The Asia Pacific home and garden market, having seen a pan-regional decline in 2020 due to COVID-19, suffered again in 2022, after the recovery seen in 2021, as case numbers surged across China. However, the forecast period offers better prospects, with most of the region expected to record positive growth rates, including China, the biggest market, with Indonesia and India expected to see dynamic performances, and only Japan disappointing with a flatlining CAGR.
This report comes in PPT.
With China hit by a new wave of COVID-19 cases in 2022, accompanied by strict restrictions for most of the year, this negatively impacted the overall regional market, resulting in falling home and garden sales. On the other hand, following a sharp pandemic-induced decline in 2020, home and garden sales recorded another dynamic performance in India in 2022.
Chinese players are increasingly using sustainable materials, such as bamboo, reclaimed wood or recycled plastic, in their products. For example, Samanea Home with bamboo in its furniture and Natural Home with organic cotton in its bedding. Sustainable practices to reduce waste during production are also being adopted, with Henglin Home Furnishing’s zero-waste policy in its manufacturing processes seeing it recycle all leftover materials to minimise waste.
Home products specialists still dominate sales, although e-commerce reached a share of 15% in Asia Pacific in 2022. Online sales’ regional high share is 24% in South Korea. However, some of the consumers who adopted online shopping out of necessity during the pandemic, while still conducting research and comparing prices online, now want physical retailers to match online prices. Prominent industry players are therefore planning a digital transformation to make their online platforms more user-friendly, bridging this gap and converting more online sales.
Every year of the forecast period is expected to see positive growth for home and garden in Asia Pacific. While China will add the most new sales, Indonesia and India will be among the most dynamic markets. Understandably so, given their low per capita spends and expanding populations. Japan, meanwhile, will be seeing mostly stagnating sales.
This project has a strict focus on sales to consumers only. Trade and professional sales are excluded. Home and garden refers to gardening, home improvement, homewares and home furnishings.
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