Furniture - Kenya

Kenya

In Kenya, the revenue in the Furniture market is projected to reach €565.50m in 2024.
It is expected that the market will experience an annual growth rate of 2.56% (CAGR 2024-2029).
The largest segment in the market is the Living Room Furniture segment, which is estimated to have a market volume of €199.00m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, amounting to €242bn in 2024.
In terms of per capita income, each person in Kenya is anticipated to generate revenues of €10.06 in 2024.
Kenya's furniture market is experiencing a surge in demand for eco-friendly and sustainable designs.

Key regions: Worldwide, United States, China, India, Germany

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

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Región

Comparación de regiones

Moneda

Analyst Opinion

The Furniture market in Kenya has been experiencing significant growth in recent years.

Customer preferences: Customers in Kenya have shown a growing preference for high-quality, durable furniture that is both functional and aesthetically pleasing. They are increasingly looking for furniture that is not only comfortable, but also reflects their personal style and taste. As a result, there has been a rise in demand for modern and contemporary furniture designs in the market.

Trends in the market: One of the key trends in the furniture market in Kenya is the increasing popularity of online shopping. With the rise of e-commerce platforms and the increasing access to the internet, more and more customers are choosing to buy furniture online. This trend is driven by the convenience and ease of online shopping, as well as the ability to compare prices and access a wider range of products. As a result, online furniture retailers have seen significant growth in their sales. Another trend in the market is the growing demand for eco-friendly and sustainable furniture. Customers in Kenya are becoming more conscious of the environmental impact of their purchases and are actively seeking out furniture made from sustainable materials such as bamboo, reclaimed wood, and recycled materials. This trend is driven by a combination of factors, including increased awareness of environmental issues, government initiatives to promote sustainability, and changing consumer preferences.

Local special circumstances: One of the unique aspects of the furniture market in Kenya is the strong influence of local craftsmanship and traditional designs. Kenyan customers have a deep appreciation for locally made furniture and traditional craftsmanship. This has created a niche market for handmade furniture, which is often made using traditional techniques and materials. Customers are willing to pay a premium for these unique and authentic pieces, which has led to the growth of small-scale furniture workshops and artisans.

Underlying macroeconomic factors: The growth of the furniture market in Kenya can be attributed to several underlying macroeconomic factors. Firstly, Kenya has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has resulted in a higher demand for furniture as customers have more purchasing power. Secondly, urbanization and population growth have also played a role in driving the growth of the furniture market. As more people move to urban areas, there is a greater need for furniture to furnish homes and offices. This has created a growing market for both residential and commercial furniture. Lastly, government initiatives to promote the manufacturing sector and support local industries have also contributed to the growth of the furniture market. The government has implemented policies to encourage local production and reduce the importation of furniture. This has created opportunities for local furniture manufacturers to expand their operations and meet the growing demand. In conclusion, the furniture market in Kenya is experiencing significant growth due to customer preferences for high-quality and modern designs, the increasing popularity of online shopping, the demand for eco-friendly and sustainable furniture, the strong influence of local craftsmanship and traditional designs, as well as underlying macroeconomic factors such as economic growth, urbanization, and government support for the manufacturing sector.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.