The Teak Furniture Market to Witness Robust Growth in the Asia Pacific Region
Teak is one of the most valuable quality timber known for its mellow color and durability. It is widely used for both indoor and outdoor furniture, countertops, boat decks, etc. Teak mainly grown in countries such as Myanmar, Sri Lanka, Malaysia, Indonesia, and India. Thus, the demand for teak furniture is also increasing in these developing countries, which in turn, is driving the teak furniture market growth. Moreover, the teak furniture market is witnessing huge traction due to increasing online sales of both indoor and outdoor furniture. Urban Ladder, FabFurnish, and Pepperfry are some online platforms for buying furniture in India.
Teak (Tactona grandis) is the most durable and strongest of
the hardwoods, which makes it the perfect material for indoor and outdoor
furniture. Teak is also used in the construction of ships and high-end boats
and yachts. The reason is that teak is valuable both for its elegance and its
durability. It also possesses some natural properties that other woods don't
have. Thus, the demand for teak furniture is increasing in developed and
developing countries. For instance, in March 2021, Italian brand Roda unveiled
outdoor furniture collections for the home and garden from a number of
international designers, all rendered in teak wood slats inside a frame.
Moreover, in March 2021, CB2 (Crate and Barrel Holdings)
unveiled retreat-inspired outdoor collection, featuring pieces made of
FSC-certified teak, industrial metals like polished stainless steel and cast
aluminum, Sunbrella fabrics, and natural-looking faux rattan. Furthermore, the teak
furniture market growth, in the Asia Pacific region, is attributed to the
increasing demand for the teak furniture market from residential sectors in countries such
as India and China. Consumers are preferring luxurious furniture for their home
due to rising disposable income. According to the India Brand Equity (IBEF),
India’s rural per capita disposable income is estimated to increase at a CAGR
of 4.4 per cent to US$ 631 by 2020.
Outdoor furniture finds its application majorly in
residential, hotels, and resorts. Demand for teak furniture, both indoor and
outdoor furniture, is increasing in developing countries, such as China,
Thailand, Malaysia, Singapore, China, and India. Growth of the teak furniture
market is also driven by the rapid growth of the e-commerce industry, as people
prefer to buy furniture form online platform. Thus, several manufacturers are
concentrating on the commercial sector due to the aforementioned factors in
order to maximize their sales. However, high cost of teak furniture compared to
plywood is the major factor restraining the teak furniture market growth.
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