This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
Eco-friendly Furniture Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
GET A FREE SAMPLE
Report Overview
The global eco-friendly furniture products market was valued at USD 132.2 billion in 2022 and is expected to expand at a CAGR of 7.3% from 2023 to 2030. Eco-friendly furniture products refer to furniture made from recycled, reused, and natural materials and manufactured with sustainable processes. The rising need for sustainable products and increasing environmental awareness are the major factors driving the growth of the global eco-friendly furniture products market.
The growing trend of using sustainable products and commitment of leading furniture manufacturers toward sustainability have propelled the growth of the eco-friendly furniture products market. For instance, in August 2021, IKEA announced its commitment to using only renewable and recycled materials by 2030. Moreover, the company also aims to reduce its carbon emissions by 70% by 2030. Furthermore, in February 2021, Herman Miller announced its commitment to achieving zero waste by 2030.
The rising demand for outdoor furniture is anticipated to further drive the market growth. Consumers are increasingly spending on outdoor furniture to spruce up their outdoor spaces. For instance, in March 2021, Fermob launched its new range of outdoor furniture that is made from recycled materials. This range comprises chairs, benches, and tables made from recycled plastic bottles. The new range of furniture has been designed to provide comfort and style to outdoor living spaces.
The rising prevalence of online shopping is further aiding the growth of the market. Consumers are increasingly opting for online furniture stores due to the convenience and availability of a wide variety of furniture products. Furthermore, online furniture stores are offering various discounts and deals to further attract consumers. For instance, in October 2021, Wayfair launched an online furniture store for eco-conscious consumers, offering furniture made from natural and recycled materials.
The increasing number of product launches by companies is expected to drive the growth of the market in the near future. For instance, in November 2021, the French furniture company, Maisons du Monde, launched its first sustainable furniture range, which consists of products made from recycled materials. Furthermore, to attract more customers, the company is also offering a range of sustainable home accessories. This is expected to further boost the market growth in the coming years.
Product Insights
The wood segment held the largest market share of around 40.6% in the global eco-friendly furniture market in 2020. The growing trend of using eco-friendly furniture in residential, commercial, and hospitality applications has been key in driving the demand for wooden furniture. According to an article in The Guardian, the global furniture market is expected to reach $685.4 billion by 2022. Furthermore, the rise in awareness among end-users regarding eco-friendly furniture and increasing demand for sustainable furniture is boosting the growth of the market.
The metal segment is anticipated to exhibit the fastest CAGR of 8.7% over the forecast period. The increasing demand for eco-friendly furniture in commercial and residential applications is driving the demand for metal furniture. Metal furniture is highly durable and can last for many years with minimal maintenance, which makes it a preferred choice for many users. Additionally, the increasing trend of using metal furniture for both indoor and outdoor applications is expected to fuel the growth of the market.
Distribution Channel Insights
The brick-and-mortar stores segment accounted for the largest market share of over 43.2% in 2022. The growth of this segment is attributed to the increasing number of furniture stores offering eco-friendly furniture products. Moreover, the furniture stores provide customers with a better shopping experience as they can inspect the product and purchase it according to their requirements. The rising trend of store visits to purchase eco-friendly furniture products is likely to boost the segment growth over the forecast period.
The online segment is likely to grow at the highest CAGR of 12.6% over the forecast period. The growth of the segment is attributed to the rising trend of online shopping, as it provides customers with a wide range of product options, convenience, and faster delivery. Furthermore, online shopping offers customers discounts and promotional offers that attract them to buy eco-friendly furniture products. In addition, companies are launching their websites and mobile applications to increase their brand visibility and reach out to a larger customer base. For instance, in May 2021, IKEA launched its mobile application in the U.S. and Canada to provide customers with a better shopping experience.
Type Insights
The recycled furniture segment accounted for the largest revenue share in the year 2022. The increasing environmental awareness among consumers is driving the demand for furniture made from recycled materials. For instance, the recycling of plastic bottles and other plastic waste into furniture is gaining traction. Companies such as Ohm are offering furniture made from recycled plastic bottles. Similarly, the increased use of reclaimed wood and recycled metals for furniture is propelling the segment’s growth.
