Indian Furniture - Company Profiles, Directory of Furniture Manufacturers, Suppliers, Buyers, Market, Report

Market and Report

Globalization has seen imported furniture make serious inroads into the Indian markets. This has been a wake up call for the manufacturing industry. The range of indigenous furniture available in India includes both residential and contract system furniture, with an increased concentration in office and kitchen furniture. In the area of decorative residential furniture, India has a heritage of exquisite handcrafted furniture, made out of teak, rosewood and walnut wood, which has strong colonial roots.
The Indian furniture market is estimated to be worth Rs 350,000 million. Within this, the wooden furniture accounts for Rs 60,000 million. Of this the imported furniture market is currently worth Rs 6000 million and is growing at 50 - 60% each year. The furniture sector in India only makes a marginal contribution to the GDP, representing about 0.5 per cent of the total GDP.
According to the Commerce Ministry figures, furniture import to India rose to Rs 1,801.27 crore in 2006-07 from Rs 1,103.46 crore in the previous year, an increase of 63.24 per cent against India’s total import growth of 27.27 during this period.
The Indian Construction industry, ranked 12th in the world, is experiencing maximum growth and in turn, has created an explosive demand for furniture & allied products. The size of the Indian furniture industry is estimated to be approximately Rs. 8 billion and is growing at over 20 % per annum.
Almost every international furniture manufacturing country is looking to enter this vibrant market. While the furniture & allied product imports have touched an all time high, it will be the local players who will play an important role in the growth story of this sector.

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