The global Teak Furniture Market is estimated to be valued at USD 39.82 billion in 2021 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Teak furniture refers to furniture made from teak wood, which is known for its
durability, resistance to moisture, and natural oils that make it resistant to
termites and other pests. Teak furniture provides a combination of aesthetic
appeal, strength, and longevity, making it a popular choice for indoor and
outdoor furniture. Additionally, teak wood is considered a sustainable choice
as it is harvested from responsibly managed plantations.
Market key trends:
The key trend driving the teak furniture market is the increasing demand for
sustainable and durable furniture. With growing environmental concerns,
consumers are opting for furniture that is made from sustainable materials and
has a long lifespan. Teak furniture meets these requirements, as it is made
from a renewable resource and can last for decades with proper care. Moreover,
teak wood's natural resistance to pests and weather elements makes it ideal for
outdoor furniture, further fueling its demand. Key players in the market are
also focusing on sustainability by using responsibly sourced teak wood and
adopting environmentally friendly manufacturing processes.
Key Players:
Waifair LLC., Westminster Teak, Inc., Polyteak, Bajanusa Furniture, Frontgate,
Gloster Furniture GMBH, Nusantara Teak, Teak Heirlooms, Raft Furniture,
Wihardja, Artisera, Teak & Mahogany, Dania Furniture, Danish Teak Classics,
Casateak Teak wood furniture, Teak Vogue Sdn Bhd, CV.Jepara Crafter Furniture,
Wisanka Indonesia, Kalingga Jati Furniture, Republic Furniture Group
PEST Analysis:
Political: The political factors influencing the teak furniture market include
government regulations and policies regarding the environment, logging, and
deforestation. These regulations can impact the availability and sourcing of
teak wood, as well as the sustainability practices of teak furniture
manufacturers.
Economic: The economic factors affecting the teak furniture market include
economic growth, disposable income, and consumer spending patterns. As the
global economy grows, consumers have more purchasing power and are likely to
invest in high-quality and durable teak furniture products.
Social: Changing consumer preferences and lifestyles, as well as increasing
awareness of sustainability, are social factors influencing the teak furniture
market. Consumers are seeking products that are eco-friendly and long-lasting,
leading to a rise in demand for teak furniture.
Technological: Advancements in technology, such as precision machinery and
digital manufacturing, have impacted the teak furniture market. These
technological developments have improved the efficiency of production processes,
resulting in cost savings and better quality products.
Key Takeaways:
The global Teak
Furniture Market Share is expected to witness high growth, exhibiting a
CAGR of 8.6% over the forecast
period from 2023 to 2030. This growth can be attributed to increasing consumer
demand for sustainable and durable furniture products.
In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the teak furniture market. This can be
attributed to the presence of major teak-producing countries such as Indonesia,
Myanmar, and India, as well as the rising disposable income and changing
lifestyles of consumers in the region.
Key players operating in the teak furniture market include Waifair LLC.,
Westminster Teak, Inc., Polyteak, Bajanusa Furniture, Frontgate, Gloster
Furniture GMBH, Nusantara Teak, Teak Heirlooms, Raft Furniture, Wihardja,
Artisera, Teak & Mahogany, Dania Furniture, Danish Teak Classics, Casateak
Teak wood furniture, Teak Vogue Sdn Bhd, CV.Jepara Crafter Furniture, Wisanka
Indonesia, Kalingga Jati Furniture, Republic Furniture Group, and Cv. Raisa
House Indonesia. These key players contribute to the growth and competitiveness
of the teak furniture market through their innovative products and extensive
distribution networks.
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