The global furniture market is expected to grow from USD 739.44 billion in 2023 to USD 935.9 billion by 2027, with a CAGR of 6.1 per cent, according to the ‘Furniture Global Market Report 2023’ by Research And Markets.
According to Expert Market Research’s report, the Indian furniture market is expected to grow at a CAGR of 10.9 per cent during the forecast period 2023-2028
The transformation of unorganised markets into organised ones are expected to be driven by this growth trajectory, leading to significant industry movement, said Manoj Kumar Nair, Country Head (Brands)-India/Middle East & Africa (Retail, Wholesale and Omnichannel) at HTL Group of Companies.
“Our Country represents a substantial furniture market, although it remains predominantly unorganised, accounting for approximately 93 per cent of the sector and only 6-7 per of the market is currently organised. However, the next ten years are poised to bring significant fulfilment and remarkable progress,” Nair stated.
He further explained that while India is regarded as a lucrative market, it is important to maintain a focused approach to the target segment.
While talking about his company’s aim to get into the growing market, he says, “With projections indicating that India’s upper middle class will comprise 48 per cent of the population by 2040 and potentially reach 60 per cent by 2047, we intend to tap into this growing market.”
According to the Country Head, within the next twelve months, HTL International’s house of brands, including Domicil, Fabbrica and Corium Italia aims to open approximately 25 to 30 Shop-in-Shop locations in India, the Country Head Stated.
Nair later underlined why foreign companies are investing in India, he says “Local consumption in India is robust, resulting in minimal production costs and enabling sustainable business practices. By manufacturing within the country, companies can offer superior products to their target audience at competitive prices.”
Therefore, considering the factors mentioned above, investing in India is a viable option for long-term profitability and return on investment, he concluded.
