India Wood Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.00 Billion |
| Market Size (2029) | USD 1.47 Billion |
| CAGR (2024 - 2029) | 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Wood Market Analysis
The India Wood Market size is estimated at USD 1 billion in 2024, and is expected to reach USD 1.47 billion by 2029, growing at a CAGR of 8% during the forecast period (2024-2029).
The market is projected to expand due to various factors, including increased disposable income and consumer spending on home decoration. Furthermore, the development of infrastructure and the construction of residential, commercial, and industrial properties will further contribute to the market's growth. Furniture Manufacturers in India are adopting new technologies, such as IoT, to gain an edge over their competitors. With the help of IoT services, furniture manufacturers can improve their design control, performance monitoring, and upkeep. The adoption of IoT in furniture manufacturing is expected to be a significant factor in developing the furniture market in India shortly.
India is the third largest wood exporter in the world after China and Vietnam, with an annual demand of 63 million cubic meters. Of this, 30 million cubic meters are produced domestically, while 33 million cubic meters are imported. The Indian furniture industry is experiencing rapid growth driven by various factors. These include the growing preference of urban dwellers for modular and modern furniture, the rise in urbanization across India, and a preference for long-lasting and hybrid seating options. The demand for furniture is expected to remain on the rise. The booming wood industry in India is helping to reduce the cost of furniture production, thus making it more cost-effective.
The pandemic surged the demand for office furniture that is both durable and comfortable. As the pandemic has spread, many people have continued to work from home, leading to an increase in demand for modular office furniture. However, some factors prevent this growth, such as high costs and a lack of availability of the product's raw material. To address these issues, manufacturers provide innovative multi-function office furniture to stay ahead of the competition.
India Wood Market Trends
Rise in Demand from the Residential Sector is Driving the Market
The demand for wooden furniture in the Indian market is mainly driven by the residential sector owing to the customer's interest in utilizing wooden furniture in homes for many purposes, such as wardrobes, living room furniture, and home decor. This is augmenting the need for wooden furniture such as sofa sets, dining sets, beds, and chairs, which are further expected to witness prolific growth in the upcoming years. Apart from this, the demand for engineered wooden furniture is also rising in metro cities, such as Delhi, Bangalore, Mumbai, and other major cities. The residential real estate market has also witnessed prolific growth in the last couple of years, owing to the increasing population and growing demand for affordable housing accommodation, which will add to the demand for wooden furniture.
The residential segment is expected to witness a surge in demand for furniture in living rooms and bedrooms over the forecast period due to the increasing number of government-initiated real estate construction projects, particularly in urban settings. For example, in India, the Ministry of Housing and Urban Affairs is responsible for the initiation and approval of infrastructure development projects in urban areas and other major metropolitan cities of the country.
Rise of Online Sales of Wooden Furniture Market in India
The demand for online furniture and home décor in India is projected to increase significantly over the forecast period due to the substantial growth of e-retail and e-commerce in India, as well as the expansion of the supply chain of furniture. The expected increase in internet penetration, as well as an increase in demand from tier 2 and tier 3 cities, will further contribute to the market's growth.
E-commerce has revolutionized the furniture shopping experience, allowing furniture retailers to reach customers worldwide. This has enabled them to offer a wide variety of products, such as rare and exclusive pieces that were previously unavailable in many markets. Data-driven insights have been instrumental in driving online furniture sales growth. By taking advantage of the vast amount of data available on e-commerce sites, furniture retailers can make informed decisions about product assortment, price, and marketing tactics.
In addition, the increasing popularity of e-commerce and mobile shopping in India is likely to contribute to an increase in furniture sales via digital channels. Apart from residential demand, the furniture market is also being driven by the expansion of the tourism, hospitality, and corporate sectors, leading to increased demand for furniture.
India Wood Furniture Industry Overview
The Wood Furniture Market in India is competitive due to many small and local manufacturers accounting for a larger share of production. Southern and Northern India have a high demand for furniture products, but it is in the South where most manufacturers and distribution networks exist. The Indian wooden furniture market has enormous opportunities for manufacturers to innovate and deal with growing demand in the wood furniture market. Local manufacturers are partnering with foreign manufacturers to improve their quality and designs in the market. The need for modular furniture provides immense opportunities for wooden furniture and hardware owners. Furniture manufacturers consider several factors while designing furniture, such as the furniture’s functionality, look, feel, and value; some of the leading players in the market are Century Plyboards India Ltd., Godrej Interio (Godrej & Boyce Mfg. Co), Greenply Industries Limited, Ikea India Pvt Ltd., and Kingswood Group of Companies, among others.
India Wood Market Leaders
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Century Plyboards India Ltd.
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Godrej Interio (Godrej & Boyce Mfg. Co)
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Greenply Industries Limited
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Ikea India Pvt Ltd.
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Kingswood Group of Companies
*Disclaimer: Major Players sorted in no particular order
India Wood Market News
- In December 2023, Godrej & Boyce, a pioneer in driving sustainable practices in business launched Conscious Collective - a new initiative from the Godrej Design Lab. The first edition of Conscious Collective aspires to herald a new era of design-led innovation with a strong focus on sustainability and circularity that help consumers make conscious choices.
