The Saudi Arabia furniture industry has become one of the most vibrant and fastest growing industries in the GCC region. The growing number of real estate development, and increasing demand for residential property along with the governmental initiatives to develop socio-economic infrastructure is driving the whole furniture industry in the Kingdom. The rising interest and investment of foreign players either to increase their presence or to expand in different emirates is further boosting the KSA furniture industry. Thus, it is anticipated that the demand in the furniture industry of the Kingdom will grow at a CAGR of around 11% during 2018-2024.
RNCOS’ latest report titled “Saudi Arabia Furniture Market Forecast 2022” studied the Saudi furniture industry in detail to establish logical understanding of the consumer behavior, pulling the overall furniture industry. Our research is an outcome of extensive primary & secondary research, where industry trends are being identified. For the study, we have analyzed industry expert insights from key players and main exporters in order to build our understanding on the macro and micro level of the overall KSA furniture industry, and to explore opportunity in the prevailing market.
The report includes comprehensive analysis of Saudi furniture industry, as it covers an in-depth analysis of the production and consumption scenario in the country. Further to evaluate the existing business opportunities, the consumption scenario is segmented into commercial and household furniture. As household furniture with more share of Bedroom furniture account for the maximum share in Saudi furniture industry, we have further bifurcated this segment into bedroom, kitchen and other, in order to understand the trend in the industry and to forecast its each segment till 2022.
Moreover, all the current trends & drivers of the Saudi furniture industry have been evaluated in the report. Accordingly, it has been observed that Saudi Arabia mainly imports its furniture requirement, as its domestic production is not able to fulfill the country’s increasing demand for the goods both in the household and commercial sectors. In this connection, both the import and export data of the furniture industry in the country have been incorporated in the report. A detailed regional market analysis and the market’s regulatory analysis, along with the wood product industry’s framework are also covered. Furniture products have a close association with the construction sector, in particular the commercial and household segments. Therefore, the report also gives a better coverage of the Kingdom’s construction sector through a detailed analysis of the interior design, contracting and fit out segments associated with the real estate industry.
The report further highlights the competitive landscape of the Saudi Arabia Furniture Market, describing the business, product portfolio, financials, and recent developments of the key industry players. It also provides important information for clients interested in venturing into the industry, and facilitates them to formulate strategies while going for an investment in the Saudi furniture market.