India is an emerging global furniture hub

Not just India’s furniture market, but even the furniture rental market is witnessing an enthusiastic uptick

The Indian furniture market is experiencing vibrant growth from brick-and-mortar as well as online sales. The furniture rental sector is also witnessing healthy growth and is expected to keep up with this exponential increase into the foreseeable future.

As the world's fourth largest consumer of furniture, and the fifth largest furniture producer, India's domestic furniture market looks to grow at 13.3 per cent CAGR to reach $37.7 bn by 2026 from $17.4 bn in 2021.

This phenomenal growth is also being reflected across online furniture retailers, which grew from $300 mn in 2017 to $920 mn in 2020, at 32 per cent CAGR, and is expected to touch $2.2 bn by 2026. Similarly, the furniture rental sector estimated at $4.1 bn in 2020 is forecast to reach $13 bn by 2025, at 26 per cent CAGR. According to Redseer, the combined furniture and home market is geared to reach $40 billion by 2026.

Factors contributing to the industry's exponential growth include per capita income rising 18.3 per cent in 2021-22 and private consumption expenditure growing 7.9 per cent in 2021-22. Urbanisation also played a role as 40 per cent population will be living in urban areas by 2025, and the growing number of nuclear households means more demand for furniture.

Another significant factor is the mainstreaming of online shopping where spending per shopper has doubled in the last five years and is adding approx. 20+ million new product shoppers every year.

With the Indian furniture industry largely unorganised, WOFX World Furniture Expo was specifically created to support the growth of the industry by establishing a strong platform to facilitate organised expansion systematically.