Children Furniture Market Expected to Reach $48.9 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Children Furniture Market by Type, Material, End User and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global children furniture market size was valued at $26.6 billion in 2020, and is projected reach $48.9 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030. The wood segment led in terms of global market share and is expected to retain its dominance during the forecast period.

Increase in population density in metro cities has been majorly driving the growth of the children furniture industry. People are majorly migrating from rural areas to metro cities in search of job opportunities and are bringing their families along with them. About 55% of the global population was living in urban areas in 2018; however, this number is expected to surpass 68% by the end of 2050. This migration creates potential opportunities for real estate, hotels & restaurants, hospitals, and clinics, where various types of furniture, including children furniture products are required, thus increasing the demand for children furniture. Rise in urbanized population is creating huge demand for children furniture, thus driving children furniture market growth.

Raw material suppliers play a significant role in the children furniture market. Increase in cost of raw materials hampers the market growth. In addition, stringent regulations and conditions imposed on cutting trees for timber and import of raw materials, such as wood, have resulted in scarce supply of high-quality wood, thereby limiting the production of furniture products. Similarly, prices of metal and polymer are also increasing due to their increasing demand in various applications apart from furniture making. The prices of other raw materials used in making furniture, such as chipboard, cotton, foam, polish chemical materials, color paints, and hardware, have also increased in recent years. The supply demand gap, rising oil prices, and trade wars have resulted in an overall increase in the price of the product, thus negatively impacting the market.

COVID-19 has positively impacted the global children furniture market. High demand from the residential segment has offset the negative impact on the commercial segment. Nevertheless, online sales channels have gained high traction with direct to consumer emerging as a profitable model for the engaged stakeholders. In addition, advancements in digital technology and communication tools have empowered engaged stakeholders to respond swiftly to the variation in consumer demand, gain cost-saving benefits, and improving their overall operational efficiency. 

The global children furniture market is segmented on the basis of type, material, end user, sales channel, and region. Based on type, it is divided into beds, cots & cribs, table & chair, cabinet, dressers & chests, and others. Depending on material, it is classified into wood, polymer, and metals. By end user, it is bifurcated into residential and commercial. By sales channel, it is categorized into offline channels and online channels. Furthermore, it includes revenue generated from the sales of children furniture across North America, Europe, Asia-Pacific, and LAMEA.

KEY FINDINGS OF THE STUDY

• By type, beds, cots & cribs is the largest segment, however, the cabinet, dressers & chests segment is expected grow with highest CAGR during the forecast period.
• By material, wood segment occupies about two-third of the global market share.
• By end user residential segment leads in terms of global market share however, commercial segment is likely to gain high traction in the upcoming years.
• By sales channel, online segment is likely to gain market share towards the end of forecast period, however offline channel will continue to dominate the global market.
• By region, Asia Pacific is likely to grow with highest CAGR during the children furniture market forecast period.

Some of the major players profiled in the children furniture market analysis include Cello Group, Cosmoplast Industrial Company LLC, Herman Miller, Inter IKEA Systems B.V., Keter Group, Nilkamal Limited, Pil Italica, Lifestyle, Sauder Woodworking Company, Sleep Number Corporation, and Tramontina. Other prominent players operating in the children furniture market are Ashley Furniture Industries, Hooker Furniture Corporation, Steelcase, Avro India Limited, Scancom International A/S, Okamura Corporation, and Kimball International Inc.