The rattan furniture market share is expected to increase to USD 870.19 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.36%. This report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

This rattan furniture market research report extensively covers market segmentation by end-user (residential and commercial) and geography (North America, APAC, Europe, South America, and MEA).

What will the Rattan Furniture Market Size be During the Forecast Period?

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The rattan furniture market report also offers information on several market vendors, including Agio International Co., Barbeques Galore Aust Pty Ltd, Braxton Culler Inc., Fischer Mobel GmbH, Hartman Outdoor Products UK Ltd, Haworth Inc., Keter Plastic Ltd., Linya Group Ltd., Modi Workspace Pvt Ltd., and TUUCI LLC among others.

Rattan Furniture Market: Key Drivers, Trends, and Challenges

The outdoor rattan furniture is notably driving the rattan furniture market growth, although factors such as fragmentation of the market may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the rattan furniture industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Rattan Furniture Market Driver

One of the key factors driving the global rattan furniture market growth is the significant increase in demand for outdoor rattan furniture. In 2020, the outbreak of COVID-19-induced lockdowns led to the closure of restaurants, bars, and workplaces that negatively impacted the demand for outdoor furniture items such as rattan furniture. However, the need for outdoor rattan furniture in the residential category has increased dramatically due to the pandemic, as people were forced to stay at home and work from home. Thus, the increase in demand from residential end-users due to the WFH culture is expected to drive the global rattan furniture market during the forecast period.

Key Rattan Furniture Market Trend

Another key factor driving the global rattan furniture market growth is the rising emphasis on eco-friendly furniture. The demand for eco-friendly furniture is increasing in developed countries such as the US, Canada, and Mexico due to the radical shift in preferences of customers to eco-friendly furniture such as furniture made from bamboo, which is harder and more durable than oak furniture. Hence, vendors are offering artistically designed and good quality furniture manufactured using eco-friendly materials, which is contributing to the growing popularity of such furniture. Moreover, several non-profit trade associations have introduced guidelines for suppliers and manufacturers of eco-friendly furniture. Therefore, the growing demand and awareness for eco-friendly furniture will influence the growth of the global rattan furniture market during the forecast period.

Key Rattan Furniture Market Challenge

One of the key challenges to the global rattan furniture market growth is the fragmentation of the market due to the presence of multiple regional and international vendors. This high fragmentation of the market results in moderate barriers to new entrants, which increases the bargaining power of buyers and prompts vendors to opt for penetration pricing strategies. Furthermore, the local unorganized vendors offer rattan furniture at a low price compared to the prices offered by organized regional and global retailers. Such factors result in high price volatility, thereby leading to a significant increase in price wars, which affect the pricing strategy and the R&D investments of large global vendors. Thus, these factors are expected to challenge the rattan furniture market in the forecast period.

This rattan furniture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Rattan Furniture Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Agio International Co.
• Barbeques Galore Aust Pty Ltd
• Braxton Culler Inc.
• Fischer Mobel GmbH
• Hartman Outdoor Products UK Ltd
• Haworth Inc.
• Keter Plastic Ltd.
• Linya Group Ltd.
• Modi Workspace Pvt Ltd.
• TUUCI LLC

This statistical study of the rattan furniture market encompasses successful business strategies deployed by the key vendors. The rattan furniture market is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions to compete in the market.

Product Insights and News

• Agio International Co. - The company offers Sydney husk outdoor wicker and concealed cushion sofa that is rattan furniture.
• Agio International Co. - Unified segment of the company manufactures outdoor furniture.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The rattan furniture market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Rattan Furniture Market?

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37% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for rattan furniture in APAC. Market growth in this region will be faster than the growth of the market in other regions.

North America is another potential market for rattan furniture. The significant increase in the demand for rattan furniture from countries such as the US, Canada, and Mexico will facilitate the growth of the market in focus in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the rattan furniture market in North America witnessed slow growth due to the outbreak of COVID-19. The outbreak resulted in the temporary shutdown of manufacturing operations of vendors and various end-user industries, which led to a decline in the production of and demand for rattan furniture. However, the initiation of large-scale vaccination drives in the first quarter of 2021 led to the resumption of various business operations. such factors are expected to drive the regional rattan furniture market during the forecast period.

What are the Revenue-generating End-user Segments in the Rattan Furniture Market?

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The rattan furniture market share growth by the residential segment will be significant during the forecast period. The growth of the segment is mainly driven by the increase in demand for multifunctional and multipurpose residential furniture comprising mainly foldable beds and extendable sofa sets, which, in turn, will drive the growth of the market during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the rattan furniture market size and actionable market insights on post COVID-19 impact on each segment.

Parent Market Analysis

Technavio categorizes the global rattan furniture market as a part of the global home furnishings market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the rattan furniture market during the forecast period.

Rattan Furniture Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the rattan furniture market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

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What are the Key Data Covered in this Rattan Furniture Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive rattan furniture market growth during the next five years
• Precise estimation of the rattan furniture market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the rattan furniture industry across North America, APAC, Europe, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of rattan furniture market vendors

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