- In April 2023, India's First-Ever Safety Application for Material Handling Godrej and Boyce, India's flagship company launched i-Report, its innovative safety solution to improve safety in the material handling industry in India. The app will help to bridge the gaps in the industry’s safety policy and standards by providing a 360-degree safety solution to their customers as well as business partners by providing remote and real-time incident reporting and audit capabilities, as well as training and consultation.
India Wood Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions & Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
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4.1 Market Drivers
- 4.1.1 Increased consumer spending on residential furniture
- 4.1.2 Investment in renovations and remodeling is increasing
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4.2 Market Restraints
- 4.2.1 Shortage of skilled labor in the wood manufacturing industry
- 4.2.2 Regulatory compliance has always been one of the biggest issues in the forest and timber market.
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4.3 Market Opportunities
- 4.3.1 Rise in the number of hotels and restaurants
- 4.3.2 The demand for furniture products that are environmentally friendly is on the rise
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Impact of COVID-19 on the market
- 4.6 Insights into Export and Import of Wooden Furniture
- 4.7 Insights on Current Trends and Technological Innovations in the Market
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Hardwood
- 5.1.2 Softwood
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5.2 By Material
- 5.2.1 Plywood
- 5.2.2 Laminates
- 5.2.3 MDF
- 5.2.4 Other Materials
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5.3 By Product
- 5.3.1 Bedroom
- 5.3.2 Seating
- 5.3.3 Kitchen
- 5.3.4 Other Products
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5.4 By Application
- 5.4.1 Residential
- 5.4.2 Commercial
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5.5 By Distribution Channel
- 5.5.1 Online
- 5.5.2 Offline
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Century Plyboards India Ltd.
- 6.2.2 Godrej Interio (Godrej & Boyce Mfg. Co)
- 6.2.3 Greenply Industries Ltd.
- 6.2.4 Ikea India Pvt Ltd.
- 6.2.5 Kingswood Group of Companies.
- 6.2.6 Indroyal Furniture Pvt Ltd.
- 6.2.7 Merino Industries Ltd.
- 6.2.8 Nilkamal Ltd.
- 6.2.9 Zuari Furniture
- 6.2.10 Durian*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER
** Subject To AvailablityIndia Wood Industry Segmentation
Wood furniture includes any furniture made of a wood product such as rattan or wicker, engineered wood, etc. The India Wood Market is segmented by type, material, distribution channel, application and by product. By type, the market is segmented into hardwood and softwood. By material, the market is segmented into plywood, laminates, MDF and other materials. By distribution channel, the market is segmented into online and offline and by product, the market is segmented into bedroom, seating, kitchen and other products. The report offers market size and forecasts for the wood furniture market in India in value (USD) for all the above segments.
| By Type | Hardwood |
| Softwood | |
| By Material | Plywood |
| Laminates | |
| MDF | |
| Other Materials | |
| By Product | Bedroom |
| Seating | |
| Kitchen | |
| Other Products | |
| By Application | Residential |
| Commercial | |
| By Distribution Channel | Online |
| Offline |
India Wood Market Research Faqs
How big is the India Wood Market?
The India Wood Market size is expected to reach USD 1.00 billion in 2024 and grow at a CAGR of 8% to reach USD 1.47 billion by 2029.
What is the current India Wood Market size?
In 2024, the India Wood Market size is expected to reach USD 1.00 billion.
Who are the key players in India Wood Market?
Century Plyboards India Ltd., Godrej Interio (Godrej & Boyce Mfg. Co), Greenply Industries Limited, Ikea India Pvt Ltd. and Kingswood Group of Companies are the major companies operating in the India Wood Market.
What years does this India Wood Market cover, and what was the market size in 2023?
In 2023, the India Wood Market size was estimated at USD 0.93 billion. The report covers the India Wood Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Wood Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the trends in the India Wooden Furniture Market?
The trends in the India Wooden Furniture Market are a) Rising demand for eco-friendly and sustainable furniture b) Increasing preference for high-quality and customizable wooden furniture c) Growth of organized retail formats
India Wood Industry Report
The Indian wooden furniture industry is experiencing significant growth, driven by increasing urbanization, rising disposable incomes, and the popularity of eco-friendly and sustainable furniture options. The market is characterized by a moderately competitive landscape as indicated by the Herfindahl-Hirschman Index, suggests a diverse range of players contributing to the wooden furniture industry in India. The demand is particularly strong in the residential sector, with a preference for durable and customizable options that cater to modern living spaces. The rise of e-commerce has revolutionized the furniture shopping experience, enabling wider product availability and convenience for consumers. However, challenges such as deforestation and stringent wood use regulations pose potential risks to supply chains, impacting production costs and market dynamics. Overall, the wood furniture industry in India is poised for continued expansion, with opportunities for innovation in product design and online retail enhancing the consumer experience and driving further growth. For detailed statistics on the India Wood furniture market share, size, and revenue growth rate, refer to Mordor Intelligence™ Industry Reports, which include a market forecast outlook and historical overview.Get a sample of this industry analysis as a free report PDF download.
