Eco-friendly Furniture Market to Multiply 1.8X Through 2030, Market to Battle Financial Impact of COVID-19 in Near Term
Increasing emphasis on developing environment friendly infrastructure strengthens the demand for eco-friendly furniture in buildings and residential complexes. The global eco-friendly furniture market will keep generating revenues at a steady 6% CAGR during the forecast period (2020 - 2030).
Stringent government regulations pertaining to carbon emissions is furthering the adoption of eco-friendly furniture in building and construction projects. High disposable income of generation Z and millennial consumers is accelerating the demand for eco-friendly furniture in residential end-uses.
Superior product features such as low volatile organic compounds (VOCs) as eco-friendly alternatives garner a larger consumer base.
Residential Eco-Friendly Furniture to Significantly Enhance Profit Pools
Residential applications of eco-friendly furniture is expanding revenue pools in the market. Consumer awareness about alarming levels of pollution through landfills and dumping grounds is accelerating the demand for recyclable furniture products.
Heightening demand for reduction of carbon emissions and effective waste management systems is driving the adoption of recyclable eco-friendly furniture. Corporates across the globe are realizing the role of office ambience in improving employee productivity and output when coupled with benefits of eco-friendly workplaces in engaging and attracting the right talent from tier-1 business schools.
The commercial segment exhibits the highest growth between the two types of applications, at an impressive 7% CAGR during the forecast period.
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High-Growth Opportunities in South Asia & Oceania, Europe Leads Global Sales
Europe emerges as the largest market for eco-friendly furniture, accounting for more than 35% of the total market value. This can be attributed to favorable statutory research, and policies that bolster growth for manufacturers. For instance, a European Respiratory Review cites exposure for indoor VOCs as a major concern for respiratory diseases. Similarly, the Landfill Directive regularly updates waste management laws to reduce pollution effectively.
When coupled with surging demand for eco-friendly alternatives across products and services, the sales of eco-friendly furniture will continue to increase at a healthy pace. East Asia and South Asia & Oceania together account for over 36% of the total market value. South Asia & Oceania offer the most lucrative growth opportunities, exhibiting a stellar 8.6% CAGR between 2020 and 2030.
Multiplying eco-friendly housing projects in countries such as Australia, Indonesia, and Singapore are driving the demand for subsequent installation of eco-friendly furniture. Consumer preference for eco-friendly furniture on the back of, proliferation of e-commerce and rising disposable income of consumers will continue to present remunerative opportunities.
COVID-19 Impact on Eco-friendly Furniture Market
Trade suspension to contain the spread of coronavirus poses constraints to the regular functioning of the eco-friendly furniture market. Import and export across the globe is prioritizing healthcare equipment such as medicines, ventilators, face masks, and sanitizers.
Social distancing practices have slowed offline sales of eco-friendly furniture. However, market players are strategizing recovery plans that leverage the shift towards online shopping post the pandemic.
Enhancing product safety and hygiene will be a competitive strategy to differentiate product offerings. Market players will benefit by leveraging industrial automation technologies to increase production capacity and encourage independent manufacturing practices.
As the global economy recovers from COVID-19, fast recovering countries such as Indonesia, and Singapore will offer remunerative opportunities. For the time being, regular interaction with consumers is a popular marketing strategy. Manufacturers are leveraging social media websites and digital marketing to build gainful consumer relationships.
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Circular Business Models to Shape Competition
The eco-friendly furniture market is highly competitive with the presence of many small and medium sized enterprises. Competition is driven by adoption of circular business models by market players. Long loop, clean loop, and cascading loop models are prevalent manufacturing and reproduction methods.
Certifications such as FTC certified wooden frames, and increasing adoption of reclaimed wood in public and private sector furniture products are a few sustainability measures. Companies are leveraging advanced industry 4.0 technologies to enhance production capacities. Penetration of high-potential regions using e-commerce methods of distribution is another factor that drives increased competition.
Global Eco-friendly furniture Market: In-Depth Assessment on Key Segments
The global Eco-friendly furniture market is segmented on the basis of application, distribution channel, and region.
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.
Global Eco-friendly furniture Market – Scope of the Report
The following report provides a forecast and analysis of the global Eco-friendly furniture market along with the historical data of 2015, estimated data 2020 and forecast data up to 2030 in terms of value (US$ Mn), according to a Fact.MR study. The research propounds critical trends that are currently influencing growth within the global Eco-friendly furniture market along with several macro-economic indicators.
This newly published and insightful report on Eco-friendly furniture sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global Eco-friendly furniture market.
The report also comprises the study of current issues with end users and opportunities for Eco-friendly furniture. It also contains value chain analysis, including the key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews.
The dashboard included in the report provides a detailed comparison of Eco-friendly furniture manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the Eco-friendly furniture market provided in the report adds to the credibility of this exhaustive research study.
Country-specific assessment on demand for Eco-friendly furniture has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous Eco-friendly furniture manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
Global Eco-friendly furniture Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications. Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research.
The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the Eco-friendly furniture market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the Eco-friendly furniture market, which includes global GDP growth rate, furniture, building & construction, retail sector growth rate and others. This report serves as an authentic resource of intelligence on the Eco-friendly furniture market, enabling the readers to take fact-based decisions on the future direction of their businesses
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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