Industry: Consumer Goods
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP33164
The global market for bio furnishing is projected to expand at ~8.3% CAGR and reach ~US$ 15.8 Bn by the end of 2033, up from its estimated market size of ~US$ 7.7 Bn in 2024. Worldwide sales of bio furniture account for 24%-29% share of the global furniture market at present.
|
Market Size (2024E) |
~US$ 7.7 Bn |
|
Projected Sales of Market (2033F) |
~US$ 15.8 Bn |
|
Market CAGR (2024 to 2033) |
~8.3% |
|
Market Share of Top 5 Manufacturers |
~14% to 18% |
The increasing awareness regarding the detrimental environmental concerns caused from furniture production has led to the surge in adoption of sustainable materials. There has been a significant increase in eco-friendly products across the globe. Numerous regional markets such as China, Australia, Singapore, the US, and Canada are putting efforts to cater to client’s demand for the sustainable and eco-friendly furniture. Owing to this, the commercial and residential sectors have experienced a substantial demand growth for environmental-friendly furniture products.
Various initiatives taken by the regional governments across regions to promote eco-friendly furniture is attracting funding. For instance, UK Government has recently announced funding of 440 million pounds for projects involving green construction. The government is also providing certifications and incentives for achieving green construction. Such Initiatives are resulting in the rising demand for bio-furniture and the market is anticipated to expand substantially over the next few years.
Environmentally friendly, biodegradable furniture demand is on the rise and more so because designers and consumers are looking forward to reducing anything that is harming the environment in any way. Customers are making environmentally conscious choices, and they are aware that shifting towards minor changes is not going to make any difference in the bigger picture. However, the government is taking strict actions and focusing on ways to alter the production and subsequently, implicate related regulations for companies operating in the sector. This push might steer the global market towards progression, expansion, and growth.
From 2018 and 2023, worldwide demand for bio furnishing products increased at a CAGR of 6.2%, with the United States, Japan, China, India, and the U.K. holding significant shares in the global market.
The global furniture market has been witnessing significant growth in terms of value sales, which can be attributed to the rising demand from various countries, especially those in Europe, South Asia, and North America. Owing to the rise in number of customers across the global furniture industry, the industry has been evolving in terms of product offerings as well as quality.
Hence, the increasing demand for furniture has resulted in wastage in the environment and led to the rise in pollution problems in the environment. To overcome this problem, the market leaders are focusing on bio furnishing also called ecological furniture made up of biogenic material. The production of this furniture is made with the help of natural and renewable sources from the environment.
Over the next ten years, worldwide sales of bio furnishing market are anticipated to increase at an 8.3% CAGR.
“The concern of increasing health issues due to volatile organic compounds is driving the sales for bio furnishing market”
The increased health hazards posed by conventional furniture, which emits hazardous pollutants such as Volatile Organic Compounds (VOCs) and causes allergies, migraines, and asthma, are driving the need for eco-friendly interiors. As a result, there is a growing demand for bio furniture made with minimal chemicals.
Due to the potential health impacts on consumers, indoor Volatile Organic Compounds (VOCs) exposure is a major source of concern. Furthermore, the concentration of VOCs and particles in interior settings are 100 times higher than in outdoor spaces. As a result, customers are rapidly migrating toward the use of environmentally friendly furniture.
“Initiatives to conserve the environment result in the growth of the market”
The expanding significance of sustainability as a popular trend in house design and remodeling is gaining traction in the industry, with an increased desire to minimize emissions. The growing adoption of eco-friendly workplaces is fueling market expansion in the commercial sector.
Each year, 8.5 million tons of office furniture is dumped into landfills, based on the EPA (Environmental Protection Agency) report. As a result, sustainable materials such as recycled wood, rattan, wicker, rubber wood, and bamboo are becoming increasingly popular for the production of various types of furniture. Hence, this results in significant growth of the market.
How Bio Furnishing Market is Progressing in the US?
“Rising trends of greenhouse business is paving the way for US market for bio furnishing”
The US market for bio furnishing holds a major share of 73.6% of the overall North American bio furnishing market. The market is anticipated to progress at a CAGR of 7.1% during the forecast period.
Increasing consumer awareness of the environmental effect of their purchasing decisions is driving up demand for sustainable furniture in the country. Rapid expansion in the greenhouse businesses in the United States is paving the way for more environmentally friendly sustainable furnishings. As a result, customers are intensely focused on creating a green atmosphere within their homes, fueling demand for eco-friendly products. Furthermore, the country is seeing an increase in the number of producers selling handmade furniture created in the United States.
