Increasing number of environmentally focused housing projects initiating greener residential estates are offering lucrative growth opportunities with a widened scope for eco-friendly furniture market
Trending designs and building components in eco-friendly furnishings, further fuelled by the rapid influx of millennials and improved disposable income are influencing a favorable adoption rate of sustainable furniture, thereby, driving the global eco-friendly furniture market. In the foreseeable times, the market is likely to register an CAGR of 8.2% throughout the forecast years 2018 to 2021 with the overall market size of approximately 60.1 billion.
Eco-friendly furnishings or furniture is made from a range of sustainable product materials with major significance of easy degradation process and no environmental hazard. These include either naturally occurring raw materials or derived raw material that have no chemical composition that can compromise its end-to-end production and degradation process. Every raw material used in developing an eco-friendly furniture must be organic or recyclable.
For instance, if a wood is used to make a piece of furniture, the upholstery and padding will be made up of recycled materials and natural fibers whereas the final coating and additions made to the furniture to make it look appealing will include use of natural dyes as paints, natural wax, sustainable oils, and water or soy-based finishes.
The future and existing growth trajectory of the global eco-friendly furniture market are aligned effectively to trace the crucial market strengths and market attractiveness. Major growth inducing variables of the global eco-friendly furniture market reflect upon the opportunistic scope of the industry in future.
Key influential factors such as dramatic shift of consumer inclination towards sustainable housing and furnishing essentials coupled with a promising growth in disposable income across multiple economies and the increasing focus of varying industries on environmental sustenance are among the primary drivers encouraging optimum growth of the global eco-friendly market over the forecast years.
Rapidly evolving lifestyle standards and emerging home décor trends showcasing the exclusiveness and antique appearance of eco-friendly furniture is accelerating the growth of the sustainable furniture market during the forecast years.
Adroit Market Research report on the global eco-friendly furniture market provides an in-depth analysis with a holistic approach covering the market dynamics from 2018 to 2028, which agglomerates factors including the market drivers, restrains, key trends, challenges, and opportunities. The market analysis has been conducted in hierarchical phases starting the historical years from 2018 to 2020 with 2020 standardised as the base year of estimation followed by the future forecast assessed from 2021 to 2028.
The report encompasses current industry trends along with future traits of the market at global level and further compartmentalised into country level analysis. The study also evaluates the market status based on Porter’s five forces analysis and incorporates positioning of key players operating the global eco-friendly furniture market based on their strategic interventions, geographic placement, revenue scales, and product portfolio.
The eco-friendly furniture market displays a fiercely competitive environment among the pre-existing large-scale players and the young market entrants. Also, the eco-friendly furniture industry players are scaling up expertise and pursuing potential marketspaces in order to gain a competitive advantage among the rest of the industry players expanding portfolio capabilities and offerings by forming mergers and acquisitions, collaborations, deals, and partnerships with promising participants.
Wood is a popularly used sustainable material in developing high-quality and appealing furnishing designs attributing to a substantial growth over the forecast. The bamboo and recycled glass segments are also expected to witness significant growth with rapid advancements and popularity.
North America leads the global eco-friendly furniture market with a historic trend of accounting for major market share. The region has a broad consumer base with higher rate of awareness and inclination towards purchasing sustainable furnishing products. The region is a home to developed economies such as the U.S. with large-scale home décor and home furnishing brands accelerating growth and development of product portfolio consisting of novel ideas.
Consumer consciousness is also expected to grow rapidly across Asia Pacific which is currently witnessing surge in infrastructure development activities particularly across developing countries such as India and China. With massive population this region has a robust real estate industry with increasing residential as well as commercial space fuelling the demand for sustainable furnishing.
The major players of the global eco-friendly furniture market are Cisco bros, Lee Industries, Vermont Woods Studios, Greentington, Manchester Woodcraft, Williams-Sonoma, Moso International, La-Z-Boy, Shenzhen Vincent Handicraft, and Jiangxi Feiyu Bamboo Industry. The eco-friendly furniture market comprises of a strong competitor’s base with local as well as global market players. the recognized industry players are coming forth with novel strategies and innovative product development ideas equipped with current trends to seize competitive advantage in the global market.
Key Segments of the Global Eco-Friendly Furniture Market
Type Overview, 2018-2028 (USD Billion)
- Recycled Glass
Application Overview, 2018-2028 (USD Billion)
Distribution Channel Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa