Global Office Wooden Furniture Market Expected to Grow at 1.4% CAGR, Reaching $60.8B by 2030

IndexBox has just published a new report: World - Wooden Furniture Of A Kind Used In Offices - Market Analysis, Forecast, Size, Trends and Insights.

The global wooden office furniture market is expected to see growth in both volume and value over the next seven years. With an anticipated CAGR of +1.4%, the market is projected to reach 576M units and $60.8B in value by 2030. The largest consumers are China, the United States, and the UK, while China leads in production and Vietnam in exports. Import and export prices vary among countries, with China being the largest supplier worldwide in value terms.

Market Forecast

Market Forecast

Driven by increasing demand for wooden furniture of a kind used in offices worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2023 to 2030, which is projected to bring the market volume to 576M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2023 to 2030, which is projected to bring the market value to $60.8B (in nominal prices) by the end of 2030.

Consumption

Consumption

Global wooden office furniture consumption totaled 522M units in 2023, picking up by 2.1% on 2022. The total consumption volume increased at an average annual rate of +2.1% over the period from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Global consumption peaked at 525M units in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

The global wooden office furniture market revenue expanded modestly to $45.4B in 2023, with an increase of 3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $48.4B. From 2019 to 2023, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (108M units), the United States (72M units) and the UK (42M units), together comprising 42% of global consumption. Germany, Italy, Pakistan, Indonesia, Portugal, Bangladesh, Mexico, Spain and Canada lagged somewhat behind, together accounting for a further 32%.

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Portugal (with a CAGR of +39.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest wooden office furniture markets worldwide were Germany ($7.2B), China ($5B) and Italy ($5B), together accounting for 38% of the global market. The United States, the UK, Portugal, Spain, Pakistan, Indonesia, Canada, Bangladesh and Mexico lagged somewhat behind, together accounting for a further 29%.

Among the main consuming countries, Portugal, with a CAGR of +33.6%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2023, the highest levels of wooden office furniture per capita consumption was registered in Portugal (1,446 units per 1000 persons), followed by the UK (617 units per 1000 persons), Italy (536 units per 1000 persons) and Germany (432 units per 1000 persons), while the world average per capita consumption of wooden office furniture was estimated at 66 units per 1000 persons.

From 2013 to 2023, the average annual rate of growth in terms of the wooden office furniture per capita consumption in Portugal totaled +40.0%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the UK (+1.8% per year) and Italy (+5.2% per year).

Production

Production

In 2023, the amount of wooden furniture of a kind used in offices produced worldwide rose modestly to 510M units, picking up by 2.4% on the previous year. The total output volume increased at an average annual rate of +1.3% from 2013 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2018 with an increase of 13%. As a result, production reached the peak volume of 550M units. From 2019 to 2023, global production growth remained at a lower figure.

In value terms, wooden office furniture production totaled $43.6B in 2023 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 12% against the previous year. Global production peaked at $53B in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of wooden office furniture production was China (132M units), accounting for 26% of total volume. Moreover, wooden office furniture production in China exceeded the figures recorded by the second-largest producer, the United States (42M units), threefold. The third position in this ranking was taken by the UK (39M units), with a 7.6% share.

In China, wooden office furniture production increased at an average annual rate of +2.6% over the period from 2013-2023. In the other countries, the average annual rates were as follows: the United States (+1.0% per year) and the UK (+1.7% per year).

Imports

Imports

In 2023, global wooden office furniture imports stood at 70M units, standing approx. at 2022. In general, imports recorded strong growth. The growth pace was the most rapid in 2017 when imports increased by 30% against the previous year. Global imports peaked at 74M units in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, wooden office furniture imports contracted slightly to $3.2B in 2023. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 14% against the previous year. Over the period under review, global imports attained the maximum at $3.6B in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

Imports By Country

The United States represented the largest importing country with an import of about 30M units, which accounted for 43% of total imports. The UK (3.7M units) held a 5.2% share (based on physical terms) of total imports, which put it in second place, followed by Canada (4.6%). The following importers - the Philippines (2.7M units), Germany (2.7M units), France (1.8M units), South Korea (1.7M units), Malaysia (1.4M units), Chile (1.4M units), Switzerland (1.4M units) and the Netherlands (1.3M units) - together made up 21% of total imports.

