San Francisco, 06 June 2024: The Report Eco-friendly Furniture Market Size, Share & Trends Analysis Report By Application (Residential, Commercial), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2023 - 2030

The global eco-friendly furniture market size is expected to reach USD 83.76 billion by 2030, set to expand at a CAGR of 8.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. Governments across the globe continue to promote green buildings as a measure to reduce the carbon emissions of their respective countries, while aiming to reduce their negative contributions toward climate change. Therefore, various incentive programs are being implemented to encourage building owners and developers to pursue initiatives such as green building certifications to promote green construction. This is expected to open up significant opportunities in the market.

Moreover, consumers remain highly focused on creating a green environment inside their homes, thereby driving the demand for eco-friendly products such as furniture. Moreover, the increasing influx of manufacturers toward eco-friendly offerings across all regions continues to boost the market growth. For instance, according to a 2021 SFC survey, nearly 97% of the respondents showed interest in buying environmentally safe furnishings, assuming favorable style and cost are about the same. Notably, women expressed a slightly higher interest in buying environment-friendly furniture (72% of women versus 66% of men).

Consumers spent a significant time indoors during the COVID-19 pandemic which created a wave of interest in home remodeling and renovation, especially in the U.S. and Europe. Moreover, with increased environmental awareness added to this interest in remodeling, a large number of consumers are opting for environment-friendly products for home renovation including eco-friendly furniture.

The rising number of green building projects results in increased sales of eco-friendly furniture. According to the U.S. Green Building Council (USGBC), the number of LEED-certified homes in the U.S. increased from 167,891 in 2018 to 232,244 by the end of 2021, witnessing a growth of more than 38% during the period. During the same period, Canada witnessed a growth of over 155% with its LEED-certified homes, increasing from 3,036 to 7,750.

North America is anticipated to dominate the market over the forecast period. According to HomeAdvisor, Americans spent nearly 10% more on home improvement projects in 2020 than in 2023, increasing the average spending from USD 7,560 to USD 8,305 in 2020. The increased spending on home improvement projects is likely to favor the growth of the eco-friendly furniture market. Moreover, corporate companies in the region continue to adopt environmentally sustainable practices to reduce the negative impact on the environment.

Request sample report of Eco-friendly Furniture Market@ https://www.grandviewresearch.com/industry-analysis/eco-friendly-furniture-market/request/rs1

Growing consumer awareness of sustainability and the rising inclusion of sustainable raw materials in various furniture are likely to propel the market. In addition, with higher spending capability and improved infrastructure facilities, the need for comfort in the household has boosted the demand for furniture, including eco-friendly ones.

Eco-Friendly Furniture Market Report Highlights

• The residential application was valued at USD 24.14 billion in 2022 and is expected to witness significant growth over the forecast period. The rise in the number of home improvement projects in the U.S. and Canada is increasing the adoption of eco-friendly furniture among consumers
• The online distribution segment is expected to witness a substantial CAGR of 8.0% from 2023 to 2030. Increasing internet penetration among the middle-class population, coupled with the rising use of smartphones and similar devices, remains the primary driver of growth
• Asia Pacific region was valued a USD 9.37 billion in 2022 and is expected to register a CAGR of over 10% over the forecast period. The growth in the region is majorly attributed to increasing in consumer awareness of sustainability.

However, the COVID-19 pandemic has impacted the growth of the market. In the wake of the COVID-19 pandemic, customers display increased awareness, concern, and habit-formation behavior toward the environment. Consumers have increased their purchase frequency and are willing to pay more for sustainable products. This shows growing consumer awareness toward sustainability due to covid-19, which continues to favor market growth.

Moreover, the rising adoption of sustainable materials in furniture production to support the environment continues to drive the market. In addition, increasing adoption of eco-friendly housing projects by firms across countries such as Australia, China, Singapore, the U.S., and Canada, owing to client demand as well as the prominence of environmental regulations remain the key drivers of demand for sustainable interiors in the residential sector. This scenario continues to boost the application of environmentally friendly furniture as well as furnishings in the commercial and residential sectors.

Governments around the world continue to promote the construction of green buildings, mainly with the provision of funding and through various other incentives as well. For instance, in October 2021, the U.K. government announced new funding of 440 million pounds for green construction projects as part of a much larger net zero announcement. Incentives for achieving green building certifications are also provided by other countries. The U.S., for instance, has state incentive programs for LEED certification.

Eco-friendly Furniture Market Report Scope

In addition, increased health risks caused by traditional furniture which releases harmful pollutants such as volatile organic compounds (VOCs) and causes allergies, migraines, and asthma continues to drive demand for eco-friendly interiors. This, in turn, has raised the preference for eco-friendly furniture produced with a minimal amount of chemicals. Therefore, consumers continue the adoption of sustainable furniture products.

With an increasing aim to reduce emissions, the rising prominence of sustainability as a prevalent trend in home design and renovation gains traction in the market. Growing acceptance of eco-friendly workplaces has also added 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 availability of sustainable materials to produce various types of furniture such as reclaimed wood, rubberwood, bamboo, rattan, and wicker.

List of Key Players in the Eco-friendly Furniture Market

• Vermont Woods Studios
• Cisco Brothers Corporation
• Sabai
• Greenington
• Lee Industries, Inc.
• Williams-Sonoma, Inc.
• La-Z-Boy Inc.
• Vestre
• KING Furniture Pty Ltd

About Grand View Research
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
For More Information: Explore Horizon