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Eco-friendly furniture drives demand of the furniture market

Press release August 22, 2014 Furniture industry analysis, furniture industry trends, furniture industry statistics

This industry report package offers the most up-to-date market data on the actual market situation, trends, and future outlook for furniture in the world and in the top 10 global countries.

Furniture market research has revealed that the market is set to grow at a CAGR of 3.53% in the period from 2012 to 2016. The factor that will chiefly contribute to the growth of the market is the boom in the real-estate industry.

Although the market has seen the entry of eco-friendly furniture, various environmental issues like deforestation and timber supply can pose a challenge for the growth of the market.

This report, Global Furniture Market to 2018 - Market Size, Top 10 Countries, Trends, and Forecasts, includes historic market data from 2007 to 2013 and forecasts until 2018. It also provides growth rates of the overall furniture market and different product segments from 2007-2018.

Eco-friendly furniture becoming mainstream

Eco-friendly furniture has always been available but it is rapidly going mainstream. Various environmental concerns — such as awareness of how deforestation is affecting the ecosystems and causing climate changes — have led key vendors to go green. Vendors are offering a wide range of aesthetically designed and quality furniture made from Moso bamboo, which is also harder and more durable than oak. There are also some associated institutions that manage the issues surrounding environmental sustainability.

Furthermore, the increased disposable income has seen consumers investing in furniture for both personal and office purposes. The boom in real estate sector has also fuelled the demand for the market.

Key challenges of the market

One of the major challenges that the furniture market growth faces is shortage of timber. Market experts are accrediting this problem to increased deforestation due to high consumption. Moreover, with the growing population, there is an increased demand for wood products, which has led to decline in the sales of timber furniture.

Key regions of growth

The major furniture producing area is Southeast Asia. However, in the context of the global furniture trade, Asia promises better growth in comparison with other regions. Since Asian furniture has always been popular in developed countries like the US, Australia and Europe, the market expects to receive further boost. Over 20 years of fast growth, China has been able to create unlimited business opportunities and bring vitality to the furniture industry. Currently, the furniture market share in India is worth USD 5.7 billion, though 85% of this falls in the unorganized sector. It has been forecast that the organized furniture industry is expected to grow by 20% annually and India, Brazil and Russia will experience the maximum growth.

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Furniture industry analysis, furniture industry trends, furniture industry statistics