Rise in hiking and adventure tourism and growth in demand from the residential segment drive the growth of the global Hammock market.
PORTLAND, Ore., Aug. 3, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Hammock Market by Type, (Spreader bar and Conventional), Material (Cotton, Polypropylene, and Others), and Sales Channel (Offline Channels and Online Channels): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global Hammock industry generated $380.2 million in 2020, and is expected to garner $639.8 million by 2030, witnessing a CAGR of 5.8% from 2021 to 2030.
Prime determinants of growth
Rise in hiking and adventure tourism, growth in demand from the residential segment, and expansion of hospitability industry drive the growth of the global Hammock market. However, presence of alternative hinders the market growth. On the other hand, promoting health benefits of hammocks, sustainability and environmental friendliness of the product, and advent of digital platforms present new opportunities in the coming years.
The outbreak of COVID-19 pandemic interrupted the sales of hammocks through brick and mortar stores resulting 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 conventional segment to maintain its lead position during the forecast period
Based on type, the conventional segment contributed to the highest share in 2020, holding more than three-fourths of the global hammock market, and is estimated to maintain its dominant position during the forecast period. In addition, the segment is estimated to register the highest CAGR of 6.1% from 2021 to 2030. Conventional hammocks are comfortable and mold to the shape of the body. They also provide protection form cold, and are very commonly used for outdoor activities. These factors drive the growth of the segment.
The polypropylene segment to maintain its dominant share during the forecast period
Based on form, the polypropylene segment held the highest share in terms of revenue in 2020, accounting for more than half of the global hammock market, and is projected to maintain its dominant share during the forecast period. Furthermore, the segment is also projected to manifest the largest CAGR of 6.5% from 2021 to 2030, owing to its crucial role in the treatment of bacterial infections in plants. The fact that polypropylene hammocks are among the most popular types of hammocks used by campers, adventurers, and in campsites boosts the growth of the segment. In addition, hammocks made from polypropylene fabric are very lightweight and can be compacted into a small size, thereby making it easier to carry around further propels the segment.
North America would lead the trail throughout the forecast period-
Based on region, North America dominated in 2020 with highest market share, holding nearly half of the global hammock market share. Presence of numbers of nature trails and natural parks in this regions drives the market growth. On the other hand, the market across Asia-Pacific is estimated to manifest the fastest CAGR of 6.9% throughout the forecast period. Rapid urbanization, digitalization, and emergence of modern retail channels in this region proliferate the market.
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