15 January 2018
by Cecilia Pisa, CSIL Centre for Industrial Studies – Milan, Italy
The value of Asia/Pacific furniture market in the year 2015 was around 50% higher than in 2010. This was the best performing region worldwide in terms of furniture consumption.
With more than 4 billion inhabitants and a per capita GNP of almost US$ 7,000, the Asia and Pacific markets boast a total apparent furniture consumption (at production prices, excluding retail mark-up) amounting to US$ 187 billion in 2015.
The area accounts for more than 40% of world furniture consumption, with a per capita furniture consumption of 46 US$ against a world average of about 72 US$.
About 14% of the furniture consumed is imported and 86% is served by local manufacturers.
Exports amount to almost US$ 70 billion. The main exporting countries are China, Vietnam, Malaysia and Indonesia. The outlook for furniture demand in Asia and Pacific is very favourable, with an average yearly growth of 4% in the next 3 years.
Source: CSIL. Data for 2015
The Chinese furniture market is the largest in the world with a value of US$ 114 billion, accounting for 61% of the total Asian and Pacific market. Furniture market in China shows a strong potential for further growth.
The other main furniture consuming sub-areas are East Asia (13% of Asian and Pacific market), South Asia (10%) and West Asia (6%) including the Gulf countries (Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman, Qatar).
Besides China, the main markets with consumption above US$ 5 billion, are India (US$ 16 billion), Japan (a mature market of US$ 13 billion, stagnant in terms of growth), South Korea and Australia.