The outdoor furniture segment has been on the rise for several years, and according to a new report from Transparency Market Research, that growth is poised to surge over the next decade.
According to the study, the global outdoor furniture market is projected to hit $31 billion by 2031, at a compound annual growth rate of 6 percent. That tally is almost double the $17 billion globally the category accounted for in 2020.
The COVID-19 pandemic has helped fuel some of this growth. With people staying home and forgoing vacations over the past year, the desire and resources to upgrade outdoor spaces to create an at-home escape have increased. And as more people get vaccinated and travel has begun to resume, the contract furnishings market—hotels, restaurants, and other public spaces—has picked up again, helping to boost sales.
Innovations in outdoor furniture design and construction—particularly materials like performance upholstery, high-end metals and recycled plastics—have made outdoor furnishings more attractive to consumers for their ability to offer a high level of style with weather-resistant durability.
“Outdoor furniture is designed to withstand hot and humid temperatures and gives a new style to outdoor living spaces,” the report said. “Its potential to be used in outside gardens or terraces and make outdoor living spaces aesthetically pleasing is driving consumer demand.”
The report identified the Asia Pacific region as the largest market for outdoor furnishings, pointing to its growing urbanization, increasing construction projects, and abundance of disposable income as drivers. And as the pandemic wanes, tourism will help drive that growth, as well.
“Moreover, increasing tourism in countries such as Singapore, India, Malaysia and others is one of the significant reasons to propel the market growth in this region,” the report said.
The report cautioned that the pandemic also has the potential to hamper the growth of the outdoor furniture market, at least in the short term. Continuing lockdowns, disruptions in production, and shipping delays are impacting the delivery of outdoor furnishings, but demand remains strong and is likely to stay that way for the next couple of years.