Wilmington, Delaware, United States, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Eco-friendly furniture market is projected to flourish at a CAGR of 8% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 88.0 billion is anticipated for the market in 2031. As of 2023, the market for eco-friendly furniture is expected to close at US$ 44.2 billion.
With the growing awareness of environmental issues and the impact of human activities on the planet, consumers are becoming more conscious of their purchasing decisions. Many individuals are seeking ways to reduce their carbon footprint and contribute to sustainable practices, which has led to a rise in demand for eco-friendly furniture.
Governments around the world are implementing stricter regulations and standards to promote sustainability and reduce environmental degradation, encouraging furniture manufacturers to produce sustainable products, and driving the market for eco-friendly furniture during the forecast period.
Increasing disposable income of Generation Z and millennial consumers bolsters the growth of the eco-friendly furniture market. Rapid urbanization and a rapidly growing population in several economies, create demand for houses. The house owners are adopting eco-friendly and sustainable green interiors fulfilling the market growth.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 40.6 Bn | |
| Estimated Value | US$ 88.0 Bn | |
| Growth Rate - CAGR | 8.0% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 150 Pages | |
| Market Segmentation | By Product Type, Material Type, Price, End-user, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Ashley Furniture Industries, Inc., Cisco Brothers Corporation, Ethan Allen Global, Inc., Greenington, Inter IKEA Systems B.V, La-Z-Boy Inc., Maiden Home, Roche Bobois, Sabai, Vermont Woods Studios, Vestre, Williams-Sonoma, Inc. | |
Key Takeaways from the Market Study
- As of 2022, the eco-friendly furniture market was valued at US$ 40.6 billion
- By product type, the chair & sofa segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on material type, the wood segment accounts for the highest market share
- Based on end-use, the residential segment is expected to generate high revenue during the forecast period.
Eco-Friendly Furniture Market: Key Trends and Opportunistic Frontiers
- With the growing stringent regulation pertaining to carbon emission increasing adoption of eco-friendly furniture in the construction sector driving the market demand
- Eco-friendly furniture often uses non-toxic and natural materials, which appeal to consumers seeking healthier living environments. Products with low emissions and reduced exposure to harmful chemicals are becoming more sought after.
- Ongoing research and development efforts have led to technological advancements in eco-friendly furniture and innovation in sustainable materials, such as recycled plastics, reclaimed wood, bamboo, and organic textiles, which has expanded the range of eco-friendly furniture options available to consumers.
- The manufacturers are investing in research & development to introduce innovative products based on biodegradable material, which provides an opportunity for market growth
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Eco-Friendly Furniture Market – Regional Analysis
- North America remains a significant market for eco-friendly furniture during the forecast period, region's strong awareness of environmental sustainability, along with stringent regulations and eco-conscious consumers, has driven the demand for eco-friendly furniture in residential and commercial spaces. The United States and Canada, are the leading market for eco-friendly furniture in the region.
- The Asia Pacific is projected to provide a lucrative opportunity for an eco-friendly furniture market owing to the rising environmental awareness, rapid urbanization, and growing disposable incomes that have led to greater demand for sustainable & eco-friendly options. The countries like China, Japan, India, and Australia, have witnessed increasing adoption of eco-friendly furniture in the region.
Competitive Landscape
The eco-friendly furniture market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global eco-friendly furniture market report:
- Ashley Furniture Industries, Inc.
- Cisco Brothers Corporation
- Ethan Allen Global, Inc.
- Greenington
- Inter IKEA Systems B.V
- La-Z-Boy Inc.
- Maiden Home
- Roche Bobois
- Sabai
- Vermont Woods Studios
- Vestre
- Williams-Sonoma, Inc.
Key Developments in Global Eco-Friendly Furniture Market
- IKEA, a global furniture retailer, has been actively working towards sustainability goals. They have expanded their range of eco-friendly furniture options, using renewable and recycled materials. Additionally, IKEA has been investing in energy-efficient production processes and promoting circular economy initiatives.
- Ashley Furniture has been incorporating sustainable practices into its manufacturing processes and product designs. They have introduced eco-friendly furniture lines made from certified sustainable wood and other environmentally friendly materials.
- West Elm, a subsidiary of Williams-Sonoma, has been offering a selection of sustainable and Fair Trade Certified furniture products. They have collaborated with artisan communities to promote ethical and environmentally responsible production.
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Eco-Friendly Furniture Market – Key Segments
Product Type
- Chair & Sofa
- Adirondack Chair
- Arm Chair
- Dining Chair
- Office Chair
- Long Sofa
- Single Sofa
- Others (Ottoman, etc.)
- Table
- Dining Table
- Dressing Table
- Conference Table
- Sofa Table / Center Table
- Side Table / End Table
- Console Table
- Work Table
- Others (Bar Table, Entryway Table, etc.)
- Bed
- Single
- Double
- Queen
- King
- Material Type
- Wood
- Bamboo
- Steel
- Aluminum
- Other Recycled Materials
Price
- Low
- Medium
- High
End-user
- Residential
- Commercial
- HoReCa
- Office
- Mall
- Others
Distribution Channel
- Online
- Offline
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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