CLEVELAND, Aug. 20, 2021 /PRNewswire/ -- The trend of pandemic-era outdoor living continues to drive growth in the $33 billion US market for these products, as the Delta variant and other factors prolong the trend of consumers spending more time at home and more money on home improvements.
Coupled with a strong stock market, the outdoor living boom has also driven a number of IPOs over the past year, as companies emerge to capitalize on the growth:
- In 2020, AZEK Building Products, a leading supplier of decking, patios, and other outdoor products, was one of the first of these companies to go public.
- In July, two key suppliers of grills and accessories (Weber and Traegar) and a leading online retailer of grilling equipment and other outdoor products (BBQGuys) announced plans to file for initial public offerings.
- Many of these IPOs are using the special-purpose acquisition company (SPAC) form that BBQGuys is using, because it is seen as a more flexible option with less restrictive reporting requirements.
Additionally, outdoor living trends have driven significant private investment into the outdoor furniture segment, with direct-to-consumer brands Outer and Yardbird among the most notable beneficiaries.
Grill Suppliers Benefit Twofold from Pandemic Trends
Grill companies have benefited not only from the general outdoor living and entertaining trend, but also from the work-at-home trend. Working from home, people started to grill more meals at home, more often – not just dinner on the weekends, but also lunch and even breakfast during the week. Others who had previously not had the time to use slower outdoor cooking methods, like smoking, found that that changed as they now start a meal earlier in the day while working from home.
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The Freedonia Group forecasts US grill sales to increase 1.7% in 2021 – in line with the outdoor living market overall. Though growth will slow considerably from the historic highs of the pandemic era, maintaining those levels is an achievement, and the grill market will continue to expand at a strong rate through 2024.
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SOURCE The Freedonia Group