Eco-friendly Furniture Market to Multiply 1.8X Through 2030

Modernization and incorporation of sustainable residential furniture in developing countries such as Indonesia, India, and China is set to drive sales of eco-friendly furniture. The sales of eco-friendly furniture market will grow 1.8X during the projection period (2020- 2030). Advancements in material science that increases product durability and recyclability are primary reasons for consumer adoption of eco-friendly furniture. Innovative business strategies such as circular business models using reclaimed wood provide the much needed strength for healthy growth of the market. Market players are leveraging industrial automation to increase production. Prevalence of e-commerce in developing countries presents gainful opportunities for eco-friendly furniture manufacturers.

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Key Trends of  Eco-friendly Furniture Market

• Residential applications of eco-friendly furniture hold share-wide dominance with over 66% of the total market value. Consumer trends that focus on buying eco-friendly products, coupled with strong social media presence of market players drive demand from this application segment.
• Commercial applications is the highest growth application segment with a strong 7% CAGR through 2030. Corporate Social Responsibility initiatives to reduce the carbon footprint of offices contribute to the growth of eco-friendly furniture in commercial settings.
• Offline distribution channels account for the largest market value share with over 69% of total revenues. This can be attributed to the efficacy and effectiveness of physical representation in furniture buying decisions. Brands such as IKEA are an ideal example of the prominence of offline distribution channels.
• Digitization of economies across the globe is enhancing the reach of organizations. Hence, online distribution channels offer the most attractive revenues prospects with an impressive 7.5% CAGR from 2020 to 2030.
• Europe accounts for a big part of global sales with more than 35% share of the total market value. Emphasis on sustainable manufacturing and awareness regarding harmful effects of indoor volatile organic compounds are a few factors that drive growth in this region.

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• South Asia & Oceania are catapultin the global eco-friendly furniture market with an astounding 8.6% CAGR during the forecast period. Investments in urban infrastructure development in Indonesia, Singapore, and Malaysia are central to growth of the eco-friendly furniture market.

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.

Application

• Residential
• Commercial

Distribution Channel

• Offline
• Online

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Online Distribution Channels to Bolster Growth amid Covid-19 Pandemic

Advancements in material science to develop luxury eco-friendly furniture is a top demand driver for manufacturers. For instance, Shagreen when paired with treated glass forged from brass and brushed gold is gaining traction among consumers. Green building initiatives across the globe drive capacity expansion initiatives in strategic areas. Statutory certifications such as FSC certifications are helping manufacturers differentiate their product offerings. In a highly competitive landscape, creative digital marketing and e-commerce distributions channels offer a competitive edge to eco-friendly furniture organizations.

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