Market Insights Consumer DIY & Hardware Store

Lawn & Garden - Hong Kong

Hong Kong

In 2024, the Lawn & Garden market in Hong Kong is projected to generate a revenue of HKD €1.47bn.
It is anticipated that the market will experience an annual growth rate of 6.24% (CAGR 2024-2029).
When compared globally, in the United States leads in revenue generation, with a total of €123bn in 2024.
On a per capita basis, in 2024, each person in Hong Kong is estimated to contribute HKD €195.70 to the overall revenue of the Lawn & Garden market.
The demand for high-quality artificial grass in Hong Kong is rapidly increasing due to limited outdoor space and the desire for low-maintenance lawns.

Key regions: Germany, Nigeria, Brazil, India, China

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Analyst Opinion

In Hong Kong nan, the Lawn & Garden Market in the DIY & Hardware Store Market is experiencing minimal growth due to low consumer demand and competition from other retail industries. Factors such as limited space and high rental costs are impacting the growth rate. However, the market is expected to see a slight increase in demand with the rising popularity of urban gardening and DIY projects.

Customer preferences: As Hong Kong's population ages and urbanization continues, there is a growing trend towards compact and easily maintainable outdoor living spaces. This has led to a rising demand for portable and space-saving gardening tools and equipment, as well as a shift towards low-maintenance plants and greenery. Additionally, with increasing awareness of environmental sustainability, consumers are seeking eco-friendly and sustainable lawn and garden solutions, such as rainwater harvesting systems and organic gardening products.

Trends in the market: In Hong Kong, the Lawn & Garden Market within the DIY & Hardware Store Market is experiencing a surge in demand for eco-friendly and sustainable products. This trend is driven by the increasing awareness and concern for environmental preservation among consumers. As a result, there is a growing market for products such as organic fertilizers, rainwater harvesting systems, and energy-efficient gardening tools. This trajectory is significant as it reflects the shift towards more responsible and greener practices in the gardening industry. For industry stakeholders, it presents opportunities for innovation and diversification of products. However, it also poses challenges in terms of sourcing and marketing sustainable products. As governments and consumers continue to prioritize sustainability, the industry must adapt to meet these evolving demands.

Local special circumstances: In Hong Kong, the Lawn & Garden Market within the DIY & Hardware Store Market is heavily influenced by the city's limited space and high population density. As a result, there is a strong demand for compact and efficient gardening solutions. Additionally, Hong Kong's unique mix of Eastern and Western cultures shapes consumer preferences for specific products and designs. Furthermore, strict regulations on pesticides and fertilizers impact the types of products available in the market. This combination of factors sets the Hong Kong market apart from others and plays a significant role in shaping its dynamics.

Underlying macroeconomic factors: The Lawn & Garden Market within the DIY & Hardware Store Market in Hong Kong is heavily impacted by macroeconomic factors such as consumer spending power, inflation rates, and the overall health of the national economy. In recent years, Hong Kong has experienced strong economic growth and low unemployment rates, which have positively influenced consumer confidence and spending in the Lawn & Garden market. Additionally, favorable fiscal policies and government incentives for homeownership have also contributed to increased demand for lawn and garden products. However, global economic trends such as trade tensions and rising material costs have put pressure on pricing and profitability for businesses in this market. It is crucial for companies operating in this market to closely monitor and adapt to macroeconomic factors to maintain competitive advantage and sustain growth.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.