The bio-based furniture segment is anticipated to expand at the highest CAGR of 11.4% during the forecast period. The increasing demand for furniture made from sustainable and renewable plant-based materials is providing a significant boost to the segment. Also, the increasing awareness about the adverse effects of petroleum-based plastics is driving the demand for eco-friendly products such as bio-based furniture. Companies such as Ikea are offering furniture made from sustainable materials such as bamboo and rattan.
Regional Insights
Europe was the leading contributor to the global market and held the largest share of around 39.2% in 2022. Increasing environmental concerns and stringent environmental regulations in the region are driving the market growth. The governments in the region are taking initiatives to reduce the carbon footprint and promote sustainability. For instance, in April 2021, the European Commission proposed a new Circular Economy Action Plan to help achieve a climate-neutral, green, and competitive economy.
Asia Pacific is expected to witness the highest growth during the forecast period. Growing consumer preference for eco-friendly furniture and increasing consumer spending capacity are the major factors driving the growth of the market in the region. Additionally, countries such as India, China, and Japan have taken initiatives to promote and encourage the use of eco-friendly furniture. For instance, in April 2021, the Indian government launched the ‘Green India’ campaign to promote the use of eco-friendly furniture and reduce environmental pollution.
Financial Projections
In this section of the eco-friendly furniture products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the eco-friendly furniture business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an eco-friendly furniture business comes from the sale of furniture products. Here you will find a list with a description of other possible sources of profit such as e-commerce sales, the sale of customized products, and leasing the furniture for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the eco-friendly furniture business running will be described. The list of operating expenses includes wages, advertising, and materials for furniture production, such as eco-friendly materials and components. Other expenses include office and warehouse rental, utilities, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the eco-friendly furniture market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In July 2022, Ikea launched a new line of eco-friendly furniture made from recycled and sustainably-sourced materials.
– In August 2022, Herman Miller launched a new collection of furniture made from recycled and sustainably-sourced materials.
– In September 2022, Steelcase launched a new collection of furniture made from recycled and sustainably-sourced materials.
Some of the prominent players in the eco-friendly furniture market include:
– Ikea
– Herman Miller
– Steelcase
– Ashley Furniture Industries, Inc.
– Knoll, Inc.
– Haworth, Inc.
– West Elm
– Pottery Barn
– Room & Board
– Kuka Home
Global Eco-friendly Furniture Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global eco-friendly furniture products market based on material, product, distribution channel, and region:
1. Material Outlook (Revenue, USD Million, 2017 – 2030)
– Bamboo
– Recycled Plastic
– Reclaimed Wood
– Others
2. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Furniture
– Flooring
– Wall Coverings
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is Driving the Demand for Eco-Friendly Furniture?
[A]: The rising concern for environmental conservation and the need to reduce carbon footprints are major factors driving the demand for eco-friendly furniture. Consumers are increasingly shifting their preference towards sustainable products, and eco-friendly furniture is gaining immense popularity. In addition, the growing awareness about the ill-effects of non-sustainable furniture on health and environment is driving the demand for eco-friendly furniture products.
[Q]: Who are the Key Players in the Eco-Friendly Furniture Market?
[A]: Key players in the eco-friendly furniture market include Herman Miller, Inc., IKEA, Ashley Furniture Industries, Inc., Tarkett, Haworth, Inc., Interface, Inc., Herman Miller, Inc., Steelcase, Pottery Barn, and West Elm.
[Q]: What is the Potential of Product Innovation?
[A]: Manufacturers are focusing on innovative product launches to meet the growing demand for eco-friendly furniture. For instance, the introduction of biodegradable furniture, made with natural materials such as bamboo, cork, and rattan is gaining traction. Moreover, manufacturers are introducing furniture with anti-microbial protection, which is expected to propel the market growth.
[Q]: Which Region Offers the Largest Opportunity for Sales of Eco-Friendly Furniture?
[A]: North America is expected to hold the largest market share in the eco-friendly furniture market. The increasing demand for sustainable products and the presence of major manufacturers in the region are expected to boost the market growth.
[Q]: What are the Key Trends in the Eco-Friendly Furniture Market?
[A]: The key trends in the eco-friendly furniture market include increasing demand for sustainable products, rising awareness about environmental conservation, increasing adoption of recycled furniture, and increasing focus on organic-based materials.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
