Project report for Furniture Unit

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The furniture sector in India makes a marginal contribution to the   Gross Domestic Product (GDP), representing about 0.5 percent of the total GDP. The major part of this industry, approximately 85 percent is in the unorganized sector. The popularity of traditional furniture has strengthened the demand for wood in the manufacturing of furniture in India. Over the past few years, the utilization of wooden goods in the home has increased as people have started using wood for furnishing cupboards, decorating, and other purposes. Apart from this, the demand for engineered wood furniture is rising in metro cities such as Delhi, Mumbai, Bangalore, and other major cities. The reason behind this is the rising popularity of ready to assemble home furniture in these cities. The global furniture market can be broadly categorized into four categories - domestic furniture, office/corporate furniture, hotel furniture, and furniture parts.  Globally, domestic furniture accounts for 65 percent of the production value, whilst corporate/office furniture represents 15 percent, hotel furniture 15 percent, and furniture parts 5 percent. 

According to a  World  Bank study,  the organized furniture industry is expected to grow by 20 percent every year. A large part of this growth is expected to come from the rapidly growing consumer markets of Asia, implying the significant potential for growth in the  Indian furniture sector. the Indian furniture market is estimated to be worth US$ 7,922 million. Of this, wooden furniture accounts for US$ 1,358 million. About 11 percent (US$ 152 million) of this (wooden furniture) is imported and imports are growing at 50 to 60 percent every year.

Market potential & Strategy

 The Indian furniture market is estimated to be worth US$ 7,922 million. Of this, wooden furniture accounts for US$ 1,358 million. About 11 percent (US$ 152 million) of this (wooden furniture) is imported and imports are growing at 50 to 60 percent every year. India was the largest furniture importer in the world. A total of 10, 476 importers shipped furniture to India during this period, mainly from Italy, Germany, Spain, China, Korea, Malaysia, Indonesia, the Philippines, and Japan. The range of indigenous furniture available in India includes both residential and contract system furniture. Manufacturers in  India usually use a  three-tier selling and distribution structure, comprising of the distributor, wholesaler, and retailer. The market is mainly concentrated in A, B, and C category cities (the top 589 cities). A and B type cities together constitute 33 percent of the total market. 

With a healthy economy and increased household and institutional spending, the market is growing steadily. s with the global market, home furniture is the largest segment in the Indian furniture market, accounting for about 65 percent of furniture sales. This is followed by, the office furniture segment with a 20 percent share and the contract segment, accounting for the remaining 15 percent. The Indian furniture industry covers the entire gamut of activities, from sourcing, manufacturing, and distribution, to sales and after-sales.

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