The 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. The growing adoption of green building projects across the globe has paved the demand for sustainable interior products that includes, eco-friendly furniture.
Rising prominence of sustainable manufacturing of furniture so as to create a pollutant-free environment has also boosted the market growth over the forecast period.
Sustainable Furniture Market is projected to rise at a significant rate by 2030 expanding at a considerable CAGR over the forecast period of 2022-2030.
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.
Also, the increased health risks caused by traditional furniture that releases harmful pollutants such as, volatile organic compounds (VOCs) and cause allergies, migraines, and asthma has been driving demand for eco-friendly interiors that has in turn, raised the preference for eco-friendly furniture produced with a minimal amount of chemicals.
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.
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Segmental Analysis Of The Market:
Based on Application
- Residential
- Commercial
The residential segment has dominated the market growth over the forecast period. This is because of the rising awareness among consumers towards sustainable production of furniture products has largely influenced the adoption of eco-friendly furniture in residential spaces. Consumer inclination towards avoidance of single-use plastic is also driving the consumption of sustainable furniture for interior decoration.
Based on Distribution Channel
- Offline
- Online
The offline segment has dominated the market growth over the forecast period. this is because of the specialty stores that are anticipated to dominate the offline distribution channel segment due to a large variety of home furnishing stores available across regions. Higher demand for household furniture from the real estate sector has drawn the demand for flexible and sustainable furniture.
North America is anticipated to amplify at a considerable CAGR
The Global Sustainable Furniture Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America is anticipated to dominate the regional segment over the forecast period. This is because of the rising consciousness regarding the impact of the choices made by consumers on the environment is steadily moving towards rising demand for sustainable furniture in the region. Rapid growth in the green homes industry in the U.S. is paving the way for further sustainable eco-friendly fittings.
Competitive Landscape:
Some of the prominent companies operating in 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.
Major Questions Answered In This Report:
- What is the growth rate of the Global Sustainable Furniture Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key Takeaways From The Report:
- Global Sustainable Furniture Market is projected to expand at a considerable CAGR over the forecast period.
- The increasing influx of millennial and generation Z consumers purchasing eco-friendly furniture is aiding market progression.
- The offline segment is poised to expand significantly over the forecast period.
- North America has dominated the regional market sphere over the forecast period.
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