INDIAN FURNITURE INDUSTRY AT A GLANCE IN 2022 - 2023
India is among the top five producers and the fourth largest consumer globally in the furniture market. India is ranked 16th in exports, which was valued at US$ 2.86 billion in 2022. In 2022, India’s furniture market is valued at around US$ 23.12 billion and it is further expected to grow at a CAGR of 10.9% to reach US$ 32.7 billion by 2026.
• Increased urbanization
• Growing home decoration and renovation interests
• Rise in disposable incomes
• Changes in lifestyle
• Consumer preference changes
• Boom of E commerce market
The global furniture market size is projected to grow at a CAGR of 6% during 2021-30 to reach US$ 872.5 billion by 2030. As for India, the contribution to global furniture export is around 1.12% (2022) standing at US$ 3.5 billion (2022) and is growing at a CAGR of 15% (2018–22).
India’s contribution to the total imports of furniture in the US, Germany and the UK stood at 2.48%, 1.99% and 1.66% respectively. India's Furniture Exports witnessed a 220% increase from USD 810 Mn in 2018-19 to USD 2.6 Bn in 2022-2023
There has been a 36% decline in furniture imports in the last three years.
Industry ForecastThe overall furniture market in India at $16 billion (Rs 1.3 lakh crore), and poised to double by 2027. India’s home and furniture market is estimated to touch $40 billion by 2026 according to a market survey.
The number of online furniture shoppers is estimated to rise from 1.8 million in FY21 to 4.8 million in FY26. The Gross Merchandise Value(GMV) of the sector is estimated to rise to $4 billion by FY26.
The online furniture spend is estimated to touch $2.2 billion with five million unique shoppers by FY26.
