Canadian Home Decor: Market Size
The market size for the home decor sector in Canada for the year 2019 is estimated to be 15.73 billion CAD.
Canadian Home Decor: Market Size
- The global home decor industry is expected to be valued at around $664.0 billion by 2020, as listed by Allied Market Research.
- The market is forecasted to grow at a compound annual growth rate (CAGR) of 4.2% from the year 2015 to 2020.
- According to our analysis, the global market size of the home decor industry in 2015 was approximately $540.54 billion.
- As reported by the Trade Facilitation Office (TFO) Canada, the Canadian home decor market size in 2015 was estimated at $10 billion.
- According to our analysis, the 2019 Canadian home decor market size is 15.73 billion CAD. (triangulation/calculation provided below)
After an exhaustive search through the public domain for press releases, news reports, publications, and market reports containing any mention of the Canadian home decor market size in 2019, we were unable to locate relevant data. We then tried to find the Canadian market size for the various segments of the home decor industry so we could sum up the value for the entire industry. Although we were able to find the market size for the home furniture industry in Canada, we were unable to find any information about the home fragrance market in Canada which is a vital member that makes up the home decor industry.
Next, we resorted to finding the North American home decor market size to triangulate the value for Canada from there. Our search yielded a report by Goldstein Research, which opined that the North American home decor market size is projected to reach $11.55 billion by 2024. However, this report could not be trusted as we already established that North America holds the largest share (37.7%) of the global home decor industry market, worth over $600 billion (global market size), and also, a report from Grand View Research stated that the United States (a major shareholder in the North American home decor industry) had a home decor market size of $153.3 billion in 2015. Hence, this renders the piece by Goldstein Research on the North America home decor industry invalid. The rest of the reports we found addressing North America were either about a particular market segment of the industry with incomplete data to aid triangulation of the Canada home decor industry or behind a paywall.
Therefore, we were forced to locate the global home decor industry statistics and attempt to triangulate the value for Canada from it. We could not use the North American market share of the global industry since we were unable to determine the actual market share for Canada.
To do this, we found a report from the Trade Facilitation Office (TFO) Canada on the home decor market size in 2015 and another report by Allied Market Research on the global home decor market forecast for 2020, which will undergo a CAGR growth rate of 4.2% from 2015 to 2020. Making an assumption, we were able to perform the below triangulation to arrive at the home decor market size for Canada in 2019.
- The Canadian share of the global industry for 2015 remains the same in 2019 since the forecast for the global market is from 2015 to 2020, and also, North America holds the largest share in the world.
- Global home decor market size 2020 = $664.0 billion
- Market growth CAGR from 2015-2020 = 4.2%
- Using a CAGR calculator, we calculated that the global home decor market size 2015 = $540,542,050,233.81 ≈ $540.54 billion
- Global home decor market size 2019 = $637,236,084,452.97 ≈ $637.236 billion
- Canadian home decor market size in 2015 = $10 billion
- Percentage of the Canadian market in the 2015 global home decor market size = (10 / 540.54) * 100 = 1.85%
- Therefore, the Canadian home decor market size 2019 = (0.0185 * $637.236 billion) = $11,788,834,636.96 ≈ $11.79 billion
- Converting this value to the Canadian dollar using an XE currency converter = 15,726,863,085.96 CAD ≈ 15.73 billion CAD