Ikea is targeting a turnover of €50bn by 2020 as the furniture chain eyes rapid growth in the next decade.

The Swedish firm said it predicts worldwide sales will rocket from €27.5bn (£22.4bn) in 2012 to between €45bn and €50bn (£36.6bn and £40.7bn) by 2020.

The company expects visitor numbers to double to 1.5 billion by 2020 while store numbers will rise from 338 to 500. Staff numbers are expected to increase to more than 200,000 from 154,000, Reuters reported.

Ikea chief executive Mikael Ohlsson said: “We are owned by a foundation, which means that our whole focus is customers throughout the chain and not stock exchange and owners.”

The retailer is also embarking on an ambition sustainability plan. Under the People & Planet Positive strategy, IKEA will invest €1.5bn (£1.2bn) from 2009 to 2015 in solar and wind power to produce 70% of the group’s energy.

About half the investment has already been made and the company has wind farms in six countries across Europe.

Ikea is keen to stress its ethical credentials after critics of the low-priced furniture retailer claimed it encouraged a throwaway mentality.

Ohlsson said by 2020 Ikea would produce as much renewable energy as it consumes and that it would limit sales by 2016 to energy-efficient products including induction cookers and LED light bulbs.

Ikea is also looking at potentially offering long-term leases on kitchens to its customers to allow the retailer to recycle them.