Wooden Office Furniture Market

The article delves into the expected increase in demand for wooden office furniture globally over the next eight years, with a projected CAGR of +1.5% in market volume and +4.1% in market value. Key findings include insights on consumption trends, production volumes, import and export statistics, top importing and exporting countries, and average prices per unit. The data highlights notable growth rates in certain countries, global market peaks, and shifts in market shares, providing a comprehensive overview of the wooden office furniture market landscape.

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 eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2022 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 +4.1% for the period from 2022 to 2030, which is projected to bring the market value to $60.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Wooden Furniture Of A Kind Used In Offices

In 2022, approx. 511M units of wooden furniture of a kind used in offices were consumed worldwide; shrinking by -2.6% on the year before. The total consumption volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Global consumption peaked at 525M units in 2021, and then shrank in the following year.

The global wooden office furniture market size shrank modestly to $44.1B in 2022, with a decrease of -4.3% 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 +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, consumption attained the peak level of $48.4B. From 2019 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (109M units), the United States (73M units) and the UK (42M units), with a combined 44% share of global consumption. Italy, Germany, Pakistan, Indonesia, Bangladesh, Mexico, Spain, Canada and Iran lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Spain (with a CAGR of +8.7%), 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 ($6.8B), Italy ($5.5B) and China ($5.1B), with a combined 39% share of the global market. The United States, the UK, Spain, Pakistan, Indonesia, Canada, Bangladesh, Iran and Mexico lagged somewhat behind, together comprising a further 29%.

Among the main consuming countries, Spain, with a CAGR of +10.0%, saw 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.

The countries with the highest levels of wooden office furniture per capita consumption in 2022 were the UK (618 units per 1000 persons), Italy (600 units per 1000 persons) and Germany (412 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Spain (with a CAGR of +8.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Wooden Furniture Of A Kind Used In Offices

In 2022, the amount of wooden furniture of a kind used in offices produced worldwide contracted slightly to 498M units, with a decrease of -4.5% compared with the previous year's figure. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 13% against the previous year. As a result, production reached the peak volume of 550M units. From 2019 to 2022, global production growth remained at a lower figure.

In value terms, wooden office furniture production declined to $42.4B in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 12%. Global production peaked at $53B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of wooden office furniture production was China (131M 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 (43M units), threefold. The third position in this ranking was taken by the UK (39M units), with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +2.3%. The remaining producing countries recorded the following average annual rates of production growth: the United States (+0.1% per year) and the UK (+3.9% per year).

Imports

World Imports of Wooden Furniture Of A Kind Used In Offices

In 2022, overseas purchases of wooden furniture of a kind used in offices decreased by -6.3% to 70M units for the first time since 2015, thus ending a six-year rising trend. In general, imports, however, posted a strong expansion. The pace of growth was the most pronounced in 2017 when imports increased by 30%. Over the period under review, global imports reached the maximum at 74M units in 2021, and then declined in the following year.

In value terms, wooden office furniture imports fell to $3.3B in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 14%. Global imports peaked at $3.6B in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports By Country

The United States was the main importing country with an import of about 31M units, which resulted at 44% of total imports. It was distantly followed by the UK (3.7M units) and Canada (3.5M units), together achieving a 10% share of total imports. The following importers - Germany (2.9M units), France (2.2M units), Malaysia (1.9M units), the Philippines (1.7M units), South Korea (1.5M units), Chile (1.5M units), Switzerland (1.3M units), the Netherlands (1.3M units) and Australia (1.1M units) - together made up 22% of total imports.

Imports into the United States increased at an average annual rate of +15.7% from 2012 to 2022. At the same time, Chile (+20.0%), Malaysia (+18.4%), the Philippines (+16.2%), the UK (+15.9%), Switzerland (+14.4%), the Netherlands (+12.2%), Canada (+10.6%), Germany (+8.7%), South Korea (+5.5%) and France (+5.3%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in the world, with a CAGR of +20.0% from 2012-2022. By contrast, Australia (-1.3%) illustrated a downward trend over the same period. While the share of the United States (+22 p.p.), the UK (+2.8 p.p.) and Malaysia (+1.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Australia (-2.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($847M) constitutes the largest market for imported wooden furniture of a kind used in offices worldwide, comprising 26% of global imports. The second position in the ranking was held by France ($235M), with a 7.1% share of global imports. It was followed by Germany, with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States was relatively modest. In the other countries, the average annual rates were as follows: France (+3.8% per year) and Germany (+4.6% per year).

Import Prices By Country

In 2022, the average wooden office furniture import price amounted to $47 per unit, remaining stable against the previous year. Over the period under review, the import price showed a deep contraction. The pace of growth appeared the most rapid in 2014 an increase of 3.3%. Over the period under review, average import prices attained the maximum at $110 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($108 per unit), while the Philippines ($11 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+1.7%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Wooden Furniture Of A Kind Used In Offices

Global wooden office furniture exports dropped significantly to 57M units in 2022, with a decrease of -20.4% against 2021 figures. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 41%. Over the period under review, the global exports attained the maximum at 79M units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, wooden office furniture exports reduced modestly to $4.3B in 2022. The total export value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 20%. As a result, the exports reached the peak of $4.5B, and then reduced in the following year.

Exports By Country

In 2022, China (22M units) was the main exporter of wooden furniture of a kind used in offices, generating 39% of total exports. Poland (5.1M units) held the second position in the ranking, followed by Canada (4.1M units) and Vietnam (3.8M units). All these countries together took near 23% share of total exports. Malaysia (2.3M units), Germany (2.3M units), Lithuania (2.1M units), Italy (1.3M units), Sweden (1.2M units), Turkey (1M units), Spain (1M units) and Portugal (1M units) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to wooden office furniture exports from China stood at +3.6%. At the same time, Portugal (+11.5%), Lithuania (+10.4%) and Poland (+10.1%) displayed positive paces of growth. Moreover, Portugal emerged as the fastest-growing exporter exported in the world, with a CAGR of +11.5% from 2012-2022. Turkey experienced a relatively flat trend pattern. By contrast, Spain (-1.7%), Vietnam (-1.9%), Canada (-2.3%), Germany (-4.8%), Malaysia (-5.8%), Sweden (-7.6%) and Italy (-12.7%) illustrated a downward trend over the same period. China (+13 p.p.), Poland (+5.7 p.p.) and Lithuania (+2.4 p.p.) significantly strengthened its position in terms of the global exports, while Sweden, Germany, Malaysia and Italy saw its share reduced by -2.3%, -2.3%, -3% and -6.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.2B) remains the largest wooden office furniture supplier worldwide, comprising 27% of global exports. The second position in the ranking was taken by Canada ($386M), with an 8.9% share of global exports. It was followed by Vietnam, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +3.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Canada (-0.1% per year) and Vietnam (+2.1% per year).

Export Prices By Country

In 2022, the average wooden office furniture export price amounted to $76 per unit, with an increase of 21% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The global export price peaked at $78 per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Italy ($173 per unit), while Malaysia ($42 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+10.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform