owing to its wide affordable range of products and presence across major retail markets globally.