Rising Obesity Rates Fuel Demand for Plus-Sized Furniture, a Growing Trend in the Global Market

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Sep 25, 2023, 20:45 ET

DUBLIN, Sept. 25, 2023 /PRNewswire/ -- The "Furniture - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Furniture estimated at US$545.9 Billion in the year 2022, is projected to reach a revised size of US$872.5 Billion by 2030, growing at a CAGR of 6% over the analysis period 2022-2030.

Wood, one of the segments analyzed in the report, is projected to record 7% CAGR and reach US$335.5 Billion by the end of the analysis period. Growth in the Metal segment is estimated at 6.3% CAGR for the next 8-year period.

The U.S. Market is Estimated at $119.7 Billion, While China is Forecast to Grow at 8.2% CAGR:

The Furniture market in the U.S. is estimated at US$119.7 Billion in the year 2022.
China, the world's second largest economy, is forecast to reach a projected market size of US$159.3 Billion by the year 2030, trailing a CAGR of 8.2% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4.8% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in the Euro area is helping boost real incomes and is contributing to a pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US$6 trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile, and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slow down and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

Companies Mentioned:

Ace Hardware Corporation
Ac Pacific Corporation
A.R.T. Furniture, Inc.
AAA State of Play
Abbyson Living
Adams Manufacturing
Agio International Co., Ltd.
Alfresco Home LLC
Allagash Wood Products, Inc.
American Chair & Seating Corporation
American Holtzkraft, Inc.
ACTIU Berbegal y Formas S.A.
Ak-47 S.R.L.
13CASA.COM Srl

What`s New?

Special discussions on the global economic climate and market sentiment
Coverage on global competitiveness and key competitor percentage market shares
Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to digital archives and trademarked research platform
Complimentary updates for one year
Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Impact of COVID-19 Pandemic and Looming Global Recession
2020 Marked as a Year of Disruption & Transformation
As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed?
World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
As COVID-19 Pandemic Affects the World, Non-Essential Furniture Sales Take a Hit
Trend towards WFM Model Impacts Sales of Office Furniture
Companies Make a Shift Towards Remote Working Mandated by COVID-19 Outbreak, Affecting Sales of Office Furniture: WFM Employees as a % of the Total Workforce 2019, 2020 and 2021
While Store Sales Decline, Online Furniture Sales Report Growth
Furniture Industry Views COVID-19 as an Opportunity for Coming up with Innovative Strategies for Increasing Sales
Post Pandemic Strategies for Furniture Manufacturers
The Furniture Industry in 2022 and Beyond
Furniture - Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
Furniture: Product Profile
Furniture Market by Material
Furniture Market by End-Use
Global Market Prospects & Outlook
Wood Leads the Furniture Market by Material
Home Furniture Leads, Corporate Needs to Drive Growth in Office Furniture Market
Online Sales Continue to Gain Traction in Furniture Market
Developing Economies Poised to Drive Long-term Growth
Production Scenario
Major Furniture Manufacturing Countries Worldwide: 2020
Global Furniture Market: Breakdown of Export Value (in %) by Country for 2020
Global Furniture Market: Breakdown of Import Value (in %) by Country for 2020
Competition
World Brands
Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Notable Trends Influencing Growth Outlook in the Furniture Market
Pandemic-Driven Changes to Propel Furniture Industry's Growth
Technology Trends Influencing Growth of Furniture Industry
3D Modelling & Visualization Adds New Capabilities in Furniture Design
Tech-Enabled Smart Furniture Comes to the Fore
Growing Popularity of Eco-Friendly Furniture
Rising Obesity Levels Drive the Need for Larger Furniture
Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
Average Per Capita Annual Health Expenditure (In US$) due to Obesity
Restaurants Look to Accommodate Obese Customers
Plus-Sized Furniture for Addressing Needs of Overweight People
Rise in Demand for Multi-Functional Furniture for Homes and Flexible Workspaces
Select Types of Multipurpose Furniture for Space Constrained Homes
Changing Trends in the Choice of Materials Used in Furniture
Increasing Trend Towards Smart Homes Drives Demand for Smart Furniture
Smart Home Penetration Rate (%) by Region/Country: 2020
Global Smart Home Penetration Rate (%): 2017-2025
A Review of Select Smart Furniture Products
Challenges Facing Smart Furniture Manufacturers
Pre-assembled or Ready-to-assemble (RTA) Furniture Gets Popular
Office Furniture Market Facing Challenging Times Amidst the Pandemic
Multifunctional and Personalized Office Furniture to Drive Market Gains
Eco-Friendly Office Furniture Find Favor
Private Sector Drives Growth in Office Furniture Market
Infrastructure Transformation in Emerging Economies: Potential for Growth
Office Furniture Design Trends in the Post-COVID Era
Varied Designs for Different Customers' Needs
Advent of Innovative and Inexpensive Furniture
Low Imports in Developed Countries Affect Market Development
Online Sales of Office Furniture Gather Pace
Global Office Furniture Market by Distribution Channel (in %) for 2020
Fierce competition in the Office Furniture Market
Home Furniture Market: Stable Growth Ahead
Wooden Furniture Continue to Hold Prominence among Customers
Plastic Furniture: Lightweight and Low Cost Attributes Propel Sales
Plastic Furniture Market Worldwide by Distribution Channel (in %) for 2022E
Customers Exhibit Inclination towards Recycled Plastic Furniture
Need for High-End Goods to Foster Demand for Luxury Furniture
Luxury Furniture Market by Material Type (in %) for 2022E
Luxury Furniture Sales Hit Hard by the Pandemic
Transforming Luxury Furniture Designs: A Review
Folding Furniture Sales Benefit from the Growing Needs of Constrained Spaces
Outdoor Furniture Continues Gain Momentum
Branded Furniture Finds Favor
Competitive Scenario
Healthcare Industry Creates Strong Demand for Aesthetic and Ergonomically Designed Furniture Post-Pandemic
DTC (Direct To Consumer) Channel Gains Popularity in Furniture Market
Benefits of DTC model in Furniture Brand Businesses
Marketing DTC Furniture
Digital Sales of Furniture Products Gain Traction Worldwide
e-Commerce Platforms Boost Sales of Furniture
Global e-Commerce Market Growth Outlook (In %) For Years 2019 Through 2025
B2B E-Commerce Driving Growth in Furniture Industry During COVID-19 Pandemic
Noteworthy E-commerce Trends in Furniture & Furnishings Marketplace
Manufacturers and Retailers Focus on Enhancing Personalized Experiences for Customers
Product Customization: A Win-Win Approach
Ergonomic Furniture Gains Spotlight in Offices and Educational Institutions
Augmented Reality Emerges as a Viable Marketing Tool
Millennials Emerge as an Important Demographic for Furniture Retailers and Brands
Global Millennials Population Spread by Region: 2019
Millennial Population as a Percentage (%) of Total Population in Select Countries: 2019
Marketing Strategies for Millennials
Decline in Hospitality Industry Hits Furniture Sales
Global Hotels and Hospitality Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
COVID-19 Impact on Travel & Tourism Industry: Growth Rate (%) of Industry Revenues in Select Countries for 2020 Vs 2019
Residential and Commercial Construction Trends Influence Furniture Sales
Global Construction Reset & Trajectory: Growth Outlook (In %) For Years 2019 Through 2025
Macro Drivers and Demographic Trends Influence Market Prospects
Expanding Global Population
World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
Urbanization Trend
World Urban Population in Thousands: 1950-2050P
Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
Burgeoning Middle Class Population
Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
Challenges Confronting Furniture Manufacturers

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/547s0o

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