Surge in hiking and adventure tourism, rise in demand from residential segment, and expansion of hospitality industry drive the growth of the global hammock market. North America contributed to the highest share in terms of revenue in 2020. The outbreak of the COVID-19 pandemic has resulted in transition of consumers toward online sales channels to purchase campaigning gear products including hammocks.
According to the report published by Allied Market Research, the global hammock market generated $380.2 million in 2020, and is projected to reach $639.8 million by 2030, witnessing a CAGR of 5.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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○ The outbreak of the COVID-19 pandemic has led to an interruption in the sales of hammocks through brick and mortar stores.
○ This resulted in transition of consumers toward online sales channels to purchase campaigning gear products including hammocks.
○ However, with changing consumer behavior, demand for personalized and premium quality products is likely to increase, which would boost the demand for hammock.
The report offers detailed segmentation of the global hammock market based on type, material, sales channel, and region.
Based on type, the conventional segment held the highest market share in 2020, accounting for more than three-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 6.1% from 2021 to 2030.
Based on material, the polypropylene segment held the largest market share in 2020, accounting for more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, this segment is projected to register the highest CAGR of 6.5% from 2021 to 2030.
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Based on region, North America contributed to the highest share in terms of revenue in 2020, contributing to nearly half of the total market share, and is estimated to continue its dominant share by 2030. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 6.9% during the forecast period.
Leading players of the global hammock market analyzed in the research include DanlongHammcoks, Eagles Nest Outfitters, Golden Eagle Outdoor, Grand Trunk, Inca Hammocks, La Siesta, Lawson Hammock Company, Liaoning Lucky Johnny Trading Co., Ltd, The Hammock Source, and Wise Owl Outfitters. Other prominent players analyzed in the report are Bliss Hammocks, KW Hammock, Lazy Daze Hammocks, Foxelli, Mad Grit, Avion Gear, Hammock Sky, and Newdora.
Key Findings Of The Study
○ Region wise, North America dominates in terms of hammock market share, however Asia-Pacific region is anticipated to grow with highest CAGR during the forecast period.
○ Depending on type, the conventional hammock segment led in terms of market share in 2020, and is poised to grow with robust CAGR in the upcoming years.
○ On the basis of material, the Polypropylene segment accounted for around three-forth share of the market in 2020 and is likely to dominate the global market during the forecast period.
○ As per sales channel, offline channels segment leads in terms of market share of the global hammock market; however, online channels segment is expected to gain some market share by the end of forecast period.
○ Innovation like rain tarps and bug nets used along with hammocks to aid hammocks market is gaining traction.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. SOURCE LINK