Report Overview

South Korea Furniture Market – Industry Trends & Forecast Report, 2030

South Korea Furniture Market size was estimated at USD 3.77 billion in 2023. During the forecast period between 2024 and 2030, South Korea Furniture Market size is projected to grow at a CAGR of 4.75% reaching a value of USD 5.18 billion by 2030. Prominent drivers of the market include the surge in online purchasing, rising disposable income, and increasing urbanization. South Korea Furniture Market is further bolstered by shifting lifestyle preferences, government initiatives, and growing demand for multipurpose furniture equipped with smart technologies. Also, foreign investments and tax incentives on imported materials are attracting high-end international furniture brands, which, in turn, enhance the growth prospects for domestic manufacturers. Urbanization has led to a preference for compact and multifunctional furniture, while the popularity of Korean pop culture is driving demand for chic, minimalist designs. The market also benefits from the emphasis on fine craftsmanship and premium materials, with South Korean design schools and furniture exhibitions fostering innovation and talent in the industry.

Furniture – Overview

Furniture refers to movable objects intended to support various human activities such as seating (e.g., chairs, sofas), eating (e.g., tables), and sleeping (e.g., beds). It also includes items that hold objects at a convenient height for work (e.g., desks) or store things (e.g., cupboards, shelves). Furniture is typically made from materials like wood, metal, plastic, or glass and can serve both functional and decorative purposes, contributing to the overall aesthetic and practicality of living or working spaces.

South Korea Furniture Market

Growth Drivers

Rising Online Shopping Platforms

The rapid expansion of online shopping platforms is significantly driving the growth of the South Korea Furniture Market. With the country's robust e-commerce landscape, more consumers are turning to online retailers for their furniture needs, preferring the convenience, extensive product offerings, and competitive pricing these platforms provide. Major companies like Hanssem and popular e-commerce giants, such as Coupang and Naver Shopping, are capitalizing on this trend, offering a wide range of furniture products and services. Vertical platforms like Bucketplace’s Today’s House further enhance the online shopping experience by combining product sales with lifestyle content, creating a comprehensive and engaging shopping environment. The shift towards online shopping is reshaping consumer behavior, making it a crucial factor in the continued expansion of South Korea Furniture Market.

Challenges

High Material Costs

High material costs are a significant constraint on the growth of South Korea Furniture Market. The rising prices of raw materials, such as wood, metal, and fabrics, increase production expenses, leading to higher retail prices. This escalation in costs impacts consumer purchasing power and may deter potential buyers from investing in new furniture. Additionally, manufacturers face squeezed profit margins, which can limit their ability to innovate and expand. As a result, the overall market growth is restrained, as both consumer spending and industry development are affected by the elevated costs of essential materials.

Impact of Escalating Geopolitical Tensions on South Korea Furniture Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of South Korea Furniture Market. Such tensions can disrupt supply chains and increase material costs by causing trade restrictions, tariffs, and logistical delays. These disruptions not only raise production expenses but also contribute to market volatility and uncertainty. Additionally, investor and consumer confidence may decline, potentially leading to reduced demand for non-essential goods like furniture. As a result, businesses face challenges in maintaining stable operations, and consumers become more cautious with their spending amidst global instability, collectively hindering market growth.

South Korea Furniture Market

Segmental Coverage

South Korea Furniture Market – By Product Type

By product type, South Korea Furniture Market is divided into Beds, Tables & Desks, Sofa & Couch, Chairs & Stools, and Cabinets & Shelves segments. The beds segment holds the highest share in South Korea Furniture Market and expected to maintain its dominance during the forecast period by product type, driven by the country's urban lifestyle and preference for space-efficient solutions. With many South Koreans residing in apartments or small homes, beds offer a practical way to optimize limited space while ensuring a comfortable resting environment. Given the high value placed on health and wellness, comfortable and supportive beds are essential for enhancing sleep quality and overall well-being. As modern living trends evolve, there is an increasing demand for stylish and sophisticated bed designs that serve as focal points in bedrooms and enhance the aesthetic appeal of living spaces.

South Korea Furniture Market – By Material

Based on material, South Korea Furniture Market is divided into Metal, Wood, Plastic, and Glass segments. The plastic segment holds the highest share in South Korea Furniture Market by material. Plastic’s versatility enables designers to create sleek, modern, and minimalist pieces that align with South Korea’s urban aesthetics. Lightweight and portable, plastic furniture suits the compact and dynamic living spaces typical in South Korean cities. Additionally, plastic furniture tends to be more affordable to produce and purchase compared to other materials, broadening its accessibility to a wider range of consumers.

South Korea Furniture Market – By Application

On the basis of application, South Korea Furniture Market is bifurcated into Residential and Commercial segments. The commercial segment holds a higher share in South Korea Furniture Market by application, driven significantly by the rise in demand for well-designed furniture in hotel settings. With a substantial boost in tourism, both domestic and international, South Korean hotels are investing in high-quality, aesthetically pleasing furnishings to provide guests with a home-away-from-home experience. This trend reflects the country’s design-forward culture, as hotels use sophisticated furniture to create visually appealing and Instagram-worthy environments. From luxury hotels to boutique guesthouses, each lodging category requires unique furniture styles to attract and satisfy its target clientele, highlighting the commercial segment's prominent role in the market.

