Furniture - Myanmar

Myanmar

In Myanmar, the revenue in the Furniture market in 2024 is estimated to be €903.00m.
It is projected to have an annual growth rate of 4.55% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which is expected to have a market volume of €331.90m in 2024.
When compared globally, in the United States generates the highest revenue in this market, with an estimated amount of €245bn in 2024.
In terms of per person revenues, in Myanmar generates approximately €16.43 in 2024.
The Furniture market showcases significant potential in Myanmar.
Myanmar has seen a surge in demand for handcrafted teak furniture, reflecting the country's rich history of woodworking craftsmanship.

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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Comparación de regiones

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Analyst Opinion

The Furniture market in Myanmar has been experiencing significant growth in recent years. Customer preferences have shifted towards modern and stylish furniture, leading to an increase in demand for imported furniture. Additionally, the rise in disposable income and urbanization has contributed to the growth of the furniture market in Myanmar.

Customer preferences: in Myanmar have evolved over time. Previously, traditional and handcrafted furniture were popular among consumers. However, there has been a shift towards modern and stylish furniture in recent years. This change in customer preferences can be attributed to the influence of global trends and the desire for a more contemporary living environment. As a result, there has been an increase in the demand for imported furniture, especially from countries known for their high-quality and innovative designs. The furniture market in Myanmar has also been driven by underlying macroeconomic factors. The country has experienced a steady increase in disposable income, which has allowed consumers to spend more on furniture and home decor. Additionally, urbanization has led to an increase in demand for furniture, as more people move to cities and require furnishings for their new homes. These macroeconomic factors have created a favorable environment for the growth of the furniture market in Myanmar. In addition to customer preferences and macroeconomic factors, there are also local special circumstances that have contributed to the development of the furniture market in Myanmar. The country has a rich cultural heritage and a tradition of craftsmanship, which has influenced the local furniture industry. Local artisans and craftsmen continue to produce traditional furniture, catering to a niche market of consumers who value authenticity and heritage. This blend of traditional and modern furniture options has created a diverse and vibrant furniture market in Myanmar. Despite the positive trends and developments in the furniture market, there are also challenges that need to be addressed. The lack of infrastructure and logistical support can hinder the growth of the industry. Additionally, the high cost of imported furniture and the presence of counterfeit products in the market can pose challenges for both consumers and businesses. However, with the right investments and policies in place, the furniture market in Myanmar has the potential to continue its growth trajectory and become a key player in the global furniture industry.

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.