The global wooden furniture market is anticipated to grow at a CAGR of 4.64% during the forecast period (2024-2031). The market growth is driven by the rising disposable incomes, the rapid expansion of the real estate and hospitality sectors, and rising demand for luxury and premium furniture from certain consumer segments. The introduction of marketing campaigns by market players is also contributing significantly towards the market growth. For instance, in July 2022 Wooden Furniture brand HATIL, crafted a new product campaign namely ‘Modern furniture crafted with elegance’.
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The global wooden furniture market is segmented by the wooden type (into softwood and hardwood), product (into chairs, tables, cabinets, and others (Sofas and Couches)), distribution channel (into Supermarkets and Hypermarket, Specialty Stores, e-commerce, and others (local stores and independent retailers)), end users (into residential and commercial) and geographies (into North America, Europe, Asia-Pacific, and the Rest of the World).
Market Highlights and Recent Developments
- The chair and tables segment is anticipated to hold a considerable market share owing to the rise in the development of designs and innovative art.
- Additionally, the supermarket and specialty stores sub-segment is expected to hold a considerable share, due to the rising demand of wooden furniture in supermarkets and specialty stores, attributing to the urbanization and the housing boom, interior design and home décor trends, eco-friendly and substantial options, product variety and affordability, and marketing and promotional tactics.
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- In June 2023, a selection of veneer furniture pieces was launched by Durian Furniture. They have introduced a highly sought-after line of classic coffee tables, side tables, TV stands, buffets, and other furniture.
- The Asia-Pacific region is anticipated to hold a prominent share of the market across the globe, owing to the high concentration of the market solution vendors including Xuzhou Mega Industries Ltd. Godrej Interio, Excel Furniture, Linyi haisen Wood Co., Ltd., and others.
- In addition, the North American region is anticipated to grow at a considerable CAGR over the forecast period, owing to the improvements in production processes, design skills, and finishes, resulting in the development of novel furniture designs.
- In April 2023, Dropcity, a Milan-based architecture and design center, announced the opening of its center in 2024. The center will feature 28 tunnels, which will house libraries, production workshops, exhibition galleries, and prototyping labs.
- In April 2023, IKEA US launched the Interior Design Service, for DIY furniture projects and minimalist décor pieces, to aid low-cost home renovations.
- However, the market growth is restrained by the growing demand of second-hand products, Competition from Alternative Materials (such as metal, plastic, engineered wood, steel, aluminum, and iron), and changing consumer preferences.
- The eco-friendly initiative of responsible wood sourcing from sustainable and certified forests is presenting opportunities for market expansion for the market players. Also, offering various after-sales services such as furniture repair, refinishing, or upcycling is potent for global expansion.
The major players in the global wooden furniture market include Haworth, Inc., Inter IKEA Systems BV, Steelcase Inc., Masco Corp., HNI Corp., & J.G. STICKLEY, INC., Kimball International, Inc., Okamura Corp., Heritage Home Group LLC, and Durham furniture Inc., and others. The market players are contributing considerably to the market growth by the adoption of various market strategies. For instance, in January 2023, In Mumbai, the omnichannel furniture company Wooden Street opened its eighth experience store. The recently opened shop will sell furniture and home decor items and is situated at Arihant Aarohi, Kalyan-Shil Road, Shilphata, Padle Gaon in Thane, Maharashtra.
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