Home Décor - Madagascar | Statista Market Forecast

In Madagascar, the revenue in the Home Décor market Segment is estimated to reach US$17.63m in the year 2024.
It is projected to experience an annual growth rate of 2.27% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment, with an impressive figure of US$35bn in 2024.
Taking into account the total population, per person revenues amount to US$0.57 in the same year.
The use of traditional Malagasy handicrafts in home décor is a growing trend in Madagascar, reflecting the country's rich cultural heritage.

Definition:

The Home Decor segment includes a variety of accessories and furnishings used to make a space more aesthetically appealing. Items in this segment can be found in virtually every room within the home and are typically used to showcase one’s unique style and creativity.

Structure:

The Home Decor segment is divided into four subsegments:

The Decorations subsegment refers to a variety of decorative items that are used to enhance the aesthetics of indoor spaces, such as wall art, decorative objects, vases, and sculptures
The Carpets & Rugs subsegment refers to products designed to cover and enhance the flooring of indoor spaces. These products range from large area rugs to small accent rugs, and are available in a variety of materials, colors, patterns, and textures, providing both functional and aesthetic value to the space.
The Candles subsegment covers decorative and aromatic wax-based products that are commonly used to provide mood lighting and fragrance to indoor spaces.
The Curtains & Blinds subsegment includes products designed to cover windows and regulate the amount of light that enters a room. This segment encompasses a wide range of styles and materials, from traditional drapes and blinds to modern shades and screens.

Additional Information:

The Home Decor segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Candles
Curtains
Carpets & Rugs
Decorative Accessories

Flameless & Floating Candles
Shower Curtains
Smart Blinds
Clocks
Plants
Mirrors

The Home Décor market in Madagascar is experiencing steady growth, driven by several key factors. Customer preferences have shifted towards more modern and stylish home décor products, leading to an increase in demand for these items. Additionally, the local special circumstances in Madagascar, such as a growing middle class and an increasing number of urban dwellers, have contributed to the development of the Home Décor market.

Customer preferences: in Madagascar have evolved over the years, with consumers now seeking more contemporary and fashionable home décor products. This shift can be attributed to globalization and the exposure to international trends through various media channels. As a result, there is a growing demand for modern furniture, decorative items, and other home accessories that reflect current design trends. Trends in the Home Décor market in Madagascar also reflect global market dynamics. The rise of e-commerce has made it easier for consumers to access a wide range of home décor products, both from local and international suppliers. This has increased competition among retailers and manufacturers, leading to a wider variety of products being available to consumers. Additionally, sustainability and eco-friendly products have gained popularity in recent years, with consumers showing a preference for items made from recycled materials or produced using environmentally friendly practices.

Local special circumstances: in Madagascar have played a significant role in the development of the Home Décor market. The country has experienced a growing middle class, which has led to increased disposable income and a higher demand for home décor products. Additionally, the urbanization trend in Madagascar has resulted in a larger number of people living in cities, where there is a greater need for furniture and home accessories. This has created opportunities for both local and international companies to tap into this growing market. Underlying macroeconomic factors have also contributed to the growth of the Home Décor market in Madagascar. The country has seen a stable economic growth rate in recent years, which has boosted consumer confidence and spending power. Additionally, the government has implemented policies to attract foreign investment and promote entrepreneurship, creating a favorable business environment for companies in the home décor industry. In conclusion, the Home Décor market in Madagascar is developing due to changing customer preferences, global market trends, local special circumstances, and

Underlying macroeconomic factors:. With the increasing demand for modern and stylish home décor products, as well as the growing middle class and urban population, the market is expected to continue its growth trajectory in the coming years.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.