LONDON--(BUSINESS WIRE)--Technavio has announced the release of their research report on the Global Residential Artificial Flower Retail Market for the forecast period 2019-2023. This residential artificial flower retail market analysis report segments the market by distribution channel (offline and online) and geography (the Americas, APAC, and EMEA).
Global residential artificial flower retail market size will grow by almost USD 331 million during 2019-2023, at a CAGR of more than 4%. The global Internet penetration rate was around 31.13% in 2011 and increased to about 45.78% in 2016. This has provided the vendors with the opportunity to expand their consumer base and target audience using their online presence. The rising number of smartphone users has contributed to the growth of the online retail market significantly. The consumers are likely to use online retail portals for products such as artificial flowers as online retailers offer security features for online payments, improved online customer service, free delivery options, and easy-to-navigate shopping websites.
The increasing trend for interior designing
The increased media penetration and awareness regarding the artistry of different regions has been contributing to an increased inclination toward interior design and designer home decor products such as artificial flowers. Interior designing and related products are characterized by contemporary styles and designs where modern designs have profuse growth potential. The interest in interior design is also increased owing to the rising number of working women and their increased participation in household decision-making.
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“Nearly 36% of the market’s growth will come from the Americas. The demand for artificial flowers for use as decor items has increased owing to the high cost of natural flowers and delivery issues such as delay in delivery and delivery of wrong items. Pre-made artificial flower arrangements are also becoming popular in the region. The increase in the display of artificial flowers in offline and online stores is also impacting the market positively,” says an analyst at Technavio.
India, China, Indonesia, Nigeria, and the US are expected to lead the world's urban population by 2050, according to The World Bank Group. The increase in population and urbanization in these countries are likely to increase the urban and semi-urban population to 2.5 billion by 2050, with a 90% increase in Asia and Africa. The demand patterns for artificial flowers used for interior designing in the residential sector in developing countries have witnessed significant changes. Hence, urbanization is anticipated to boost the market for artificial flowers.
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This residential artificial flower retail industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several residential artificial flower products manufacturers including –
- At Home Stores
- Bed Bath & Beyond
- Home Depot Product Authority
- Target Brands
- Walmart
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
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