Demand for home organization products used in closets will increase 4.8% annually until 2023, according to a forecast released by The Freedonia Group. Home organization products are primarily used for storage and, as such, closets are the rooms where the largest amount of organization products are used.
Demand for home organization products for all rooms is projected to reach $12.7 billion in 2023, on 3.8% annual gains, according to The Freedonia Group.
The Cleveland-based research group says the market segment will benefit from a growing housing stock, increasing the number of bedrooms and closets, continued trends towards larger closets, the added value of a closet with high-end home organization products, and the desire for more closet space and organization. Further demand growth will result from downsizing and decluttering lifestyle trends, the growing market for products that offer customizeable features, and a strong construction and remodeling sector.
The strength of the construction and remodeling sector in particular are projected to benefit the demand for home organization products for all rooms as such products are increasingly considered value-added elements to new construction and renovated homes.
The full study, Home Organization Products, is available from The Freedonia Group.
