Sustainable Furniture Market Size - By Type (Wood, Bamboo, Recycled Glass, and Others), By Application (Residential and Commercial), By Distribution Channel (Online and Offline) & Region – Forecasts By 2030
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 258
- CATEGORY
- Retails & Consumer
Sustainable Furniture Market is anticipated to embark a valuation of USD 60.1 billion by 2030 from USD 36.90 billion in 2020, witnessing a CAGR of 11.2% over the forecast duration of 2022-2030.
The increasing environmental cognizance of the masses and rising number of sustainability goals adopted by various nations are primarily augmenting the outlook of this industry vertical.
Furthermore, growing disposable income of the masses, rapidly evolving consumer lifestyle, and increasing R&D investments in the field are adding momentum to the expansion of this business sphere.
Also, rising instances of environmental pollution, technological innovation in the field, and increasing trends of eco-friendly buildings are creating lucrative opportunities for the marketplace to prosper.
Moreover, surging focus of industry players to develop attractive products in the field are positively influencing the dynamics of this industry.
On the contrary, lack of cognizance regarding the availability of sustainable furniture across developing countries is hindering the remuneration scope of this market sphere.
Sustainable furniture refers to the types of commercial and residential furniture that are made by using eco-friendly components which guarantee lesser environmental impact. Most of the materials used to manufacture these furniture are renewable and recyclable in nature.
Growing environmental cognizance of the masses to bolster industry growth
There has been a surging environmental awareness among the masses across the globe. This is powered by the growing instances of global warming due to rising pollution levels caused by deforestation, industrial activities, and vehicular emissions, among others. Individuals have shifted their inclination towards the adoption of sustainable daily use products that have minimal environment impact. This in turn is adding traction to the development of this business vertical.
Outrage of COVID-19 pandemic hampered market progression
The onset of the COVID-19 pandemic had an adverse impact on the global sustainable furniture market. This was caused by the supply chain disruptions and closure of manufacturing facilities owing to the restrictive containment measures adopted by various governments. Moreover, the indefinite lockdowns shattered the economy various nations which in turn decreased the spending power of the masses. This in turn lowered the demand and sale of eco-friendly furniture worldwide.
Sustainable Furniture Market - Segmental Assessment
By Type
• Wood
• Bamboo
• Recycled Glass
• Others
The recycled glass segment is anticipated to generate significant returns over the estimated timeline due to the escalating demand for glass based furniture like dining tables across various regions.
By Application
• Residential
• Commercial
The residential segment is reckoned to account for a high volume share by 2030 owing to the rising environmental awareness and per capita income of the masses.
By Distribution Channel
• Online
• Offline
The online segment is likely to expand with a considerable CAGR over the forecast period attributing to the growing popularity of e-commerce shopping channels.
Sustainable Furniture Market - Geographical Landscape
Considering the geographical frame of reference, the business sphere is bifurcated into North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, North America is projected to capture a substantial revenue share over the forecast period of 2022-2030. This is attributable to the growing environmental consciousness of individuals, rising pollution levels, and increasing R&D activities in the field.
Sustainable Furniture Market - Competitive Hierarchy
The prominent players characterzing the competitive terrain of this industry 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.
Key Segments Reported-
• By Type (Wood, Bamboo, Recycled Glass, and Others)
• By Application (Residential and Commercial)
• By Distribution Channel (Online and Offline)
Major Regions and Countries Covered-
• North America (US, Canada, Rest of North America)
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, South East Asia and Rest of Asia Pacific)
• Latin America (Brazil, Argentina and Rest of Latin America)
• Middle East and Africa (GCC countries, South Africa and Rest of Middle East and Africa)
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The global sustainable furniture market is anticipated to embark a valuation of USD 60.1 billion by 2030 from USD 36.90 billion in 2020, witnessing a CAGR of 11.2% over the forecast duration of 2022-2030.
What are the drivers shaping various markets?
There has been a surging environmental awareness among the masses across the globe. This is powered by the growing instances of global warming due to rising pollution levels caused by deforestation, industrial activities, and vehicular emissions, among others. Individuals have shifted their inclination towards the adoption of sustainable daily use products that have minimal environment impact. This in turn is adding traction to the development of this business vertical.
Who are the key competitors of market Players?
Some of the major players operating within the 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.
What are the top performing segments, and countries / regions of each of the markets?
North America (US, Canada, Rest of North America) & Europe (UK, Germany, France, Italy, Spain, Rest of Europe).
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