Despite the ongoing challenges and crises in the global economy, the market for outdoor furniture is projected to reach a significant milestone. According to a recent report, the global outdoor furniture market, estimated at $17.4 billion in 2022, is expected to reach $35.1 billion by 2030, with a CAGR of 9.2% over the period. Among the materials analyzed, wood outdoor furniture is projected to achieve a 9.5% CAGR, reaching $19.5 billion by the end of the analysis period.
The United States outdoor furniture market is estimated at $4.7 billion in 2022, while China, the world’s second-largest economy, is forecast to reach a projected market size of $8.6 billion by 2030, with a 14.4% CAGR over the analysis period. Other noteworthy geographic markets include Japan and Canada, each forecast to grow at 5.3% and 7.4% respectively over the 2022-2030 period. Within Europe, Germany is expected to grow at approximately 6.5% CAGR.
Despite the challenges faced in 2023, including the ongoing Russia-Ukraine war, inflation concerns, and potential new COVID outbreaks, the outdoor furniture market is still poised for growth, offering opportunities for businesses and leaders who demonstrate resilience and adaptability.
Read the full report at reportlinker.com