The briefing examines how the furniture industry is performing globally and in the largest countries in terms of furniture output. The report also provides data for production, market size, imports, exports, industry costs, industry profitability and number of companies.
This report comes in PPT.
In 2022, the global furniture industry faced considerable challenges, marked by a decrease in turnover compared to the previous year, driven by such factors as the lasting impact of the global COVID-19 pandemic, constrained consumer spending amid skyrocketing inflation and economic consequences arising from Russia's invasion of Ukraine.
Emerging Asia Pacific countries, including Vietnam, India and Indonesia, are witnessing the most rapid expansion in the global furniture industry as compared to other major furniture- producing countries. This growth is driven by robust economic development, the growth of middle-class populations with rising incomes, abundant access to raw materials, evolving supply chains and continuous demand in the housing sector.
Competition among furniture makers is intensifying due to evolving consumer preferences, technology advancements and globalisation of supply chains. For example, IKEA plans an investment of USD2.2 billion to open new stores in the US over the next three years in an attempt to strengthen its presence in the country as budgeteering consumers look for more affordable products. IKEA expansion is set to challenge such market players as Walmart.
The furniture industry is experiencing a rising focus on sustainability, and this trend is expected to intensify further as the consequences of climate change become increasingly apparent. Environmental regulations, such as the EU's 2023 Regulation on deforestation-free supply chains, have come into effect and are poised to significantly affect exporting countries globally.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!