Saudi Arabia Furniture Market Analysis
"The furniture industry in Saudi Arabia has emerged as the fast growing highly untapped industry over the past few years. With the entry of a number of real estate developers and increasing demand for residential property, the housing industry has witnessed tremendous growth in the past. This has infused growth in the household furniture market growth. Booming economy, government support and young population base coupled with other secondary factors have created a strong platform for the furniture industry to grow to new horizons.
According to our new report “Saudi Arabia Furniture Market Analysis”, the furniture consumption in Saudi Arabia has rapidly expanded over the past few years on the back of rising affluence, influence of western culture and tourism developments. Despite the economic slowdown, the industry sustained its growth rate and achieved positive year-on-year growth. Moreover, the furniture consumption is anticipated to grow at a CAGR of around 12% during 2011-2013, making the Kingdom one of the most attractive furniture markets in the Middle East.
Currently, the Saudi Arabian furniture industry is witnessing a huge demand-supply gap due to massive in-efficient and underdeveloped wood products industry. Domestic manufacturers are facing shortage of furniture raw material and parts and hence huge imports become inevitable. However, it is expected that dependence on imports will reduce in future as many international furniture giants are establishing their roots in the Kingdom and raw material supply is also getting government attention.
“Saudi Arabia Furniture Market Analysis” provides an extensive research and conceptual analysis of the Saudi Arabian furniture industry. It facilitates information and statistics of furniture industry structure, production trends, demand scenario and import-export developments. The report provides segment wise furniture production and demand forecast to facilitate cutting edge market intelligence.
According to our new report “Saudi Arabia Furniture Market Analysis”, the furniture consumption in Saudi Arabia has rapidly expanded over the past few years on the back of rising affluence, influence of western culture and tourism developments. Despite the economic slowdown, the industry sustained its growth rate and achieved positive year-on-year growth. Moreover, the furniture consumption is anticipated to grow at a CAGR of around 12% during 2011-2013, making the Kingdom one of the most attractive furniture markets in the Middle East.
Currently, the Saudi Arabian furniture industry is witnessing a huge demand-supply gap due to massive in-efficient and underdeveloped wood products industry. Domestic manufacturers are facing shortage of furniture raw material and parts and hence huge imports become inevitable. However, it is expected that dependence on imports will reduce in future as many international furniture giants are establishing their roots in the Kingdom and raw material supply is also getting government attention.
“Saudi Arabia Furniture Market Analysis” provides an extensive research and conceptual analysis of the Saudi Arabian furniture industry. It facilitates information and statistics of furniture industry structure, production trends, demand scenario and import-export developments. The report provides segment wise furniture production and demand forecast to facilitate cutting edge market intelligence.