Market Insights report
Revenue in the Lawn & Garden market amounts to US$0.34tn in 2023. The market is expected to grow annually by 2.78% (CAGR 2023-2028). In global comparison, most revenue is generated in the United States (US$129.30bn in 2023). In relation to total population figures, per person revenues of US$44.08 are generated in 2023.
What's included?
The Lawn & Garden segment experienced rapid growth in 2020 and reached peak revenue numbers in 2021 because of COVID-19 lockdown restrictions. Many vacation plans for 2020 and 2021 were scrapped as flights were canceled and many cities were closed off from tourists for protection against the COVID-19 virus. That beach trip to Mallorca became a short trip to the backyard, the only place one could escape to. In an attempt to make the best out of an unfortunate situation, many people invested in their outdoor space to make it feel as comfortable as possible during lockdown. As lockdown restrictions lifted in the latter half of 2021, there was a shift in consumer spending behavior as people gravitated back to taking part in activities outside of the home. In 2022, this shift in consumer spending behavior, together with increased inflationary pressure, affected the Lawn & Garden segment. This change resulted in a significant decrease in retail sales. Falling consumer prices and the lifting of COVID-19 restrictions in China are expected to have a positive effect on this segment in 2023.
Overview
Overview
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