India furniture market is multiplying, and it is expected to be more than USD 27 Billion by the end of the year 2023
India is expected to become a USD 5 Trillion economy by 2025, with an annual growth rate of more than 7%, thus making the furniture market in India a billion-dollar opportunity. India furniture market is multiplying, and it is expected to be more than USD 27 Billion by the end of the year 2023. Factors attributing to the growth of India’s Furniture Market are growing middle-class population, rising disposable income and the increasing number of urban households. Small unorganized local players mostly dominate the furniture market in India. But from the last decade, the Indian furniture market is witnessing an increase in the contribution from organized players. In recent years with the entry of global furnishing players like IKEA in India, this growing market share of organized player will further intensify.
The Indian furniture industry covers the entire range of activities, from sourcing, manufacturing, and distribution, to sales and after sales. In the Indian perspective, furniture players are actively engaged in each of these activities. These players use various types of raw materials for making furniture; some of the raw materials include wood, bamboo, cane, plywood, metal, adhesive and plastic. Among all these; wooden furniture contributes a large segment to the furniture made in India. In the crafting of wooden furniture, mostly indigenous wood is preferred. States like Punjab, Uttar Pradesh, Gujarat, Jammu & Kashmir, West Bengal, Kerala, and Andhra Pradesh are among the leading suppliers of wood to India’s Furniture Market. However, imported wood is also used that India imports from South East Asian Countries, namely Myanmar, Malaysia, Indonesia and some from African countries as well.
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