Furnishing Article, Furniture and Cushion Cover Market

The global market for furnishing articles, furniture and cushion covers is expected to see continued growth in both volume and value over the next eight years. Consumption is forecasted to increase with an anticipated CAGR of +3.9% for volume and +5.5% for value from 2022 to 2030. Turkey remains the largest consumer and producer of these products, while China leads in exports. The United States is a major importer. The market has seen fluctuations in consumption, production, import and export prices, but overall shows moderate growth. India stands out as a country with the highest growth rate in both volume and value of exports over the period under review.

Market Forecast

Driven by increasing demand for furnishing articles, furniture and cushion covers 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 +3.9% for the period from 2022 to 2030, which is projected to bring the market volume to 3.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.5% for the period from 2022 to 2030, which is projected to bring the market value to $45.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Furnishing Articles, Furniture and Cushion Covers

In 2022, approx. 2.5M tons of furnishing articles, furniture and cushion covers were consumed worldwide; dropping by -12% on the previous year. Overall, the total consumption indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +14.0% against 2020 indices. Over the period under review, global consumption of hit record highs at 3.5M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The value of the market for furnishing articles, furniture and cushion covers worldwide declined to $29.8B in 2022, dropping by -7.4% 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). Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.6% against 2020 indices. As a result, consumption reached the peak level of $39.9B. From 2020 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

Turkey (716K tons) remains the largest furnishing article, furniture and cushion cover consuming country worldwide, accounting for 28% of total volume. Moreover, consumption of furnishing articles, furniture and cushion covers in Turkey exceeded the figures recorded by the second-largest consumer, China (305K tons), twofold. The United States (146K tons) ranked third in terms of total consumption with a 5.8% share.

In Turkey, consumption of furnishing articles, furniture and cushion covers expanded at an average annual rate of +22.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: China (-2.2% per year) and the United States (+5.7% per year).

In value terms, the largest furnishing article, furniture and cushion cover markets worldwide were Turkey ($5.6B), Japan ($3.7B) and China ($2.7B), with a combined 41% share of the global market.

In terms of the main consuming countries, Turkey, with a CAGR of +16.2%, saw the highest growth rate of market size over the period under review, while covers for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of per capita consumption of furnishing articles, furniture and cushion covers was registered in Turkey (8.4 kg per person), followed by Canada (1.3 kg per person), Japan (0.5 kg per person) and the United States (0.4 kg per person), while the world average per capita consumption of furnishing article, furniture and cushion cover was estimated at 0.3 kg per person.

In Turkey, per capita consumption of furnishing articles, furniture and cushion covers expanded at an average annual rate of +20.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Canada (+12.3% per year) and Japan (+5.0% per year).

Production

World Production of Furnishing Articles, Furniture and Cushion Covers

Global production of furnishing articles, furniture and cushion covers shrank to 2.5M tons in 2022, reducing by -11.9% compared with the year before. Overall, the total production indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +14.6% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 30% against the previous year. Over the period under review, global production of attained the maximum volume at 3.5M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, production of furnishing articles, furniture and cushion covers contracted to $28.1B in 2022 estimated in export price. In general, the total production indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.4% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 19%. As a result, production attained the peak level of $37.2B. From 2020 to 2022, global production of growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Turkey (730K tons), China (491K tons) and India (156K tons), with a combined 55% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of covers, amongst the leading producing countries, was attained by Turkey (with a CAGR of +21.6%), while covers for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Furnishing Articles, Furniture and Cushion Covers

After two years of growth, overseas purchases of furnishing articles, furniture and cushion covers decreased by -3.6% to 404K tons in 2022. The total import volume increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 30%. As a result, imports reached the peak of 419K tons, and then contracted slightly in the following year.

In value terms, imports of furnishing articles, furniture and cushion covers contracted modestly to $3B in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 27% against the previous year. As a result, imports reached the peak of $3.1B, and then reduced modestly in the following year.

Imports By Country

In 2022, the United States (105K tons), distantly followed by Canada (45K tons), the Netherlands (26K tons) and Germany (20K tons) represented the major importers of furnishing articles, furniture and cushion covers, together making up 48% of total imports. France (14K tons), the UK (14K tons), Japan (10K tons), Democratic Republic of the Congo (7.2K tons), Italy (6.9K tons) and Spain (6.2K tons) followed a long way behind the leaders.

Imports into the United States increased at an average annual rate of +4.5% from 2012 to 2022. At the same time, Canada (+26.5%), the Netherlands (+19.7%), Democratic Republic of the Congo (+5.2%), Italy (+4.1%), Germany (+1.9%) and the UK (+1.8%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing importer imported in the world, with a CAGR of +26.5% from 2012-2022. France experienced a relatively flat trend pattern. By contrast, Japan (-2.0%) and Spain (-2.4%) illustrated a downward trend over the same period. Canada (+9.4 p.p.), the Netherlands (+4.8 p.p.) and Democratic Republic of the Congo (+1.8 p.p.) significantly strengthened its position in terms of the global imports, while Spain, France and Japan saw its share reduced by -1.5%, -1.9% and -2.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($747M) constitutes the largest market for imported furnishing articles, furniture and cushion covers worldwide, comprising 25% of global imports. The second position in the ranking was held by Germany ($223M), with a 7.4% share of global imports. It was followed by France, with a 5.7% share.

In the United States, imports of furnishing articles, furniture and cushion covers increased at an average annual rate of +1.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+1.9% per year) and France (+1.0% per year).

Import Prices By Country

In 2022, the average import price for furnishing articles, furniture and cushion covers amounted to $7,492 per ton, approximately equating the previous year. Over the period under review, the import price, however, recorded a pronounced reduction. The pace of growth was the most pronounced in 2018 when the average import price increased by 4.1% against the previous year. Over the period under review, average import prices attained the maximum at $9,575 per ton 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 Japan ($14,020 per ton), while Canada ($1,285 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+1.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Furnishing Articles, Furniture and Cushion Covers

In 2022, the amount of furnishing articles, furniture and cushion covers exported worldwide shrank modestly to 388K tons, with a decrease of -2.9% compared with 2021. The total export volume increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 34%. As a result, the exports attained the peak of 399K tons, and then reduced modestly in the following year.

In value terms, exports of furnishing articles, furniture and cushion covers fell to $4.4B in 2022. The total export value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 35% against the previous year. As a result, the exports attained the peak of $4.6B, and then fell in the following year.

Exports By Country

China was the key exporter of furnishing articles, furniture and cushion covers in the world, with the volume of exports resulting at 187K tons, which was approx. 48% of total exports in 2022. India (76K tons) took a 20% share (based on physical terms) of total exports, which put it in second place, followed by the Netherlands (5.8%). Turkey (15K tons), Vietnam (10K tons), Germany (7.9K tons) and Tanzania (7.1K tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of exports of furnishing articles, furniture and cushion covers. At the same time, the Netherlands (+28.5%), India (+6.3%), Turkey (+3.6%) and Germany (+1.8%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +28.5% from 2012-2022. By contrast, Vietnam (-2.3%) and Tanzania (-3.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India and the Netherlands increased by +6.4 and +5.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest furnishing article, furniture and cushion cover supplying countries worldwide were China ($1.9B), India ($1.3B) and Turkey ($153M), with a combined 75% share of global exports.

India, with a CAGR of +5.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average export price for furnishing articles, furniture and cushion covers stood at $11,230 per ton in 2022, declining by -2.5% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average export price increased by 14%. As a result, the export price reached the peak level of $13,288 per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($16,753 per ton), while the Netherlands ($2,268 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.2%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform