An Insight into the Future of Wood & Furniture Industry of India

The furniture industry is one of the sectors that can help India make better use of its forest resources. Wood has always been an important resource for human beings. It has been used for fire and shelter or as a tool,?

This growth is being driven by factors such as increasing urbanization, rising disposable incomes, and growing demand for stylish and comfortable furniture. The Indian government is planning to transform the furniture industry by making better use of forest resources.

Market Prospects

India is a rapidly growing consumer market with a young and growing population. This is driving the growth of the furniture industry in India. The furniture industry is expected to grow at a CAGR of 10.9% in the forecast period of 2023-2028.

Processing more wood onshore?

Currently, a large amount of wood is exported as raw logs. The plan aims to increase the processing of wood in India, which will create jobs and add value to the wood.

Producing more high-value wood products

The plan also aims to produce more high-value wood products such as furniture, flooring, and panelling. These products have a higher export potential and can generate more revenue for the country.

Using Local labour

The plan emphasizes the use of local labour in the furniture industry. This will help to create jobs in rural areas and reduce the migration of people to urban areas.

Growing the forest-based bioeconomy?

The plan also aims to grow the forest-based bioeconomy. This includes the development of new products and services from forest resources, such as wood-based biofuels and biopolymers.

Wood Furniture Industry

The wood furniture sector is one of the key segments of the furniture industry in India. It is a labour-intensive sector and provides employment to millions of people. The sector is also contributing to the growth of the economy by generating revenue and exports.

The wood furniture sector has traditionally been dominated by small and medium-scale enterprises. However, in recent years, there has been a trend towards industrial manufacturing. This is being driven by factors such as increasing demand for furniture, growing disposable incomes, and government initiatives to promote manufacturing.

Factors behind Growth of Wood Furniture Industry

Increasing urbanization?

The growing urbanization in India is leading to an increase in the demand for furniture. This is because people in urban areas have more disposable incomes and are looking for comfortable and stylish furniture for their homes.

Rising disposable incomes?

The rising disposable incomes of Indians are also driving the growth of the furniture industry. People are now able to afford better quality furniture, which is leading to an increase in demand for wood furniture.

Government initiatives

The government is also supporting the growth of the furniture industry by providing various incentives, such as tax breaks and subsidies.

The Furniture Industry in India is a diverse and fragmented market. There are a large number of small and medium-sized enterprises that cater to the local market. However, there are also a number of large companies that are exporting their furniture to international markets.

The furniture industry in India is facing a number of challenges, such as the high cost of raw materials, the lack of skilled labour, and the competition from imported furniture. However, the industry is also seeing a number of opportunities, such as the growing demand for sustainable furniture and the increasing popularity of online shopping. Overall, the furniture industry in India is a promising market with a lot of potential for growth.

Conclusion

We move forward on this exciting path of revolution in this key sector of consumer necessity, the potential for this sector remains immense. With the private sector and domestic manufacturers leading the way, driven by the impressive growth of the domestic market, India is now well on its way to becoming a major furniture manufacturing hub and imbedding itself deeper into the global value chains.

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