The global bamboo furniture market size is expected to reach USD 14.38 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.2% during the forecast period. The growth is primarily attributed to rising investments in infrastructure developments and use of sustainable raw materials for furniture.
Bamboo is also gaining an increasing traction in terms of application in the commercial sector such as hotels, offices and recreational areas. Companies focus on crafting environmentally friendly products using bamboo as the major raw material. This factor is anticipated to drive the market in near future.
Asia Pacific is a one of the major markets, with China and other Far East countries as the major hubs. India is also expected to be a lucrative market for the manufacturers supported by the rising preference for sustainable and elegant furniture. Ikea has made India its global sourcing hub for bamboo products with an aim to expand its product portfolio.
Bamboo stools accounted for the highest market share of about 44% in 2018. Rising usage of bamboo furniture for both indoor and outdoor purposes is anticipated to drive the segment growth. Increasing demand from outdoor restaurants, cafes, and bars is projected to further fuel the product demand in near future. Foter offers a wide range of bamboo bar stools for both residential and commercial purposes in various designs.
The global bamboo furniture market is majorly driven by the residential application. Rising demand for elegant furniture to complement the living room and bedroom décor along with the rise in real estate constructions initiated by governments, especially in the urban areas is projected to drive the segment growth.
Asia Pacific accounted for the largest market share of about 59% in 2018. It is also expected to expand at the fastest CAGR of 5.8% from 2019 to 2025. Majority of the growth is driven by China and other Far East countries. Improving living standards in China are resulting in higher investments in home décor and furnishings, which in turn is anticipated to fuel the market.
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Further key findings from the study suggest:
- APAC is estimated to be the fastest market accounting for a share of more than 55% by 2025, driven majorly by the high demand from China and India
- In terms of revenue, residential application accounts for a market share of more than 70% in 2018. The segment is expected to continue leading over the forecast period
- Some of the major players operating in the global bamboo furniture market include Jiangxi Feiyu Industry Co. Ltd., Moso International B.V, Hadicomex VietHa Jsc, Ole Bamboo, Tanyee company Ltd., Shenzhen Vincent Handicraft Co., Limited, CBG Bamboo, and Greenington LLC