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pxhere.com years ago.
Within Asia and Pacific, India is the second largest furniture
market after China, and one of the projected fastest growing
in 2024 and 2025, driven mainly by increasing urbanisation,

expansion of the middle class, growing investments in the
residential and non-residential sectors, government support
and modernisation of furniture retail.
Even though imports satisfy less than 10 percent of the
Indian furniture market, they have grown fast in the last few
years and the potential for high-end/luxury furniture imports
is particularly high”.
INDIA
Demand for office space at a historical high VIETNAM

Cushman and Wakefield have released a report ‘India Office Wood and wood product (W&WP) trade highlights
Outlook 2024’ saying “2024 is likely to be a significant year Statistics provided by Vietnam Office of Customs reveal
for India’s office market marked with accelerated growth and that in June 2024 W&WP exports reached US$1.25 billion,
renewed optimism. With domestic office demand reaching down one percent compared to May 2024 but up 14 percent
a historical high of 74.7 million square feet surpassing the compared to June 2023.
previous record set in 2022 followed by limited supply in core WP exports alone earned US$840 million, up 0.6 percent
markets 2024 is the right year to invest in tier two cities”. compared to May 2024 and up 10 percent compared to

A recent survey conducted by furniture & design technology June 2023.
magazine of around 70 furniture and outfitting firms and 135 In the first six months of 2024, W&WP exports earned
architects and design firms concluded there growth in the US$7.4 billion, up 22 percent year-on-year. WP exports
office market will be positive news for quality and premium contributed US$5.03 billion, up 21 percent over the same
grade panel producers. period in 2023.
Plyreporter says “This change is resulting into growing The value of Vietnam's W&WP imports in June 2024 was
demand for high quality and better designed pre-laminated US$250 million, up 0.9 percent compared to May 2024 and
boards and surfaces compared to what it was earlier. The up 31 percent compared to June 2023.
facts indicate a growth of 30 percent rise in quality prelam Over the first six months of 2024, W&WP imports totalled

particleboard consumption compared to 2020”. US$1.266 billion, up 22 percent year-on-year.
Logs and sawnwood (raw wood) imports in June 2024
India-4th largest furniture market worldwide were 510,400 cubic metres, worth US$168.4 million, up 1.5
In May, Research and Markets announced their latest assessment percent in volume and one percent in value compared to
of the furniture market in India saying; “The Indian furniture May 2024. Compared to June 2023 imports increased by
market is valued at US$20 billion and has grown at an annual 24 percent in volume and 24 percent in value.
average rate of six percent during the last ten years. In the first six months of 2024, imports of raw wood

This growth trend makes India the 4th largest furniture totalled 2.5 million cubic metres, worth US$838.4 million, up
market worldwide, climbing from the 10th position held ten 18 percent in volume and 11 percent in value against the