The global HoReCa furniture market is driven by the change in lifestyle and social culture of individuals and groups across the globe and the rapid expansion of the food and beverages industry.
PORTLAND, Ore., Sept. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "HoReCa Furniture Market by Product Type (Beds, Tables/Desks, Chairs/Stools, Sofa/Couches, and Others), Material (Wood, Metal, Plastic, and Others), and Category (Indoor and Outdoor): Global Opportunity Analysis and Industry Forecast, 2022–2031". According to the report, the global HoReCa furniture market was valued at $171,322.6 million in 2022, and is projected to reach $263,940.0 million by 2032, registering a CAGR of 4.6% from 2023 to 2032.
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HoReCa furniture items are carefully designed, taking into account several crucial factors, including durability, functionality, aesthetic appeal, and comfort. They are engineered to withstand the rigors of heavy use and frequent cleaning, as they are intended for commercial settings where patrons may make daily use of them. HoReCa furniture includes various pieces such as restaurant chairs, tables, bar stools, lounge seating, hotel room furnishings, outdoor furniture for cafes or patios, banquet chairs, and other specialized items, all crafted to meet the unique needs and preferences of these establishments.
Prime determinants of growth
The global HoReCa furniture market is experiencing growth due to factors such as changes in lifestyle and culture of individuals, expansion of food and beverages service industry, and growth in tourism and hospitality industry. However, increase in cost of raw materials and lack of skilled labor in the industry restrain the market growth to some extent. Nevertheless, an increase in demand for technology-integrated furniture,rise in global events and exhibitions, and government initiatives and regulations are expected to provide ample growth opportunities in the upcoming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $171,322.6 Million |
Market Size in 2032 | $263,940.0 Million |
CAGR | 4.6 % |
No. of Pages in Report | 250 |
Segments covered | Product Type, Material, end use, and Region. |
Drivers | Change in lifestyle and culture of individuals Expansion of food and beverages service industry Growth in tourism and hospitality industry |
Opportunities | Increase in demand for technology-integrated furniture Rise in global events and exhibitions Government initiatives and regulations |
Restraints | Increase in cost of raw materials Lack of skilled labor in the industry |
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The tables/desks segment to maintain its leadership status throughout the forecast period
Based on product type, the tables/desks segment held the highest market share in 2022, accounting for more than one-fourth of the global HoReCa furniture market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment would cite the fastest CAGR of 5.4% from 2023 to 2032. One of the main factors that drives the demand for tables and desks in the industry is the need to accommodate a large volume of customers who visit these establishments for dining or work purposes. Tables and desks serve as essential elements for facilitation of various activities and providing suitable workspaces. Hence, integrating chic and well-crafted tables and desks can enable establishments to cultivate an inviting ambiance that elevates the overall dining experience.
The wood segment to maintain its leadership status throughout the forecast period
Based on material, the wood segment held the highest market share in 2021, accounting for nearly one-third of the global HoReCa furniture market and is estimated to maintain its leadership status throughout the forecast period. Wood furniture holds significant appeal for hotels and restaurants within the HoReCa furniture industry, as it offers a range of advantages starting from its durability to longevity, which makes them a highly sought after product in the furniture category. In addition to its durability and aesthetic qualities, wood furniture aligns with the growing emphasis on environmental responsibility in the industry. Wood is a renewable resource, and many wood furniture manufacturers prioritize sustainable forestry practices during the whole process. However, the metal segment is projected to show a fastest CAGR of 5.7% during the forecast period.
The indoor segment to maintain its leadership status throughout the forecast period
Based on category, the indoor segment held the highest market share in 2021, accounting for nearly three-fifths of the global HoReCa furniture market and is estimated to maintain its leadership status throughout the forecast period. Indoor dining areas offer a controlled climate that ensures guest comfort, regardless of external weather conditions. This controlled environment provides an exclusive dining experience for guests and visitors. Moreover, indoor dining areas are often equipped with superior sound insulation, which reduces noise pollution and creates a serene atmosphere. However, the outdoor segment is estimated to showcase the fastest CAGR of 5.4% from 2023 to 2032.
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Europe to maintain its dominance by 2032
Based on region, Europe held the highest market share accounting for around one-third of the global HoReCa furniture market and is likely to dominate the market during the forecast period. In the European HoReCa furniture market, emphasis is placed on the importance of design. Businesses within this industry make investments in furniture that embodies elegance and attractiveness, with the goal of creating a positive dining experience for their customers. Modular furniture has witnessed a surge in popularity due to its adaptability, allowing it to be easily reconfigured to meet the evolving needs of businesses. However, the Asia-Pacific region would cite the fastest CAGR of 6.3% from 2023 to 2032.
Leading Market Players: -
- Inter IKEA Systems B.V.
- Kimball International Inc.
- Thonet GmbH
- TON a.s.
- Emeco
- KI
- Scab Giardino S.p.a.
- BK Barrit
- Moda Seating Corp
- Grand Rapids Chair Company, Inc.
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth. These factors include raw material prices, intense competition, end users, manufacturers, and suppliers. To understand the market, drivers, restraints, and opportunities are explained in the report.
Country Reports We Have in this Industry:
- Canada Horeca Furniture Market Opportunity Analysis and Industry Forecast, 2022-2032
- Mexico Horeca Furniture Market Opportunity Analysis and Industry Forecast, 2022-2032
- Europe Horeca Furniture Market Opportunity Analysis and Industry Forecast, 2022-2032
- UK Horeca Furniture Market Opportunity Analysis and Industry Forecast, 2022-2032
- Germany Horeca Furniture Market Opportunity Analysis and Industry Forecast, 2022-2032
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