Dublin, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The "Bio Furnishing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global bio furnishing market is poised for remarkable growth during forecast period. By the end of 2031, the market is expected to soar to a value of approximately US$ 14 billion, significantly up from the estimated US$ 7.8 billion in 2024. The current global sales of bio furniture already claim a substantial 24%-29% share of the worldwide furniture market.
The rising awareness of the environmental impact of traditional furniture production has sparked a surge in the adoption of sustainable materials. The global market has witnessed a substantial increase in eco-friendly products, and regional markets such as China, Australia, Singapore, the US, and Canada are taking proactive measures to meet the growing demand for sustainable and eco-friendly furniture. Consequently, both the commercial and residential sectors are experiencing substantial growth in demand for environmentally friendly furniture products.
Governments worldwide are also contributing to this shift towards eco-friendliness by initiating funding programs and offering certifications and incentives for green construction projects. For example, the UK Government recently announced a £440 million funding injection for green construction initiatives, further propelling the demand for bio-furniture. The market is on course to experience significant expansion in the coming years.
Factors Driving Sales Growth
The sales growth of the bio furnishing market is being driven by two pivotal factors:
- Health Concerns: Conventional furniture emits hazardous pollutants like Volatile Organic Compounds (VOCs), leading to allergies, migraines, and asthma. As a result, there is an increasing demand for bio furniture made with minimal chemicals to address potential health risks. Indoor exposure to VOCs is a significant concern, with concentrations 100 times higher in interior settings than outdoors, pushing customers toward environmentally friendly furniture.
- Environmental Initiatives: The growing emphasis on sustainability in home design and remodeling has gained traction in the industry, with a heightened desire to reduce emissions. The adoption of eco-friendly workspaces is fueling market expansion, particularly in the commercial sector. The alarming statistic of 8.5 million tons of office furniture ending up in landfills each year, as reported by the Environmental Protection Agency (EPA), has led to the popularity of sustainable materials such as recycled wood, rattan, wicker, rubber wood, and bamboo in furniture production.
Country-wise Insights
Bio Furnishing Market in the US: The United States plays a significant role in the North American bio furnishing market, with increasing consumer awareness of the environmental impact of their purchasing decisions driving demand for sustainable furniture. The rapid expansion of greenhouse businesses in the US is paving the way for more environmentally friendly sustainable furnishings. As a result, customers are deeply committed to creating environmentally conscious living spaces, contributing to the demand for eco-friendly products. Additionally, there has been a notable increase in producers selling handmade furniture made in the United States.
Sales Growth of Bio Furniture Market in Germany: Germany, a key market in the European bio furnishing industry, boasts one of the highest regional market shares. As more people seek eco-friendly materials to support the environment, Germany experiences strong demand for sustainable products in home decoration. Leading German manufacturers of bio furniture continually focus on using recycled and eco-friendly materials in their products to reduce environmental impact.
Generating Demand for Bio Furnishing Market in India: India emerges as a prominent player in the bio furnishing market, owing to its abundant resources and skilled labor expertise in furniture production. India generates high demand for bio-furnished products in both domestic and international markets, making it a leading opportunity for key players in the bio furnishing market, particularly in the South Asia region.
Competitive Analysis
Manufacturers in the bio furnishing market are strategically implementing various regional penetration strategies to boost their sales in lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening regional and global distribution networks.
Key Companies Profiled
- 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.
Key Segments Covered in Bio Furnishing Industry Research
By Product Type:
- Chair
- Table
- Bed
- Desk
- Cupboards
- Others
By Application Outlook:
- Residential
- Commercial
By Sales Channel:
- Wholesalers/Distributors
- Hypermarkets/Supermarkets
- Multi-brand Stores
- Independent Small Stores
- Departmental Stores
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East Africa
For more information about this report visit https://www.researchandmarkets.com/r/ncklw8
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