The global bamboo furniture market size is anticipated to touch USD 14.38 billion by 2025, according to a new report by Million Insights. The market is estimated to grow at a CAGR of 5.2% over from 2019 to 2025. The growth of the market is attributed to the growing expenditure on sustainable raw materials for furniture products.
The use of bamboo is gaining traction from both the commercial and residential sectors. Further, companies involved in crafting eco-friendly materials are focusing on using bamboo products as raw material. Such factors are projected to bode well for the market growth over the forecast duration.
Asia Pacific led the market in 2018 owing to the growing demand from like China and Far East nations. The region occupied around 59% of the market share in 2018 and projected to register the CAGR of 5.8% during the forecast duration. India, on the other hand, is anticipated to provide a lucrative growth avenue owing to rapidly rising infrastructural development.
Bamboo stools held nearly 44% of the market share in 2018. Growing bamboo applications in both outdoors and indoors are bolstering its demand. Further, rising demand from commercial places such as bars, cafes and restaurants is also fueling the product demand.
Key players involved in the bamboo furniture market are Hadicomex VietHa Jsc, Tanyee Company Ltd, Jiangxi Feiyu Bamboo Industry Group Co. Ltd, Shenzhen Vincent Handicraft Co., Greenington LLC, Moso International B.V., and CBG Bamboo among others.
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Further key findings from the report suggest:
• Asia Pacific held the largest market with over 55% of share in the year 2018, owing to increasing demand from countries such as India and China.
• The residential application held over 70% of the market share in the base year 2018. The segment is likely to continue its dominance over the forecast period.
• Key players operating in the market are Hadicomex VietHa Jsc, Tanyee company Ltd, CBG Bamboo, Moso International B.V, Shenzhen Vincent Handicraft Co., Greenington LLC and Jiangxi Feiyu Industry Co among others.
Million Insights has segmented the global bamboo furniture market on the basis of type, end user, and region:
Bamboo Furniture Type Outlook (Revenue, USD Million, 2015 - 2025)
• Chairs & Tables
Bamboo Furniture End User Outlook (Revenue, USD Million, 2015 - 2025)
Bamboo Furniture Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)