The Indian furniture Industry is valued at being
the 14th largest furniture market thereby
making wood and the furniture industry one
of the most attractive investment
opportunities for international companies.
According to the World Bank, India’s organised
furniture industry is expected to grow 20%
per annum over the next few years and is
projected to cross US$ 32 billion by 2019.
Online home décor market in India is projected
to grow at a CAGR of 50.42% in revenue over
the period 2014-2019. The Luxury Furniture
Market is expected to garner $27.01 billion by
2020, registering a CAGR of 4.1% during the
forecast period 2015-2020.
FDI in the Indian real estate sector and the
government’s Housing-for-All by 2022
initiative and development of 100 smart cities
to accommodate India’s growing urban
population are some of the growth drivers for
revival of the real estate and construction
The Asian market is estimated to be the
biggest consumer of furniture and India holds
a major pie, according to a World Bank study.
The FDI enterprise under Make in India has
already resulted in a 60 per cent growth in
inflows and it is this campaign of the
government with the objective of high quality
standard that is steadily attracting
international capital and technological
investment in India thus facilitating localised
In spite of furniture manufacturing in India
undergoing transition, around 60% of the
furniture is still imported from other
countries. In 2016, wood furniture, including
dining furniture, accounted for about $159.6
million or nearly 48% of the total furniture
shipments from India and up 18% from
2015. In 2016, the country shipped $18.4
million in dining tables to the U.S. up 3%
from the $17.8 million in 2015.
This clearly indicates the domestic demand
and the scope for furniture manufacturers to
expand their facilities and attracting new
investments in this sector.
Hence, with such positive and promising
business possibilities, participants at our
woodworking shows can look forward to
capitalise on the opportunities the industry
has to offer.