Growth of the Furniture Industry in Africa

Growth of the Furniture Industry in Africa

The growth of the furniture industry is driven by increasing urbanization, growing real estate market, and investment in infrastructure. The industry is also expanding due to the rising disposable incomes of consumers. To meet the demand, leading global players are shifting their core production to Asia. The cost-effective labor and good infrastructure are expected to boost the industry’s outlook. Meanwhile, the growth of offline retail channels is predicted to reach USD 647 billion by 2027. The new entrants will be propelled by the low competition and high profit margins. In addition, mergers and acquisitions will play an important role in the industry.

Several factors contribute to the growth of the furniture industry in Africa. The first factor is the growth of online retail, which has made the market more competitive. Secondly, the rapid development of e-commerce portals has made it more accessible for manufacturers. Furthermore, the increase in disposable income of consumers will spur the growth of the furniture industry in Africa. Hence, it is a good time to invest in the manufacturing industry. And the best time to do it is now.

The growth of the furniture industry in Africa will be fueled by increasing urbanization and the real estate market. As more people own houses, the furniture industry is likely to grow further. With higher disposable income, and increasing homeownership, the demand for western furniture will rise. However, in the coming years, ecommerce will hamper further growth of the industry. Besides, consumer sentiments will continue to decrease, which may dampen the overall growth of the industry.

The growth of the furniture industry in India is also expected to be boosted by increased online shopping. With the rise in e-commerce, manufacturers are now able to reach a wider customer base. This will further help the growth of the furniture industry. The emergence of e-commerce portals has also led to increased sales of furniture makers in India. Moreover, these portals provide a better platform for producers to sell their products.

The rise in demand for furniture is expected to continue until 2019. The growth of the furniture industry in the MEA region will be driven by the growth of the middle and upper-end markets. Large manufacturers from developed nations are shifting their production bases to Asia-Pacific due to its cheap labour and lower production costs. This trend will result in a faster expansion of the furniture industry in the region. The booming economy in China will also boost the growth of the industry in the future.

The growth of the furniture industry in India has surpassed the US’s in terms of sales in the last decade. The market has been dominated by luxury-branded furniture, but the lower-priced furniture segment continues to dominate the market. Today, the market has grown in popularity due to the low-cost production and large market in Asia-Pacific. By 2020, the Indian furniture industry is projected to reach a size of $139 billion.

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