June 20, 2024
Teak Furniture Market

Teak Furniture Market is Projected to Grow at a Significant Rate due to Increasing Interior Decor Trends

Teak furniture is known for its durability and aesthetic appeal. Wood furniture made from teak is highly weather resistant and requires low maintenance. It is often preferred for outdoor as well as indoor settings. Rising disposable income and changing lifestyle trends have boosted the demand for stylish and high-quality wooden furniture globally. The teak furniture market provides opportunities for both residential and commercial sectors.

The global teak furniture market is estimated to be valued at US$ 67.86 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Teak Furniture Market Overview are BASF (Germany), Evonik Industries (Germany), P&G Chemicals (US), Croda International (UK), Mitsubishi Chemicals (Japan), Sisterna (Netherlands), Stearinerie Dubois (France), Dai-Ichi Kogyo Seiyaku (Japan), Alfa Chemicals (UK), FELDA IFFCO (US), World Chem Industries (India), Compass Foods (Singapore), and Zhejiang Synose Tech (China).

The growing demand for luxury homes and villas has opened new avenues for manufacturers in developing as well as developed economies. Asia Pacific remains the dominant region due to the large production and consumption of teak furniture in China, India, Indonesia, and other Southeast Asian countries. European countries are major importers of teak wood products.

Increasing focus on sustainable forest practices and certifications such as Forest Stewardship Council (FSC) has boosted consumer confidence in teak wood furniture. Online retail platforms offer a wide variety of styles and designs globally, facilitating the expansion of teak furniture market worldwide.

Market drivers
The increasing spending on home décor and furnishings, especially in developing countries is a major factor driving the global teak furniture market. Rapid urbanization and growing disposable income have augmented the sales of luxury furniture. Furthermore, changing consumer preference towards premium and durable wood furniture over plastics and metals is propelling the demand for teak furniture.

PEST Analysis
Political: Teak furniture market is influenced by various regulations regarding deforestation and sustainability practices for wood resource. Governments promote policies to ensure responsible sourcing of teak wood.

Economic: Changes in global and regional economic conditions impact the demand trends in the teak furniture industry. Economic growth and rise of middle class boost spending on home décor products.

Social: Consumers seek premium and high-quality furniture made from natural wood materials like teak for homes. Shift towards sustainable and eco-friendly products also influences furniture purchases.

Technological: Advances in woodworking machinery and production techniques help manufacturers improve efficiencies and design capabilities. Online retail channels provide greater accessibility of teak furniture products to customers.

Asia Pacific Region
The Asia Pacific region represents the largest market for teak furniture in terms of value, led by countries like China, India, Indonesia, and Vietnam. Abundant availability of teak wood resources and a large consumer base drive the high concentration of market worth in the region.

North America Region
North America region is poised to witness the fastest growth in the teak furniture market during the forecast period. Increasing popularity of luxury and premium furnishings paired with rise of eco-conscious consumers spending on sustainable wooden furniture propels the growth in countries such as the United States and Canada.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it