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Furniture Market Overview

by Pamojan Admin

The global market value of furniture; was estimated to be worth 509.8 billion U.S. dollars in 2020, and was forecast to reach about 650.7 billion U.S. dollars by 2027. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. 

The Middle East furniture market; in terms of revenue, will account for 5% of the global industry share by the end of the forecast time period. In fact, favorable initiatives by regional governments for increasing the FDI inflow in construction will further drive MEA furniture market revenues. Large hospitality industry projects are further contributing towards tourism growth across the region, which would drive the market growth in forthcoming years. Countries like South Africa, Egypt, UAE, and Saudi Arabia are some of the key contributors to the regional furniture market development.                

The African furniture market on the other hand; Several African countries have good potential for developing their furniture industry, both for internal consumption and for exports. The more promising prospects are in South Africa, Egypt, Algeria, Morocco and Nigeria, but also Namibia, Tunisia, Kenya, Zimbabwe are possible candidates for a relevant expansion of their furniture production. Africa's rising economy, as well as its vast and quickly growing urban population, are some of the reasons why the furniture industry is doing well on the African continent. 

The Egyptian furniture industry; is considered one of the most flourishing industrial sectors in Egypt that was able to increase its exports dramatically during the past decade. The furniture sector started to organize and develop its structure including factories, workshops, and labor force. Moreover the furniture sector is now giving more attention to the complementary and feeding industries to the furniture industry in order to increase the competitive of the furniture product. 

The main production hubs in Egypt; (Cairo, Alexandria, and Damietta) are directly supported by infrastructure base (whether highways, fright rail lines, sea and air ports), making it an easy access to the international markets, with a strong advantage in the shipping costs and transit time.

Egypt's membership of COMESA regional economic bloc, and AfCFTA, along with its strategic location linking the Asia and EMEA, makes the country the gateway to the East and North African markets, with favorable trade agreements. This factor makes the country a significant exporters of furniture products.

Trends in the Furniture Industry in the MENA region; The expanding of real estate and hospitality industries represent the primary factors driving the global furniture market. Governments in the Middle East, especially Saudi Arabia’s government focus on the development of real estate through various residential and commercial projects that will ultimately help to foster their economy. Furthermore, high investment in tourism, healthcare, and education sectors has spurred proliferation of the construction industry in Saudi Arabia, which is subsequently expected to drive product demand from the country.

The business and office application; is predicted to capture more than 40% of the commercial furniture market share in 2027, led by persistent economic expansion that results in enhanced corporate earnings, for both business and leisure travel.

The wooden furniture market has the potential; to grow by USD 48.48 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 2.75%.  The home segment in the wooden furniture market is expected to continue dominating the market during the forecast period. In residential spaces, innovative styles and designs that occupy minimal space and offer maximum comfort are in high demand. Additionally, the demand for portable, wooden furniture is increasing due to the trend of shifting homes. This has further driven the growth of the wooden furniture market share. 


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