Teak furniture is made from solid teak wood which is considered one of the hardest and most durable woods in the world. Teak wood provides natural resistance to termites and weather damages making it suitable for outdoor applications. The attractive appearance and longevity of teak furniture has increased their adoption in residential and commercial applications. The Global teak furniture Market is driven by rising preference for eco-friendly and organic wood products along with increasing consumer spending on home furnishings.
The global teak furniture market is estimated to be valued at US$ 67.86 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the teak furniture 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 key players are focusing on new product launches and expansion in emerging markets to gain a competitive edge in the global market.
The key opportunities in the Global Teak Furniture Market Size include increasing consumer preference for luxury and designer furniture, growing construction and real estate industry, and expansion of e-commerce retail platforms. The online sales of teak furniture have witnessed significant growth over the past few years.
Globally, the demand for teak furniture is increasing at a fast pace across regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The rising disposable income, rapid urbanization, and growing tourism industry in emerging economies are fueling the global expansion of the teak furniture market.
Market drivers
One of the key drivers boosting the teak furniture market is the rising focus of consumers on sustainability and eco-friendly products. Teak wood is considered environment-friendly as it is harvested from managed plantations and forests. The natural durability and carbon footprint of teak furniture make it an appealing choice for consumers. This is expected to drive the demand over the forecast period.
PEST Analysis
Political: Regulations related to forest conservation and sustainable harvesting impact the supply of raw materials. Governments support initiatives for replantation of teak forests.
Economic: Changes in disposable incomes influence demand for luxury furniture items. Fluctuations in currency exchange rates affect imports and exports of teak wood and finished goods.
Social: Younger consumers prefer modern and minimalistic designs. However, many still admire traditional wooden furniture for its perceived quality and longevity.
Technological: Advances in woodworking tools and machinery have improved productivity and precision in furniture manufacturing. New finishing techniques help protect teak from damage while retaining its natural appeal.
Asia Pacific region accounts for the largest share of the global teak furniture market value owing to major raw material suppliers as well as high consumption. Countries such as India, Indonesia and Thailand are leading producers and consumers.
The teak furniture market in North America is growing at a rapid pace due to rising popularity of luxury home furnishings. Retailers offer a wide variety in styles to suit different customer preferences. Manufacturers are expanding their presence through online stores and showrooms.
The teak furniture market in Europe maintains steady demand backed by high living standards and appreciation for heritage craftsmanship. Leading brands focus on restoring and reproducing iconic antique designs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile