Furniture - Nigeria

Nigeria

The Furniture market in Nigeria generated a revenue of €4.55bn in 2024.
It is anticipated to experience an annual growth rate of 2.79% (CAGR 2024-2029).
The largest segment within the market is Living Room Furniture, which accounted for a market volume of €1.53bn in 2024.
In comparison to other countries, in the United States generated the highest revenue with €242bn in 2024.
When considering the population, the per person revenue in Nigeria amounted to €19.84 in 2024.
The demand for locally-made, handcrafted furniture in Nigeria is on the rise, reflecting a growing appreciation for traditional craftsmanship and supporting local artisans.

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 Nigeria has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Nigerian furniture market have shifted towards more modern and stylish designs. Consumers are increasingly looking for furniture that not only serves its functional purpose but also adds aesthetic value to their homes. This has led to a rise in demand for contemporary furniture pieces that incorporate sleek designs, innovative materials, and unique finishes. Additionally, customers are also seeking furniture that is durable, easy to maintain, and affordable, reflecting the growing middle-class population in Nigeria. Trends in the Nigerian furniture market have been influenced by global and regional market developments. One notable trend is the increasing popularity of e-commerce in the furniture industry. Online platforms have made it easier for customers to browse and purchase furniture from the comfort of their homes, leading to a surge in online furniture sales. This trend is expected to continue as more Nigerians gain access to the internet and become familiar with online shopping. Another trend in the Nigerian furniture market is the growing demand for eco-friendly and sustainable furniture. As environmental consciousness rises globally, Nigerian consumers are also becoming more aware of the impact of their purchasing decisions on the environment. This has resulted in a shift towards furniture made from sustainable materials and produced using environmentally friendly manufacturing processes. Furniture companies that prioritize sustainability and incorporate eco-friendly practices into their operations are likely to gain a competitive edge in the market.

Local special circumstances: in Nigeria also play a role in shaping the furniture market. One such circumstance is the country's rapid urbanization. As more Nigerians move to cities and urban areas, there is an increased demand for furniture to furnish new homes and apartments. This urbanization trend, coupled with a growing population, creates a large and expanding customer base for furniture companies.

Underlying macroeconomic factors: have also contributed to the development of the furniture market in Nigeria. The country's economic growth, rising disposable income, and increasing middle-class population have all fueled the demand for furniture. As more Nigerians have the means to invest in their homes, they are willing to spend more on furniture that meets their preferences and lifestyle. In conclusion, the furniture market in Nigeria is experiencing growth and development due to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, furniture companies that adapt to these changes and offer products that cater to the needs and desires of Nigerian consumers are likely to thrive in this dynamic 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.