» Furniture Industry Overview
Furniture Industry Overview
The living room furniture industry is
gradually growing, world-wide. The growth in world furniture trade
depends on two main factors:
- The growth in world consumption.
- The increasing openness of the markets.
With the emergence of millions of consumers with levels of spending
similar to western ones, developing countries have potential customers
for middle and upper-middle-range furniture produced in industrial
The furniture sector comprises
- Living Room Furniture
- Bedroom Furniture
- Kitchen Furniture
- Drawing Room Furniture
- Dining Room Furniture
- Entryway Furniture
It is estimated that the world home
furniture market is worth Rs 20,000 crore and during the past three
years, it grew by 20 per cent a year. This also covered living room
furniture. The demand for living room furniture in India has enjoyed
steady growth over the years.
According to a report published in March 2006, the Indian furniture
industry is estimated at around Rs 35,000 crores. However, the Indian
Furniture Industry is a highly unorganized sector (about 85%). The
furniture industry in India employs a total of around 300,000 workers
and the total production of furniture in 2001-02 was USD 3580 million
(Annual survey of Industry).
The Organized furniture industry is expected to grow by 20% a year
according to a World Bank study. India, Russia and Brazil will witness a
boom by this. The range of indigenous furniture available in India
includes both residential and contract system furniture, with an
increased concentration in office and kitchen and living room furniture.
In 2004-05, India was the biggest furniture importer with a 17 % share
in furniture imports worldwide.
The current imports are mainly from
- The Philippines