South Korea Furniture Market – By Distribution Channel

Based on distribution channel, South Korea Furniture Market is divided into Supermarkets & Hypermarkets, Specialty Stores, and Online segments.

Competitive Landscape

Major players operating in South Korea Furniture Market include Fursys Inc, Fuji Furniture Co, Ltd, Hyundai Livart Corporation, Sangdo Furniture Co, Ltd, Kaos Co, Ltd, Patra Co, Ltd, Dawon Chair, Hanssem Co, Ltd, and Ace Bed. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In June 2024 - Cellini, a renowned Singaporean furniture brand, opened a new three-story store in Pangyo, South Korea. Located in South Korea’s “Silicon Valley,” the store aimed to cater to design-conscious consumers by offering contemporary pieces tailored to local tastes.

• In April 2024 - NEFS, a South Korea-based custom furniture company, rebranded its "Prime" line to "Pramaggiore," marking a major shift in its brand identity and philosophy. Pramaggiore emphasizes a personalized approach, from initial design consultations to post-installation maintenance, ensuring each piece enhances the client's living space.

• In March 2024 - IKEA announced a USD 327 million investment in South Korea, planned through 2026, to expand its market presence. The investment is expected to support the opening of IKEA’s signature Blue Box store in Seoul and introduction of additional smaller-format stores nationwide.

Scope of the Report

By Product Type

• Beds

• Tables & Desks

• Sofa & Couch

• Chairs & Stools

• Cabinets & Shelves

By Material

• Metal

• Wood

• Plastic

• Glass

By Application

• Residential

• Commercial

By Distribution Channel

• Supermarkets & Hypermarkets

• Specialty Stores

• Online

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. South Korea Furniture Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising disposable income
         2. Urbanization and smaller living spaces
         3. Growing emphasis on home aesthetics
         4. Rising online shopping platforms
      2. Restraints
         1. High material costs
         2. Intense competition with both domestic and international players
         3. Growing environmental consciousness
      3.  Opportunities
         1. Growing demand for customized and personalized furniture
         2. Integrating technology into furniture
         3. Expansion of rental furniture market
      4. Challenges
         1. Labor shortages in furniture industry
         2. Rapidly changing consumer tastes and trends
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. South Korea Furniture Market: Marketing Strategies
5. South Korea Furniture Market: Pricing Analysis
6. South Korea Furniture Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Beds
         2. Tables & Desks
         3. Sofa & Couch
         4. Chairs & Stools
         5. Cabinets & Shelves
         6. Others
      2. By Material
         1. Metal
         2. Wood
         3. Plastic
         4. Glass
         5. Others
      3. By Application
         1. Residential
         2. Commercial
      4. By Distribution Channel
         1. Supermarkets & Hypermarkets
         2. Specialty Stores
         3. Online
         4. Others
7. Competitive Landscape
   1. List of Key Players and Their Products
   2. South Korea Furniture Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
8. Impact of Escalating Geopolitical Tensions on South Korea Furniture Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
   1. Fursys Inc.
   2. Fuji Furniture Co., Ltd
   3. Hyundai Livart Corporation
   4. Sangdo Furniture Co. Ltd
   5. Kaos Co. Ltd
   6. Patra Co. Ltd
   7. Dawon Chair
   8. Hanssem Co., Ltd
   9. Ace Bed
   10. Other prominent players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       South Korea Furniture Segmentation

Figure 2       South Korea Furniture Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       South Korea Furniture Market Size, By Value (USD Billion), 2019–2030

Figure 5       South Korea Furniture Market Share, By Product Type, By Value (USD Billion), 2019–2030

Figure 6       South Korea Furniture Market Share, By Material, By Value (USD Billion), 2019–2030

Figure 7       South Korea Furniture Market Share, By Application, By Value (USD Billion), 2019–2030 

Figure 8       South Korea Furniture Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030        

List of Tables      

Table 1        South Korea Furniture Market Size, By Value (USD Billion), 2019–2030

Table 2        South Korea Furniture Market Share, By Product Type, By Value (USD Billion), 2019–2030

Table 3        South Korea Furniture Market Share, By Material, By Value (USD Billion), 2019–2030

Table 4        South Korea Furniture Market Share, By Application, By Value (USD Billion), 2019–2030

Table 5        South Korea Furniture Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030

Table 6        Fursys Inc. Company Overview

Table 7        Fursys Inc. Financial Overview

Table 8        Fuji Furniture Co., Ltd Company Overview

Table 9        Fuji Furniture Co., Ltd Financial Overview

Table 10      Hyundai Livart Corporation Company Overview

Table 11      Hyundai Livart Corporation Financial Overview

Table 12      Sangdo Furniture Co. Ltd Company Overview

Table 13      Sangdo Furniture Co. Ltd Financial Overview

Table 14      Kaos Co. Ltd Company Overview

Table 15      Kaos Co. Ltd Financial Overview

Table 16      Patra Co. Ltd Company Overview

Table 17      Patra Co. Ltd Financial Overview

Table 18      Dawon Chair Company Overview

Table 19      Dawon Chair Financial Overview

Table 20      Hanssem Co., Ltd Company Overview

Table 21      Hanssem Co., Ltd Financial Overview

Table 22      Ace Bed Company Overview

Table 23      Ace Bed Financial Overview