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The latest research study released by Transparency Market Research examines the current state of the Eco-friendly Furniture industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
Eco-friendly Furniture market is estimated to attain a valuation of US$ 88.0 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 8% during the forecast period, 2023-2031
Rise in shift toward sustainability and increase in advantages associated with eco-friendly products are driving the global eco-friendly furniture market. People nowadays are more aware of the benefits of choosing eco-friendly furniture for sustainable living, which contributes to market expansion.
Manufacturers are focusing on designing sustainable furniture as it can reduce waste, conserve resources, and benefit the environment. Moreover, online platforms offer opportunities for customers to explore various products and offerings.
Sustainable furniture companies are engaging in merger & acquisition to increase product visibility. Innovations and design trends in eco-friendly furniture are also augmenting market growth. However, rise in availability of alternative products at lower cost is expected to hamper market dynamics during the forecast period.
Rise in sustainability trends across the world is creating significant demand for various eco-friendly products including furniture. People in the U.S. as well as in countries in Asia Pacific have become more conscious of using environmentally-friendly products due to their various advantages. Eco-friendly products help reduce the carbon footprint and no additional waste is dumped at landfills.
Sustainable furniture is a more economical choice in the long run. Manufacturers are engaged in creating furniture products that do not harm the environment. They use environmentally-friendly materials for product development. Green certifications such as BREEAM and LEED are attracting customers worldwide.