What is driving the Sales of Bio Furniture Market in Germany?
“The surging demand for sustainable biogenic material furnishing in country triggers the growth of market in Germany”
Germany is one of the key markets of the Europe bio furnishing industry and accounts for one of the highest regional market shares. Germany is also the leading exporter of furniture in Europe. The bio furnishing market in Germany is expected to grow at a CAGR of 7.3% during the forecast period.
Due to the strong demand for sustainable products, while decorating homes and the growing number of people demand sustainable biogenic materials to support the environment, Germany is considered to be one of the lucrative markets for bio furniture. Germany's leading manufacturers of bio furniture continuously focus on the usage of recycled and eco-friendly material while manufacturing bio furniture products in order to reduce environmental impact.
How is India Generating Demand for Bio Furnishing Market?
“India a leading opportunity in South Asia market”
India is one of the emerging country in the market and is anticipated to register a growth rate of 8.1% in terms of value over the forecast period.
India is one of the prominent countries in the market due to the ample availability of resources in the country. Moreover, India has skilled labor expertise in producing types of furniture and therefore, generates high demand for bio-furnished products in the domestic market as well as in the international market. Indian market is one of the leading opportunities for key players in the market.
Which Application Outlook Shows an Immense Growth in the Bio Furnishing Market?
“Residential sector shows an immense growth in the market”
According to the analysis, based on application outlook the residential sector holds a major share of around 62.3% in the overall sales of bio furnishing market and is estimated to remain high during the forecast period.
Rising consumer awareness of sustainable furniture production has had a significant impact on the adoption of eco-friendly furniture in residential areas. Consumer preference towards avoiding single-use plastic is also boosting demand for sustainable furniture in interior décor. Residences holds major share during the forecast period with increasing activities in public places and govt. & corporate initiatives are taken for the commercial sector and is anticipated growth at a substantial rate.
Which Product Type has High Demand in Market?
“Chair and table generate the high demand in the market due to its easy availability and necessity”
According to the analysis, the tables and chairs together are estimated to account for a high-value share of the product segment and are anticipated to remain high during the estimated tenure.
Tables and chairs are the basic necessity and the most common furniture that can be found in every home and corporates. The chairs and tables are the most demanded product by customers in the furniture market and therefore manufacturers are primarily focusing on manufacturing bio chairs and tables due to their high demand in the market.
Which Sales Channel Contributes the Most in the Rise of Bio Furnishing Market?
“Hypermarkets and supermarkets contribute majorly to the sales of bio furnishing products in the market”
According to analysis, hypermarkets/supermarkets account for 36.2% of the overall market share. Global sales of bio furnishing from hypermarkets/supermarkets are expected to rise moderately during the forecast period. Bio furnishing is primarily offered at hypermarkets and supermarkets. The huge demand for bio furnishing is catered by these stores around the world.
Over the forecast period, it is anticipated that the online segment will grow rapidly. Online market channels offer several benefits, including coupons, free delivery, and other exclusive offers. Additionally, the online segment offers a wide range of products across the globe. Meanwhile, it is expected that during the projection period, many well-known online products from a growing number of app-based vendors are expected to drive the market in a progressive manner.
Bio furnishing manufacturers are strategizing and implementing a variety of regional penetration strategies to increase their sales in lucrative markets. The strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
For Instance:
|
Attribute |
Details |
|
Forecast Period |
2024-2033 |
|
Historical Data Available for |
2018-2023 |
|
Market Analysis |
|
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon Request |
By Product Type:
By Application Outlook:
By Sales Channel:
By Region:
To know more about delivery timeline for this report Contact Sales
The global market for bio furnishing is expected to expand at 8.3% CAGR through 2033.
The global bio furnishing market reached a valuation of US$ 6,609.2 Million at the end of 2022.
Between 2018 and 2022, global sales of bio furnishing increased at 7.5% CAGR.
Some of the leading manufacturers of bio furnishing 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.
The global bio furnishing market is estimated at US$ 7,124.7 Million by the end of 2023.
The global bio furnishing market is anticipated to reach a valuation of ~US$ 15,809.7 Million by the end of 2023.
The global bio furnishing market is anticipated to increase at a CAGR of 7.8% from 2022 to 2023.
The key trends such as increasing aim to reduce emissions and rising prominence of sustainability, increased demand for eco-friendly furniture, innovation in furniture with bio generic components, increased awareness towards sustainability of furnishing, etc., are boosting the growth of bio furnishing market.
