Hammock Market is Witness to High Growth Owing to Rise in Outdoor Recreational Activities
The hammock market has witnessed significant growth over the past few years owing to the growing popularity of outdoor recreational activities. Hammocks offer a comfortable and convenient way to relax outdoors while enjoying nature. Key advantages include portability, ease of installation, ability to hang almost anywhere, and providing relaxation without needing a surface to lie on. The growing health and wellness trend has further encouraged people to spend more time outdoors engaged in activities like camping, hiking, and backpacking, thus driving the demand for hammocks.
The global hammock market is estimated to be valued at US$ 437.9 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the hammock market are INCA Hammocks, Macrame Hammock, Amazonas, Wise Owl Outfitters, Avion Gear, Foxelli, The Hammock Expert, REI, Winner Outfitters, Hammock Sky, Grand Trunk, Golden Eagle Outdoor, Eagles Nest Outfitters, Lazy Daze Hammocks, Elevate Hammock Company, The Mexican Hammock Compan, WeDo Hammocks, and Burford Barn Ltd.
Key opportunities: The growing popularity of outdoor recreational activities provides significant growth opportunities for hammock manufacturers. Innovation in terms of new styles, designs, and fabric material are expanding the application scope of hammocks.
Technological advancements: Advancements like the introduction of lightweight yet durable fabrics and innovating new hanging designs are expanding the use cases of hammocks. Self-assembly hammocks and those with adjustable hanging systems are gaining traction.
Market drivers
The growing popularity of outdoor recreational activities like camping, trekking, hiking is a key driver for the hammock market. Hammocks offer unmatched comfort for outdoor relaxation without needing ground surface. The rising health awareness is also encouraging people to spend more time in nature, thus driving the demand for portable hammock gear among outdoor enthusiasts. Additionally, increasing disposable income levels have made outdoor recreational activities accessible to a wider population base.
Current challenges in Hammock Market
The hammock market is facing several challenges such as fluctuations in raw material prices and supply chain disruptions. Being an outdoor recreational activity product, the market is dependent on weather conditions throughout the year. Adverse weather can impact sales and profitability. With increasing health awareness, some consumers perceive hammocks as less comfortable for long periods compared to beds and couches. This acts as a restraint. Further, the market faces competition from substitutes like camping furniture, outdoor sleeping bags, etc. Innovation is required to develop more durable and comfortable hammock products that can appeal to a wider audience.
SWOT Analysis
Strength: Hammocks are portable, lightweight and affordable outdoor accessories suitable for camping, backyard relaxing etc. They offer stress-free positioning compared to fixed furniture.
Weakness: Long term usage can cause back/body pain due to swinging motion. Limited usefulness during harsh weather conditions.
Opportunity: Growth in outdoor recreation activities and tourism provide new opportunities. Innovation in designs, fabrics can attract new consumer demographics.
Threats: Threat from substitutes like tents, camping furniture. Supply chain disruptions can impact availability of raw materials.
Geographical Regions
In terms of value, the North America region holds a major share in the Global Hammock Market Regional Analysiscurrently. This is attributed to high participation in outdoor recreational activities in countries like the US. Growing popularity of camping and hike trips augur well for future demand.
The Asia Pacific region is expected to witness the fastest growth during the forecast period from 2024 to 2031. Countries like India, China, Indonesia, Thailand have traditionally used hammocks. Increasing disposable incomes and exposure to global trends will propel the APAC hammock market going forward.
