Eco-friendly Furniture Market 2020 and Forecast 2021-2027

  • TBI49877
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: Eco-friendly Furniture Market

The global eco-friendly furniture market size was valued at USD 24.1 billion in 2020. Rising adoption of sustainable materials in furniture production to support the environment is driving the market. In addition, growing initiatives such as environmentally friendly housing projects across nations have widened the scope for eco-friendly furniture among consumers. Furthermore, increasing influx of millennial and generation Z consumers purchasing eco-friendly furniture is likely to drive the market in the forecast period. Increasing demand for eco-friendly buildings across the globe is generating demand for eco-friendly furniture. According to SmartMarket Report by Dodge Data and Analytics, there were 27% of green building activities which comprised of over 60% Green Projects in 2018. This scenario is fueling the market for sustainable furnishing. Increasing adoption of eco-friendly housing projects by firms across countries such as Australia, China, Singapore, U.S., and Canada owing to client’s demand as well as the prominence of environmental regulations is also driving the demand for sustainable interiors from the residential sector. This scenario is highly boosting the application of environment friendly furniture as well as furnishings in the commercial and residential sectors. In addition, increased health risks caused by traditional furniture which releases harmful pollutants such as volatile organic compounds (VOCs) and cause allergies, migraines, and asthma, is driving demand for eco-friendly interiors. This, in turn, is raising preference for eco-friendly furniture produced with minimal amount of chemicals. According to a report by the European Respiratory Review, exposure to indoor VOC is a great cause of concern owing to its possible health affects on consumers. According to a blog by TreeHugger, on average, people spend 90% of their time indoors. Also, the concentration of VOCs and particulates is 100 times higher in indoor spaces compared to outdoors. Therefore, consumers are increasingly shifting towards the adoption of sustainable furniture products. With increasing aim to reduce emissions, rising prominence towards sustainability as a prevalent trend in home design and renovation is causing traction in the market. Growing acceptance of eco-friendly workplace is adding to the growth of the market in the commercial sector. According to EPA, 8.5 million tons of office furniture is dumped into landfills each year. Therefore, there is high prominence for sustainable materials to produce various types of furniture such as reclaimed wood, rubber wood, bamboo, rattan, and wicker.

Application Insights: Eco-friendly Furniture Market

The residential application lead the eco-friendly furniture market, accounting for more than 61.6% of the global market share in 2019. 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. The commercial application segment is expected to witness growth in the market with a revenue based CAGR of 7.0% from 2021 to 2027. Increasing prominence of office designs impacting employee productivity, retention, and physical and mental well-being is promoting the use of sustainable furniture in office spaces. According to EPA, in 2019, 8.5 million tons of office furniture is sent to landfills every year. Development in decarbonization, which is expected to enhance the environmental performance in the hotel industry, is further pushing the application of eco-friendly furniture in hotels and restaurants.

Distribution Channel Insights: Eco-friendly Furniture Market

The offline segment accounted for more than 68.3% share of the global market in 2019. Specialty stores 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. While, dominance of retail stores has created intense competition in the market with major producers such as Inter IKEA Systems B.V.; Williams-Sonoma Inc.; La-Z-Boy Incorporated; and Raymour and Flanigan Furniture, across the globe. These stores help consumers to visualize their home and setting of furniture as a result of the home environment created in the store. In addition, product assortment of eco-labelled and certified furniture in the store also helps consumers to compare the differences and appeal of the eco-friendly product with traditional furniture. For instance, CRATE and BARREL provides FSC certified, reclaimed, and sustainable pieces of furniture produced with high-end designs. Moreover, availability of furniture segment in hypermarket or supermarket stores enable consumers to shop for home furnishings all together under one roof is driving demand for offline stores. Online distribution channel is expected to witness a CAGR of 6.9% from 2021 to 2027. Surge in online purchases as a result of greater prominence of convenient shopping is driving the growth of the segment. Variety of product availability across different furniture categories such as dining, bedroom, drawing room and outdoors, acts as a key growth driver for this distribution channel. In addition, application of online delivery services by the manufacturers for consumers with flexible payment options and doorstep delivery options is expected to drive the growth of the segment. For instance, online eco-friendly furniture giants such as Inmod; VivaTerra; Amazon.com, Inc.; and Knoll, Inc. provide a large variety of home furnishings pertaining to eco-friendly furniture to consumers with post purchase assistance.

Regional Insights: Eco-friendly Furniture Market

North America lead the global market, accounting for a share of 36.1% in 2019. Increasing 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. According to the National Association of Home Builders, eco-friendly residential construction for single-family has incurred growth of 2% in 2005, to 23% in 2013. Therefore, consumers are highly focused towards building a green environment inside their houses, thereby driving demand for eco-friendly products. Moreover, the increasing influx of manufacturers in the region with handmade furniture products manufactured in the U.S. such as Trit House; Vermont Woods Studios; and American Eco Furniture, LLC is resulting in progress of the market in North America. Asia Pacific is expected to witness a revenue based CAGR of 6.3% from 2021 to 2027. Increasing infrastructural activities in developing countries such as China and India has propelled the hospitality sector particularly hotels and resorts. It is helping garner greater attention of consumers towards innovative furnishings and adopt them in their day-to-day life scenario. Moreover, the growing popularity of outdoor furniture such as bamboo chairs, teakwood center tables, beach beds in the residential as well as commercial spaces is driving demand for eco-friendly furnishings in the region.

Key Companies & Market Share Insights: Eco-friendly Furniture Market

The market is highly competitive in nature. Key players 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. Companies are focusing on expanding their product line and are adopting innovative technologies to meet consumer demand for eco-friendly furnishings. Companies are also adopting various initiatives in order to enter into the market with creative launches. For instance, in August 2018, JMX Brands launched a new website, Eco Friendly Digs, which caters to environmentally friendly furniture and other home décor items. Eco-friendly Furniture Market Report Scope

Key companies Profiled: Eco-friendly Furniture Market Report

  • 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.
  • Shenzhen Vincent Handicraft Co., Limited.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global eco-friendly furniture market report on the basis of application, distribution channel, and region:

Application Outlook (Revenue, USD Billion, 2016 - 2027)

  • Residential
  • Commercial

Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2027)

  • Offline
  • Online

Table of Contents
Chapter 1. Methodology and Scope
 1.1. Market Segmentation & Scope
 1.2. Market Definition
 1.3. Information Procurement
     1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)
     1.3.2. IFF Internal Database
     1.3.3. Secondary Sources & Third-Party Perspectives
     1.3.4. Primary Research
 1.4. Information Analysis 
     1.4.1. Data Analysis Models
 1.5. Market Formulation & Data Visua
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