Outdoor Furniture - Myanmar

Myanmar

In Myanmar, the revenue in the Outdoor Furniture market is projected to reach €55.55m in 2024.
This market is anticipated to experience an annual growth rate of 4.65% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, amounting to €17,110m in 2024.
In terms of per capita figures, the revenue generated per person in Myanmar is estimated to be €1.01 in 2024.
Myanmar's outdoor furniture market is experiencing a surge in demand as locals embrace outdoor living spaces.

Key regions: Brazil, China, France, India, Germany

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Analyst Opinion

The Outdoor Furniture market in Myanmar is experiencing significant growth and development.

Customer preferences: Customers in Myanmar are increasingly seeking outdoor furniture that is both functional and aesthetically pleasing. They are looking for furniture that can withstand the country's tropical climate and provide comfort and durability. Additionally, there is a growing demand for outdoor furniture that is made from sustainable materials and is environmentally friendly.

Trends in the market: There are several key trends driving the growth of the Outdoor Furniture market in Myanmar. Firstly, there is an increasing trend towards outdoor living and entertaining spaces. As more people in Myanmar are spending time outdoors, there is a greater demand for outdoor furniture to create comfortable and inviting outdoor spaces. Another trend in the market is the rise of tourism in Myanmar. The country has seen a significant increase in the number of tourists visiting in recent years, and this has led to a growing demand for outdoor furniture in hotels, resorts, and other hospitality establishments. Tourists are looking for outdoor spaces where they can relax and enjoy the country's natural beauty, and this has created a need for high-quality outdoor furniture.

Local special circumstances: Myanmar's unique geography and climate present some special circumstances for the Outdoor Furniture market. The country has a tropical climate, with hot and humid weather for much of the year. This means that outdoor furniture needs to be able to withstand high temperatures, humidity, and heavy rainfall. Additionally, Myanmar is prone to natural disasters such as cyclones and earthquakes, and outdoor furniture needs to be able to withstand these events as well.

Underlying macroeconomic factors: There are several underlying macroeconomic factors that are contributing to the growth of the Outdoor Furniture market in Myanmar. Firstly, the country's economy has been growing steadily in recent years, leading to an increase in disposable income and consumer spending. As people have more money to spend, they are more likely to invest in outdoor furniture for their homes and businesses. Additionally, there is a growing middle class in Myanmar, which is driving demand for higher-quality products, including outdoor furniture. As people's incomes increase, they are willing to spend more on durable and stylish outdoor furniture that will last for years. Furthermore, the government of Myanmar has been actively promoting tourism and foreign investment in the country. This has led to an increase in the number of hotels, resorts, and other hospitality establishments, which in turn has created a demand for outdoor furniture. In conclusion, the Outdoor Furniture market in Myanmar is experiencing strong growth due to customer preferences for functional and aesthetically pleasing furniture, as well as the trends towards outdoor living and the rise of tourism. The country's unique geography and climate present special circumstances for the market, and underlying macroeconomic factors such as economic growth and government promotion of tourism are driving the market's development.

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.