Business of Furniture in India 2023-2027 - The Changing Role Of Indian Suppliers

FDT Bureau

In the ever-evolving landscape of the Indian furniture industry, retailers and manufacturers are often viewed as drivers of change. However, a silent revolution is underway, and interestingly, it is being led by the suppliers to furniture manufacturers who are investing heavily to reshape the industry’s future suggested Mr Lohia. Enlightening on the critical aspect of the scale of furniture manufacturing in India Mr Lohia said “It’s noteworthy that there are very few players reaching the 10,000 crore mark in furniture production. In contrast to some other industries, the furniture manufacturing segment in India remains relatively small and fragmented, with many businesses still centered around individual entrepreneurs.” While there are exceptions like Godrej and a handful of foreign corporations that have entered the Indian market, the majority of the industry is composed of small, individual-run operations. Mr Lohia suggested that this will have to change if companies want to thrive and grow significantly in the future.

"Over the next five years, furniture, as a category, is projected to witness real growth of 5 per cent. The kitchen and modular furniture industry poised to lead the race with a growth rate of 5.6 per cent."



Dr Mahesh M, CEO, Creaticity
 

An interesting facet of this change is the supplier’s transition from being primarily product-centric to understanding the end consumer’s demands. This shift signifies a move towards consumer-centric customization and specialization.

Unveiling a treasure trove of statistics that provide a clearer picture of where the industry stands and the exciting opportunities that lie ahead, Dr Mahesh added, “India ranks as the fifth-largest producer of furniture in the Asia Pacific region, and it’s also the fifth-largest exporter and importer. This intricate web of export and import involves various types of furniture, showcasing a versatile and evolving market. While India exports solid wood furniture, it imports modular board, upholstered furniture, panel furniture, and case goods. The scope for both exporting and importing furniture in the country is enormous.”

This article is a part of our exclusive article ‘Business of Furniture in India 2023-2027’ which is originally published in Furniture Design & Technology (FDT Magazine) November 2023 print issue. If you want to read the full article, please subscribe Furniture Design & Technology Magazine here: 

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