PORTLAND, Ore., March 1, 2022 /PRNewswire/ — Allied Market Research published a report, titled, ” Furniture Market by Type (RTA, Residential, and Commercial) and Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-Commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global furniture industry was estimated at $556.36 billion in 2020, and is anticipated to hit $877.43 billion by 2031, registering a CAGR of 3.8% from 2022 to 2031.
Drivers, restraints, and opportunities-
Surge in disposable income, rise in infrastructure investment in both the residential and commercial sectors, and growing inclination of customers toward modular furniture drive the global furniture market. On the other hand, increase in raw material prices and environmental restrictions associated with deforestation impede the growth to some extent. However, development of eco-friendly raw materials, developments in the E-commerce industry, and upsurge in disposable income of individuals are expected to create lucrative opportunities in the industry.
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Covid-19 Scenario-
- The outbreak of the pandemic led to huge disruptions in the supply chain. Also, the majority of manufacturing units came to temporary closure in order to comply with the concurrent rules & regulations, especially in the initial period. This, in turn, impacted the global…
