Bed and bath furnishings have become an integral part of the lifestyle as the basic household requirements. Inclination towards stylish, and fashionable accessories with vibrant colors has become the recent trend for the purchase of such products. Interior decoration with proper accessories has become a prime importance among the modern generation. Textiles play an important role in all sectors which includes households, hospitals, and hotels, among others.
The global bed and bath furnishing market are mainly driven by growing real estate industry, inclination towards home improvement, demand for multifunctional furniture among the consumers and rise in demand for luxury home furnishing accessories. Rising research and development among the top key players in order to develop new products is another factor responsible for the growth of the global bed and bath furnishing market at present.
However high cost of raw materials coupled with the rapid growth of unorganized market are restraining the global bed and bath furnishing market. Heavy discounts from the unorganized sectors to attract the buyers have eroded the profit margins of most of the retailers and the prominent key players. Increasing preferences towards luxury home furnishing products coupled with rising disposable income over the years are contributing to the growth of the global bed and bath furnishing market.
Consumer’s preferences toward mattresses for oversized beds which are made up of foam mattresses, better bathroom equipment, are few factors fueling the demand for global bed and bath furnishing products. Moreover, demand for branded furniture among the consumers due to the rise in number of middle class urban population in the developing regions are generating opportunities to the global bed and bath furnishing market.
The global bed and bath furnishing market has been segmented on the basis of product type and by distribution channel. By product type, bed furnishings has been segmented into bed sheets, pillow covers, blanket, and comforter and bathroom accessories include sanitary ware which includes wash basins, showers, shower enclosures, mixers and taps, screens and trays, fitted bathroom furniture, soap holders, small cabinets, towel rails and rings among others.
In 2016, bed furnishings are anticipated to capture a larger market share due to rise in demand of premium sized beds among the consumers. Stylish and fashionable towels with appeasing colors and embellished designs are on high demand among the consumers in recent years. The market has been further segmented on the basis of distribution channel into online distribution channel and offline distribution channel. Online distribution channel are growing at a faster growth rate due to its easy convenience.
Further, owing to the rapid growth of the e-commerce industry, the players operating in this segment have resorted to aggressive marketing and promotional activities by way of several offers.. Offline channels captured the major market share in 2016 on account of consumer preference for such channels for the purchase of such products. Based on geography, the bed and bath furnishing market has been segmented into North America, Europe, Asia Pacific, Middle East, Africa and Latin America. Europe which includes Germany, France Italy among the other regions accounted for the major market share.
Germany is anticipated to grab a prominent position for this market in Europe due to changing consumer preferences coupled with rise in demand for proper home furnishing accessories. North America is a major market for bed and bath furnishings, with U.S. being the dominant country for this market. The market for bed and bath furnishings in Asia Pacific is spurred due to the rising income levels and demands among the consumers residing in this region. India and China are the major contributors to the growth of the bed and bath furnishings market in Asia Pacific.
Global key participants in the industry include Hollander Home Fashions Corporation, Huaxe Hometex Limited, Louiseville Bedding company, Suvim Home textiles company limited, Tempur Pedic Inc, Intec, Trident Group, Welspun India Limited, Kulon Limited, IKEA, Macy’s, Berco Furniture Solution, Clarin, Carrefour, Creative wood, Herman Miller, Godre and Boyce, Steinoff International, Wayfair, J.C. Penny, Carrefour among others.
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