Innovation remains at the forefront of IKEA's sustainability efforts, such as the introduction of bio-based glue in IKEA's particle board factory in Lithuania.

The bio-based glue project is an intensive innovation work of about 10 years, said Stenmark, adding: "It's definitely a very promising and a much-needed start for the reason that when you look at the total footprint for IKEA, five percent is attributed to the use of glue."

The other innovation on the materials is the use of waste ceramic in production. "I hope it also can send a signal that materials that have been looked upon as very difficult, close to impossible to recycle, is now possible," he said.

Looking ahead, IKEA has set climate goals aligned with the 1.5 C target and the Science Based Targets initiative (SBTi) Net-Zero standard, by aiming to halve greenhouse gas emissions from their value chain by fiscal year 2030 and achieve net-zero emissions by fiscal year 2050.

Integral to IKEA's sustainability strategy is their commitment to providing affordable, accessible, and sustainable products to consumers worldwide, Stenmark added.

Through initiatives such as product repair kits and spare parts services, IKEA is expected to empower customers to participate in the circular economy, he added.