The Indian furniture market, which is expected to grow in worth to over US $27 billion by 2022, represents a huge opportunity for furniture exporters across Asia, according to a report by the Hong Kong Trade Development Council (HKTDC).
“With demand set to outstrip supply, this is seen as representing a huge opportunity for furniture exporters across Asia,” the HKTDC said in a release here on Tuesday.
According to the report, the country’s furniture market was worth US $18 billion in 2015 and, currently, India is the 14th largest such market in the world.
“With 75,930 tonnes, China was the largest single source of Indian imports of furniture and home furnishings,” the HKTDC research note said.
“In second place was Malaysia with 13,004 tonnes, while Italy took third place with 9,441 tonnes,” it added.
According to HKTDC, there is a huge demand in India of “consumers keen to purchase the more contemporary designs that characterise the imports in the sector”.
“As a result of such demand, some US $1.49 billion worth of furniture and home-furnishing items were imported in the financial year 2015-16.”
“India is also one of the largest importers of office furniture, with the country accounting for just under one-fifth of global imports in the sector,” the report added.
In this connection, it noted that Swedish furniture giant Ikea has announced plans to establish India as the global manufacturing hub for its furniture and sofas.