GCC Furniture Market Report and Forecast 2024-2032

GCC Furniture Market Insights & Analysis

The GCC Furniture Market is anticipated to register a CAGR of around 7.8% during the forecast period, i.e., 2024-32, along with this the market size is valued at nearly 14.2 billion in 2024. Furniture is essential for homes & offices, bringing solace, comfort, and efficiency to individuals’ lives, further enhancing their lifestyle. The aesthetic appeal of furniture has also become trendy, impelling the demand for modern & unique pieces, such as tables, chairs, desks, beds, and cupboards. The furniture industry uses a wide range of materials to create these pieces, including plastic, wood, metal, and many more.

The market in Gulf countries is currently experiencing a rise in demand, with several factors contributing to its growth. Heightened demand for residential properties, real estate development, and government initiatives to build socio-economic infrastructure are some aspects fueling the market growth. As most of the furniture in the GCC is imported, the industry faced a decline in imports from most countries in 2020.

Moreover, the GCC Furniture Market's growth can also be attributed to rapid technological advancements, urbanization, growth in the housing sector, and better living standards, leading to a surge in demand for comfort. Consequently, with the growing need, the industry has become highly competitive, with many players competing to gain potential market share, further contributing to influencing the industry's growth in the future years.

GCC Furniture Market Dynamics

• Growing Demand for Office Furniture in Response to Business Growth

The rapid growth of several businesses has led to a boost in demand for office spaces & furniture, including unique features, shapes, and sizes. As a result, major corporations & market players are heavily investing in office furniture, such as tables, chairs, and desks to provide a comfortable & conducive work environment for employees, ultimately contributing to the GCC Furniture Market growth. Other than this, numerous furniture manufacturers are actively working on presenting new designs & creating furniture with different materials in a bid to add extra features, occupying minimal space. This, in turn, is aiding in driving the GCC Furniture Market growth graph.

• Massive Investment in Space Renovation Promoted by Furniture Shows Opening Up New Avenues

The GCC's furniture industry has been boosted by the growth of the real estate sector, driven by increased construction activity in both residential & commercial properties, increasing urbanization, and increased disposable income. Particularly in the country like the UAE, people invest more in home renovation, especially high-quality furniture products for living rooms & kitchens. Given this, The Hive Furniture Show, an event showcasing exquisitely curated furniture from around the world took place at Expo Centre Sharjah in June 2022.

The show aimed to allow visitors to explore the latest furniture trends & network with global manufacturers under one roof. The show hosted over 100 international exhibitors, presenting their collections of furniture pieces for various settings, including offices, living rooms, dining rooms, bedrooms, and outdoor spaces. Hence, such events are likely to present new opportunities for the GCC Furniture Market players.

• Integrating Smart Technologies into Furniture for Enhanced Functionality Remains a Key Trend

As technology advances, leading players in the GCC region, particularly in the UAE & Saudi Arabia Furniture Market, are incorporating AI, IoT, and deep learning into their products. Integrating smart technologies into furniture not only adds to the functionality of these products but also reflects consumers' modern & technologically advanced lifestyles. This addition has resulted in intelligent furniture, including smart home devices, charging phone lamps, tablet coffee tables, and smart beds. Thus, becoming a profitable trend in the GCC Furniture Market, further contributing to shaping the industry's future.

GCC Furniture Market Segment-wise Analysis

By End Users:

• Residential
• Commercial
• Retail

The Residential sector is expected to witness the fastest growth, capturing the potential share of the GCC Furniture Market during the forecast period. It owes principally to the government's support through massive investments & an increasing number of construction projects in the real estate & residential sector to serve the growing population & improve people's living standards. This, in turn, is driving the demand for luxurious furniture in homes across Gulf countries.

However, local manufacturers in these countries face difficulties producing raw materials, resulting in increased penetration of imported furniture. Moreover, several foreign players are establishing manufacturing units in these countries to expand their scalability for residential furniture, grabbing the growth opportunity in the market.

By Material:

• Plastic
• Wood
• Metal

Wood has been the dominant material in the GCC Furniture Market, with the largest share in recent years, and is predicted to continue to lead during the forecast period as well. This is mainly due to its easy availability & the ability to produce various types of furniture.

Moreover, wood's unique properties & capabilities, such as providing high strength & durability, requiring minimal maintenance, and offering an appealing look, would continue to drive overall market growth in the years to come. Additionally, the rising customer preference for wooden aesthetics is leading to a growing inclination toward adopting wooden furniture, positively impacting the market expansion.

Country-wise Projection of the GCC Furniture Market

The GCC Furniture Market is geographically diversified, covering:

• Saudi Arabia
• The UAE
• Qatar
• Bahrain
• Kuwait
• Oman

The furniture industry in Saudi Arabia has experienced rapid growth and has become a leading nation in the GCC region. This growth can be attributed to increasing real estate development, rising demand for residential properties, and government initiatives to support socio-economic infrastructure development. Moreover, the country's economic progress & urbanization have generated a demand for furniture in hotels, offices, and industrial sectors.

In addition, luxury furniture is increasingly popular in the country as it is associated with wealth & social status. Multi-utilitarian furniture is also gaining popularity due to its space-saving & multi-purpose advantages. The furniture industry in Saudi Arabia has also embraced online retailing, with major retailers such as Home Center and IKEA launching online stores to sell their products.

What Does Our GCC Furniture Market Research Study Entail?

• The GCC Furniture Market Research Report highlights the forecast growth rate or CAGR by anticipating the market size & share.
• The market analysis puts light upon the primary industry trends, driving aspects, potential opportunities, growth challenges, and other major factors.
• The GCC Furniture Market Research Report entails details about the most critical shifts in market share in the prominent regions.
• Considering the statistics & the developments by the primary market competitors, our report also strives to demonstrate the most sought-after strategies of the key players.