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India Furniture Market

The Indian furniture market shows enormous promise for global furniture suppliers and brands. Growing at 10.9% p.a., India is the 4th largest furniture consuming country and 14th largest furniture market globally.

Per capita income is expected to rise by 2.5x from 2016-2027 while consumption will triple to $4 trillion by 2025 as rising affluence drives changes in consumer behaviour and spending patterns.

At the same time, the proportion of nuclear families who spend 30% more than joint families is expected to reach 74% by 2025.

Other than a blip due to Covid, this growth is expected to continue into the future supported by a growing economy, real estate, IT & service sectors and increasing affluence in urban & rural areas.

The home décor market is also growing year on year. As per Statista, revenue in the Indian home décor market amounts to $1.69 billion in 2023. The market is expected to grow annually at 6.08% CAGR from 2023 to 2028.

India’s real estate market is one of the most dynamic and fastest-growing in the world. According to a recent industry report, there will be $1 trillion of real estate sales in India by 2030, contributing 13% to the GDP by 2025. This is supported by the housing market which is expected to continue its momentum with sales growing 9% y-o-y in 2023-24, supported by stable and healthy demand according to India Ratings and Research.

According to CBRE South Asia, major hospitality projects are underway in India and looking to add over 12,000 rooms in 2023 itself. CBRE also states that the sector is projected to attract over $2.3 billion in investments over the next 2-5 years.

The growing demand for high-end and bespoke design within the construction, hospitality, commercial and residential sector is a testament to the resilience of the Indian market. The fact that India’s real estate and hospitality industry is making a comeback is a positive sign for the furniture and design industry.

India Market Size: Valued at $23.12 billion in 2022, India’s furniture market is anticipated to grow at 10.9% CAGR during 2023-28 to reach $32.7 billion by 2026.

Growth in Furniture Rentals: India’s furniture rental industry valued currently at $2 billion is estimated to skyrocket by 2030.

Home Décor: The décor category alone is expected to cross $5.62 billion by 2022-23, from $735 million in 2019-20.

E-Commerce Market: Indian online home sales (incl. furniture sales) expected to grow 18% p.a. from $2.3 billion in 2020 to $5.2 billion in 2025.

Global Imports: Imports of wood, wood products and wood furniture from around the world jumped 10.4%, from $2.14 billion in 2022 to $2.37 billion in 2023. Similarly, imports of wood, wood products and wood furniture from ASEAN countries viz. Vietnam, Indonesia, Malaysia, Singapore & Thailand jumped 42.59% to $626.54 million in 2023 from $439.38 million in 2022.

As projects and travel in the region are significantly upscaling, the confidence for the industry is growing. Likewise, the hospitality and retail industry is moving into a new era, catering to the next generation of consumers, with more global perspectives on design while also addressing the technological and sustainability evolution. WOFX will help suppliers to capitalise on India’s market demands. As a show singularly dedicated to the Indian furniture and design industry, WOFX is currently the best regional business platform for this industry.