Furniture - Malawi

Malawi

The revenue generated in the Furniture market in Malawi amounts to €10.24m in 2024.
It is expected that the market will experience an annual growth rate of 7.41% (CAGR 2024-2029).
The largest segment in this market is the Home Décor segment, which has a market volume of €4.17m in 2024.
When comparing globally, in the United States generates the highest revenue of €242bn in 2024.
In terms of per capita figures, in Malawi generates revenues of €0.48 per person in 2024.
Malawi's furniture market is experiencing a surge in demand for locally crafted, sustainable furniture as consumers prioritize supporting local artisans and eco-friendly products.

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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Analyst Opinion

The Furniture market in Malawi is experiencing significant growth and development in recent years.

Customer preferences: Customers in Malawi are increasingly seeking furniture that is not only functional but also aesthetically pleasing. There is a growing demand for modern and stylish furniture designs that can enhance the overall look and feel of homes and offices. Additionally, customers are placing a greater emphasis on the quality and durability of furniture, as they want their purchases to last for a longer period of time.

Trends in the market: One of the key trends in the furniture market in Malawi is the increasing popularity of eco-friendly and sustainable furniture options. Customers are becoming more conscious of the environmental impact of their purchases and are actively seeking furniture made from recycled materials or sourced from sustainable forests. This trend is driven by a global shift towards sustainability and a growing awareness of the importance of preserving the environment. Another trend in the market is the rising demand for customized furniture. Customers are looking for unique furniture pieces that reflect their personal style and preferences. This trend is driven by the desire for individuality and the need to create personalized living spaces. Furniture manufacturers are responding to this demand by offering customization options, allowing customers to choose the materials, colors, and designs that best suit their needs.

Local special circumstances: The furniture market in Malawi is also influenced by local cultural preferences and traditions. Traditional Malawian furniture, such as bamboo and rattan furniture, continues to be popular among customers who value the country's heritage and craftsmanship. These furniture pieces are known for their intricate designs and durability, making them a preferred choice for many customers.

Underlying macroeconomic factors: The growth of the furniture market in Malawi can be attributed to several underlying macroeconomic factors. The country's improving economy and rising disposable incomes have resulted in an increase in consumer spending on furniture. As more people are able to afford furniture, the demand for various types of furniture has also increased. Additionally, the construction industry in Malawi is experiencing a boom, with new residential and commercial projects being undertaken across the country. This has created a higher demand for furniture, as new buildings and homes require furnishing. The growth of the real estate sector is expected to continue driving the demand for furniture in the coming years. In conclusion, the furniture market in Malawi is witnessing significant growth and development, driven by changing customer preferences, trends towards eco-friendly and customized furniture, as well as local cultural preferences. The underlying macroeconomic factors, such as the improving economy and the growth of the construction industry, are also contributing to the expansion of the market.

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.