Market Scenario

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 sector.

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 production.

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.