A recent report from the The Freedonia Group forecast the landscaping products market, currently valued at $7.1 billion in demand terms, would grow 4.4% annually through 2023. The Cleveland-based research firm indicated three primary factors would drive the growth in its report Landscaping Products.
A Strong Economy: Renovation projects can be expensive, which is why a healthy, growing economy is closely tied to demand growth in landscaping products. Solid economic conditions can spur a rise in homeownership, which in turn can lead to investments in exterior renovations, including landscaping improvements. Better economic conditions will also positively impact the professional end-user segment of this market, as more consumers will opt for do-it-for-me landscaping installations in lieu of cheaper, more time consuming do-it-yourself projects.
Outdoor Living's Outsize Popularity: The Freedonia study includes survey research that reports 79% of US adults had an outdoor space in 2019, whether they owned it or not. Increasingly, US homeowners looking to expand their livable square footage are turning to these outdoor spaces, undertaking renovation projects to transform basic exteriors into elaborate "outdoor rooms." These outdoor rooms might consist of outdoor kitchens, furnished lounging and entertainment areas, and decorative water and plant features designed to mimic the aesthetics and comforts of the indoors. In particular, this trend is expected to spur demand growth in higher value, better looking hardscape products and outdoor heating items.
Millennials: According to survey results in the Landscaping Products report, 54% of respondents aged 25-39 said they enjoyed gardening as a leisure pursuit. Because millennials are more likely to live in urban areas with limited outdoor space, this demographic group will show greater affinity for more compact, portable landscaping items like pots and planters, which can be stored on patios and balconies, or used in rooftop and community gardens.
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