PUBLISHER: Allied Market Research | PRODUCT CODE: 1365798
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365798
According to a new report published by Allied Market Research, titled, "Horeca Furniture Market," The horeca furniture market was valued at $171.3 billion in 2022, and is estimated to reach $263.9 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.
The HoReCa furniture market has witnessed substantial growth, primarily driven by the increase in expansion of the food and beverages industry across the globe. The HoReCa furniture market has witnessed substantial growth propelled by the global expansion of the food and beverages industry. The increase in popularity of quick food services and the rise in disposable income have created a demand for furniture in various establishments, such as hotels, restaurants, cafes, and catering services. This demand for HoReCa furniture is anticipated to continue growing as economies develop in different countries. These establishments heavily rely on a diverse array of furniture, such as tables, chairs, bar stools, booths, and outdoor seating, to craft a welcoming ambiance and atmosphere for their customers and visitors. The emergence of online food delivery services and ghost kitchens has further heightened the need for furniture in operational spaces to facilitate efficient and comfortable food delivery and preparation. Furthermore, the expansion of the food and beverages industry acts as a driving force behind the substantial growth of the HoReCa furniture market, as establishments seek to enhance their offerings and create unforgettable experiences for their customers. As a result, the demand for HoReCa furniture has rapidly gained momentum and is expected to experience significant growth in the years to come.
The shortage of skilled labor in the HoReCa furniture market presents significant obstacles across multiple areas of the business. It hinders production capacity, which gives rise to order delays and missed growth opportunities. Furthermore, the lack of skilled workers can compromise quality control, potentially tarnishing the reputation of companies and negatively impacting customer satisfaction. This scarcity limits the industry's ability to innovate and design furniture that aligns with change in consumer preferences and leads to missed chances for business development. Moreover, the high demand for skilled workers drives up labor costs, potentially squeezing profit margins for market players. The increased expenses associated with the acquisition of skilled labor exacerbate the financial challenges faced by businesses. In addition, the scarcity of skilled labor acts as a barrier to the effective integration and utilization of advanced manufacturing technologies in the industry. Without an adequate workforce capable of operating and leveraging these technologies, the industry may not fully capitalize on their benefits to enhance efficiency, productivity, and overall competitiveness.
The rise in occurrence of global events and exhibitions presents highly lucrative opportunities for furniture manufacturers specializing in products for hotels, restaurants, and cafes. These events generate a substantial increase in demand for lodging and dining, allowing HoReCa establishments to capitalize on the influx of visitors. Meeting the diverse preferences of attendees is crucial, requiring a wide selection of seating styles that can accommodate various needs and enhance overall customer satisfaction. Moreover, participating in these events opens doors to valuable networking and partnership prospects with event organizers, exhibitors, and attendees. This fosters potential business growth and expands market exposure. Major market players distinguish themselves by creating immersive experiences that align with event themes. They achieve this by integrating elements of the event into their furniture designs and offering customization and flexibility. These factors serve as key differentiators in the industry, enabling businesses to stand out among the various competitors in the market. In addition, investing in outdoor seating options and incorporating eco-friendly designs aligns with sustainability trends and acts as an added attraction for event attendees. This strategic approach enhances the appeal of HoReCa establishments and increases the likelihood of customer retention during these events.
The HoReCa furniture market is segmented into product type, material, category, and region. On the basis of product type, the market is segregated into beds, tables/desks, chairs/stools, sofa/couches, and others. As per material, it is divided into wood, metal, plastic, and others. According to category, the market is bifurcated into indoor and outdoor. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Middle East, Saudi Arabia, and rest of LAMEA).
The key players operating in the HoReCa furniture market include 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, and Grand Rapids Chair Company, Inc.
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