Imports into the United States increased at an average annual rate of +16.7% from 2013 to 2023. At the same time, Chile (+23.9%), Switzerland (+20.1%), the Philippines (+17.8%), the UK (+16.4%), Canada (+9.9%), the Netherlands (+9.2%), Malaysia (+8.9%), Germany (+6.2%), South Korea (+5.6%) and France (+4.4%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in the world, with a CAGR of +23.9% from 2013-2023. From 2013 to 2023, the share of the United States, the UK, the Philippines and Chile increased by +24, +2.9, +2.3 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($779M) constitutes the largest market for imported wooden furniture of a kind used in offices worldwide, comprising 24% of global imports. The second position in the ranking was held by Germany ($236M), with a 7.4% share of global imports. It was followed by France, with a 6.5% share.

From 2013 to 2023, the average annual rate of growth in terms of value in the United States stood at -1.0%. In the other countries, the average annual rates were as follows: Germany (+3.5% per year) and France (+2.8% per year).

Import Prices By Country

The average wooden office furniture import price stood at $46 per unit in 2023, with a decrease of -4% against the previous year. Overall, the import price showed a deep contraction. The most prominent rate of growth was recorded in 2014 when the average import price increased by 3.3%. As a result, import price attained the peak level of $105 per unit. From 2015 to 2023, the average import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($115 per unit), while the Philippines ($7.3 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (+1.4%), while the other global leaders experienced a decline in the import price figures.

Exports

Exports

In 2023, the amount of wooden furniture of a kind used in offices exported worldwide rose modestly to 58M units, growing by 3.4% compared with 2022. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 41% against the previous year. Over the period under review, the global exports reached the maximum at 79M units in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

In value terms, wooden office furniture exports expanded to $4.4B in 2023. The total export value increased at an average annual rate of +1.2% over the period from 2013 to 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2021 when exports increased by 20%. As a result, the exports reached the peak of $4.5B. From 2022 to 2023, the growth of the global exports failed to regain momentum.

Exports By Country

In 2023, China (24M units) was the largest exporter of wooden furniture of a kind used in offices, constituting 41% of total exports. Vietnam (4.7M units) ranks second in terms of the total exports with an 8% share, followed by Poland (7.4%), Canada (7%) and Malaysia (6.3%). The following exporters - Lithuania (1.7M units), Germany (1.6M units), Italy (1.2M units), Sweden (1M units), Turkey (0.9M units) and Spain (0.9M units) - together made up 13% of total exports.

From 2013 to 2023, average annual rates of growth with regard to wooden office furniture exports from China stood at +4.4%. At the same time, Poland (+7.8%), Lithuania (+6.4%) and Malaysia (+1.2%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the world, with a CAGR of +7.8% from 2013-2023. Vietnam experienced a relatively flat trend pattern. By contrast, Turkey (-1.0%), Canada (-1.9%), Spain (-2.0%), Germany (-7.5%), Sweden (-8.9%) and Italy (-12.5%) illustrated a downward trend over the same period. While the share of China (+14 p.p.) and Poland (+3.9 p.p.) increased significantly in terms of the global exports from 2013-2023, the share of Canada (-1.6 p.p.), Sweden (-2.8 p.p.), Germany (-3.3 p.p.) and Italy (-6.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.3B) remains the largest wooden office furniture supplier worldwide, comprising 29% of global exports. The second position in the ranking was held by Canada ($402M), with a 9.2% share of global exports. It was followed by Vietnam, with an 8.8% share.

From 2013 to 2023, the average annual growth rate of value in China stood at +3.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Canada (+0.8% per year) and Vietnam (+1.8% per year).

Export Prices By Country

In 2023, the average wooden office furniture export price amounted to $75 per unit, reducing by -1.5% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2022 an increase of 21%. The global export price peaked at $78 per unit in 2015; however, from 2016 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Italy ($183 per unit), while Malaysia ($17 per unit) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Italy (+9.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform