The North American market for furnishing articles, furniture, and cushion covers is projected to continue its growth trajectory over the next decade, according to a new market analysis released by IndexBox. The report forecasts a gradual increase in market volume to 232K tons and a total market value of $1.4 billion by 2035.
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Demand for these furnishings remains strong, though growth is expected to decelerate modestly. The report projects a Compound Annual Growth Rate (CAGR) of +0.8% in volume and a -1.2% CAGR in value terms from 2024 to 2035.
Consumption trends
In 2024, North American consumption of furniture and cushion covers rose by 3.8% to 213K tons, following a temporary decline in 2023. However, market value decreased by -9.2% to $1.6 billion, continuing a downward trend from its 2022 peak of $2.3 billion.
The United States remains the dominant consumer, accounting for 94% of total volume (199K tons), far outpacing Canada's 14K tons. The U.S. also leads in per capita consumption at 587 kg per 1,000 persons, followed by Canada at 351 kg per 1,000 persons.
Production outlook
Production of furnishing articles, furniture, and cushion covers in Northern America surged by 9.9% in 2024 to 88K tons, with the U.S. as the sole producer. Since 2013, U.S. production has grown at an average annual rate of +9.9%. In value terms, 2024 production reached $2.1 billion, showing resilience despite remaining below the 2022 high of $2.3 billion.
Trade balance: imports and exports
Imports in 2024 totalled 126K tons, with a slight decline of -0.4% year-on-year. The United States remains the largest importer, comprising 89% of total volume (112K tons), while Canada holds the remaining 11% (14K tons).
In value terms, imports rose modestly to $673 million, although still well below the $892 million peak of 2021. The average import price increased by 5.1% to $5,339 per ton. The U.S. import price stood at $5,520 per ton, while Canada's was lower at $3,887 per ton.
Exports saw a notable drop in 2024, decreasing by -14.2% to 1.5K tons, following three years of growth. Export value also declined to $36 million. The U.S. dominated the export market with 82% of total shipments (1.2K tons) and a market value of $31 million. Canada accounted for the remaining 18% (274 tons), valued at $4.8 million.
The average export price in 2024 held steady at $23,527 per ton. Prices were highest in the U.S. at $24,819 per ton, compared to $17,659 per ton in Canada.
More information:
IndexBox
www.indexbox.io