by The global Teak Furniture Market is estimated to be valued at USD 39.82 billion in 2021 and is expected to exhibit a CAGR of 8.6% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Teak furniture refers to furniture made from teak wood, which is known for its durability, strength, and resistance to outdoor conditions. Teak furniture offers several advantages, including its natural beauty, longevity, low maintenance requirements, and resistance to rot, moisture, and insects. These factors make teak furniture a popular choice for outdoor applications, such as garden furniture, patio sets, and yacht decks. With the increasing focus on sustainable and environmentally-friendly options, the demand for teak furniture is expected to witness significant growth.
Market Key Trends:
One of the key trends in the teak furniture market is the growing demand for customized furniture. Customers are increasingly looking for unique and personalized furniture pieces that reflect their individual style and preferences. This trend is driving the market towards offering a wide range of customization options, such as choice of design, color, size, and finishes. Manufacturers are also utilizing advanced technologies like 3D modeling and virtual reality to provide customers with a visual representation of their customized furniture before purchase. This trend is likely to boost the sales of teak furniture in the coming years.
Porter’s Analysis:
The Teak Furniture Market is expected to witness high growth and exhibit a CAGR of 8.6% over the forecast period from 2023 to 2030. This growth can be attributed to various factors, including the increasing demand for teak furniture and the growing awareness among consumers regarding the benefits of teak wood.
Threat of new entrants: The threat of new entrants in the teak furniture market is relatively low. This is due to the high capital requirements for setting up manufacturing facilities and the need for specialized knowledge and expertise in working with teak wood.
Bargaining power of buyers: The bargaining power of buyers in the teak furniture market is moderate. While there are many teak furniture manufacturers available, buyers still have limited options when it comes to high-quality teak furniture. This gives some leverage to suppliers in terms of pricing and product offerings.
Bargaining power of suppliers: The bargaining power of suppliers in the teak furniture market is relatively high. This is because teak wood is a limited resource and suppliers have control over the availability and pricing of teak wood. Suppliers can dictate the terms and conditions of supply, which can have an impact on the profitability of manufacturers.
Threat of new substitutes: The threat of new substitutes in the teak furniture market is low. Teak wood is known for its durability, strength, and resistance to weather conditions, making it highly desirable for furniture production. Other types of wood may not possess the same qualities as teak, which limits the availability of substitutes.
Competitive rivalry: The competitive rivalry in the teak furniture market is intense. There are numerous players operating in the market, both global and regional, which results in competitive pricing and product differentiation. Manufacturers need to focus on product innovation and quality to gain a competitive edge in this market.
Key Takeaways:
The global Teak Furniture Market Share is expected to witness significant growth over the forecast period. Factors such as increasing demand for teak furniture and growing awareness among consumers regarding the benefits of teak wood are driving this growth.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the teak furniture market. This can be attributed to the presence of key players in this region, as well as the high demand for teak furniture in countries like India, China, and Indonesia.
Some of the key players operating in the teak furniture market include Waifair LLC., Westminster Teak, Inc., Polyteak, Bajanusa Furniture, Frontgate, Gloster Furniture GMBH, Nusantara Teak, Teak Heirlooms, Raft Furniture, Wihardja, Artisera, Teak & Mahogany, Dania Furniture, Danish Teak Classics, Casateak Teak wood furniture, Teak Vogue Sdn Bhd, CV.Jepara Crafter Furniture, Wisanka Indonesia, Kalingga Jati Furniture, Republic Furniture Group, and Cv. Raisa House Indonesia. These key players are known for their high-quality teak furniture and have a strong presence in the market.
Overall, the teak furniture market is poised for growth, driven by factors such as increasing demand, regional dominance, and the presence of key players. Manufacturers in this market need to focus on product innovation and quality to stay competitive and capture a larger market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
