Aug 05, 2020 (AB Digital via COMTEX) -- Eco-friendly Furniture Market Growth & Trends
The global eco-friendly furniture market size is anticipated to reach USD 59.8 billion by 2027, expanding at a CAGR of 6.8%, according to a new report by Grand View Research, Inc. Growing adoption of green building projects across the globe is paving the demand for sustainable interior products including eco-friendly furniture. In addition, increasing prominence of sustainable manufacturing of furniture in order to create a pollutant-free environment is expected to drive the market over the forecast period.
Increasing prominence for durable and fixable furniture with less chances of ending up in a landfill has developed greater application of green furnishings across residential as well as commercial sectors. According to EPA, 8.5 million tons of office furniture is dumped into landfills each year. Therefore, growing focus towards office design, which highly impacts employee productivity, physical and mental well-being, and employee retention are widening the scope for application of eco-friendly furniture in the commercial sector. In addition, rising prevalence of the zero waste and zero commission waves is boosting further adoption of sustainable fittings in the home design industry.
Moreover, interior trade fairs in Asian countries such as China and India are resulting in rising demand for luxury modern furniture. A combination of materials categorized as luxury such as Shagreen and treated glass with minimal metallic accents which is produced from brass and brushed gold are gaining traction in the market. In addition, growing initiatives towards green building projects are seen uprising across nations. This, in turn, is expected to fuel the market. According to SmartMarket Report by Dodge Analytics in 2018, 9% respondents in Mainland China are involved in green projects. This scenario is likely to boost adoption of eco-friendly fittings across industries.
In terms of application, the residential sector held a dominant position in the market in 2019. Consumer inclination to move away from single-use plastic is driving the market. In addition, increasing availability of sustainable furniture in various trade fairs has positively impacted the market.
The offline distribution channel segment is anticipated to dominate the eco-friendly furniture market over the forecast period. Assortment of eco-labelled and certified furnishings in the store also helps consumers to compare eco-friendly furniture to traditional furniture, in terms of appeal. For instance, CRATE and BARREL provides FSC certified, reclaimed, and sustainable pieces of furniture produced with high-end designs.
North America is anticipated to dominate the market over the forecast period. Rapid growth in the green homes industry in U.S. is driving demand for green furnishing materials. According to National Association of Home Builders, green residential construction activities with respect to single-family have incurred growth of 2% in 2005 to 23% in 2013. Therefore, consumers are preferring green houses, thereby driving the demand for green furnishing.
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Eco-friendly Furniture Market Report Highlights
The residential application segment is expected to reach USD 36.6 billion by 2027, growing at a CAGR of 6.7% from 2020 to 2027
The online distribution channel segment was valued at USD 11.2 billion in 2019 and is expected to reach USD 19.4 billion by 2027
Asia Pacific is expected to witness a revenue based CAGR of 7.4% from 2020 to 2027
Key players operating in the eco-friendly furniture market are Vermont Woods Studios; Cisco Bros. Corp.; Manchester Woodcraft; Greenington; Lee Industries, Inc.; Williams-Sonoma Inc.; La-Z-Boy Inc.; Jiangxi Feiyu Bamboo Industry Group Co. Ltd.; Moso International B.V.; and Shenzhen Vincent Handicraft Co., Limited.
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Eco-friendly Furniture Market Segmentation
Grand View Research has segmented the global eco-friendly furniture market by application, distribution channel, and region: