GCC Furniture Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 14.52 Billion |
| Market Size (2029) | USD 20.88 Billion |
| CAGR (2024 - 2029) | 7.54 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
GCC Furniture Market Analysis
The GCC Furniture Market size is estimated at USD 14.52 billion in 2024, and is expected to reach USD 20.88 billion by 2029, growing at a CAGR of 7.54% during the forecast period (2024-2029).
The region's furniture industry is being driven by a rise in residential property demand, real estate development, and government programs to build socio-economic infrastructure.
With the onset of the pandemic, the furniture industry in the GCC was heavily impacted due to the restrictions and lockdown in the initial period. In some cases, staff illness and absences have caused production to slow down. Due to a shortage of some products, including wood and fabrics, the lead times for client deliveries have also gotten longer. Since the GCC imports most of its furniture, the import of furniture for almost all countries decreased in 2020. The furniture industry bounced back with the rise in work and study in the latter half of 2020.
Increasing technological advances, rapid urbanization, growth in the housing sector, better living standards, and a rise in the need for comfort are the main things that drive the GCC furniture market. Demand is at an all-time high. Technological advancements have led to the development of smart furniture and are expected to drive market growth over the forecast period. Smart furniture offers advanced features. They are more energy-efficient than traditional furniture. According to government regulations, it is necessary to improve the current living spaces to make them more aesthetically pleasing and comfortable. The supply chain and labor were severely strained as a result, but the economy for the furniture industry improved. Saudi Arabia and the United Arab Emirates are the two largest furniture markets in the region. Most of the countries in the GCC region have an import-centric furniture market, so many foreign players are investing heavily in the region to expand their businesses and increase their presence in the furniture market of the GCC region.
GCC Furniture Market Trends
This section covers the major market trends shaping the GCC Furniture Market according to our research experts:
Saudi Arabia is One of the Fastest-growing Furniture Markets in the GCC Region
In 2022, Saudi Arabia's construction industry will produce 3.2% more, and from 2023 to 2026, it will expand at an average annual growth rate (AAGR) of 4%. The construction industry in Saudi Arabia continues to be the most successful in the MENA region, despite being influenced by the state of the global economy. By giving the most money to projects in 2022, the kingdom showed that it was serious about helping the economy become more diverse and changing the country in line with its Vision 2030.
For the past four years, Saudi Arabia has held the title of the MENA region's most robust market and nation, with the highest overall value of project awards. Saudi Arabia held a 35% market share as of October 2022, according to MEED Projects' tracking, with contract awards totaling USD 31 billion versus a total MENA value of USD 87 billion. The Gulf region's furniture market is being driven by Saudi Arabia's expanding construction industry.
E- Commerce and Digital Space is Driving the Furniture Market
By 2025, it is predicted that the e-commerce sector will account for about half of all retail growth. E-commerce will rule the retail industry of the future, but businesses are embracing a brand-new concept called omnichannel retailing that is emerging from digital retailing. The savvy consumers of today want to compare prices online across various platforms before going into a store.
The furniture business is growing because more and more people are using technologies like artificial intelligence (AI), machine learning (ML), augmented reality (AR), virtual reality (VR), data analysis, the internet of things (IoT), and so on. 3D modeling is a way of designing furniture models virtually before they are constructed on the ground. This technique allows the designers to have a look at the final piece beforehand. Whenever furniture is designed, a virtual prototype allows the designers to test, experiment, and alter the design as per the consumers' specific demands. The aesthetics, color, positioning, load-bearing capacity, and texture can be experienced beforehand.
GCC Furniture Industry Overview
Both domestic and foreign competitors can be found in this fiercely competitive market. Rivals like IKEA, Pan Emirates, Home Center, Homes R Us, Royal Furniture, and Danube have fragmented the market. The majority of furniture and household goods sold in the nation are imported and distributed by reputable showrooms like IKEA. Furniture manufacturers are gradually making their way into online retailing throughout the GCC region. Online furniture stores in the region include The Bowery Company, HomeBox, and Life Interiors.
GCC Furniture Market Leaders
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Royal Furniture
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Homes R Us
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IDdesign
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Al Huzaifa
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Riyadh Furniture Industries
*Disclaimer: Major Players sorted in no particular order
GCC Furniture Market News
- January 2023 - Majid Al Futtaim's Lifestyle division has taken on the UAE rights for Poltrona Frau, the luxury Italian furniture brand known for its leather interiors. This marks the UAE entity's entry into the home interiors space, which has been recording some fast-track growth in recent years in sync with developments in the wider property market.
- August 2022 - One of the top luxury furniture retailers in the UAE, Sophia Home is the home of traditional and modern luxury furniture as well as carefully chosen home décor items from interior designers to make your house a luxurious residence. Sophia Home has opened its second showroom in the United Arab Emirates at Dubai Hills Mall. In Abu Dhabi, it has become one of the best places to buy high-end furniture.
GCC Furniture Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.5 Supply Chain/Value Chain Analysis
- 4.6 Insights into Technological Innovations in the GCC Furniture Industry
- 4.7 Insights into the Government and Trade Regulations on Furniture Products in the Region
- 4.8 Insights on Consumer Preference for Furniture Products
- 4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Application
- 5.1.1 Home Furniture
- 5.1.2 Office Furniture
- 5.1.3 Hospitality Furniture
- 5.1.4 Other Furniture
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5.2 By Material Type
- 5.2.1 Wood Furniture
- 5.2.2 Plastic Furniture
- 5.2.3 Metal Furniture
- 5.2.4 Other Materials
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5.3 By Distribution Channel
- 5.3.1 Home Centers
- 5.3.2 Flagship Stores
- 5.3.3 Specialty Stores
- 5.3.4 Online Channels
- 5.3.5 Other Distribution Channels
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5.4 By Country
- 5.4.1 United Arab Emirates
- 5.4.2 Saudi Arabia
- 5.4.3 Qatar
- 5.4.4 Kuwait
- 5.4.5 Oman
- 5.4.6 Bahrain
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Saudi Modern Factory Co
- 6.2.2 Midas Furniture
- 6.2.3 Al Aamer Furniture Co.
- 6.2.4 Jassco Furnishing
- 6.2.5 AL Jabriya Furniture
- 6.2.6 IKEA Group
- 6.2.7 Herman Miller
- 6.2.8 Merint Furniture Factory
- 6.2.9 Ashley Furniture Industries Inc.
- 6.2.10 Deena Furniture Factory
- 6.2.11 Other Prominent Players*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityGCC Furniture Industry Segmentation
Moving objects that support a variety of human activities, including sleeping, eating, and sleeping and/or using an item, are referred to as furniture. The purpose of the report is to offer a thorough analysis of the GCC furniture market. It concentrates on market dynamics, new market tendencies in specialized markets and geographical regions, and insights into a broad range of product and application categories. It also looks at the leading businesses and market trends in the GCC for furniture.
The GCC furniture market is segmented by Application (Home Furniture, Office Furniture, Hospitality Furniture, and Other Furniture), by Material (Wood, Metal Plastic, and Others), by Distribution Channel (Home Centres, Flagship Stores, Specialty Stores, Online, and Other Distribution Channels), and by Country (United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain). The report offers Market size and forecasts for GCC Furniture Market in value (USD million) for all the above segments.
| By Application | Home Furniture |
| Office Furniture | |
| Hospitality Furniture | |
| Other Furniture | |
| By Material Type | Wood Furniture |
| Plastic Furniture | |
| Metal Furniture | |
| Other Materials | |
| By Distribution Channel | Home Centers |
| Flagship Stores | |
| Specialty Stores | |
| Online Channels | |
| Other Distribution Channels | |
| By Country | United Arab Emirates |
| Saudi Arabia | |
| Qatar | |
| Kuwait | |
| Oman | |
| Bahrain |
GCC Furniture Market Research FAQs
How big is the GCC Furniture Market?
The GCC Furniture Market size is expected to reach USD 14.52 billion in 2024 and grow at a CAGR of 7.54% to reach USD 20.88 billion by 2029.
What is the current GCC Furniture Market size?
In 2024, the GCC Furniture Market size is expected to reach USD 14.52 billion.
Who are the key players in GCC Furniture Market?
Royal Furniture, Homes R Us, IDdesign, Al Huzaifa and Riyadh Furniture Industries are the major companies operating in the GCC Furniture Market.
What years does this GCC Furniture Market cover, and what was the market size in 2023?
In 2023, the GCC Furniture Market size was estimated at USD 13.5 billion. The report covers the GCC Furniture Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the GCC Furniture Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GCC Furniture Industry Report
The GCC Furniture Industry is segmented by various applications including home furniture, office furniture, hospitality furniture, and other furniture. The market is further categorized by materials such as wood, metal, plastic, and others. Distribution channels include home centres, flagship stores, specialty stores, online platforms, and other distribution channels. The countries covered in this report are the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain. This comprehensive market analysis provides insights into the market size, market share, and market value of the GCC Furniture Market.
Industry research indicates that the market is poised for significant growth, with a positive industry outlook and promising market growth. The industry size and industry sales are expected to increase, driven by various market trends and market segmentation strategies. Market leaders in the GCC Furniture Industry are focusing on innovative market predictions and market review to stay ahead of the competition.
The report also includes detailed industry analysis, industry information, and industry statistics that highlight the current market scenario. The market forecast and market overview provide a clear picture of future market developments. Additionally, the report example and report pdf offer valuable insights into the market structure and market update.
Research companies have contributed to this industry report, providing crucial data on market data, market forecast, and market outlook. The industry reports and industry trends sections shed light on the evolving dynamics of the GCC Furniture Market. The report also emphasizes the importance of industry value and industry worth, ensuring a comprehensive understanding of the market landscape.
Overall, this report serves as a valuable resource for understanding the GCC Furniture Market, offering detailed insights into market growth, market leaders, and market segmentation. The report highlights the key factors driving the market and provides a thorough analysis of market trends and market predictions.
