Furniture - Uganda

Uganda

In 2024, the revenue in Uganda's Furniture market is estimated to be €112.40m.
It is projected that the market will experience an annual growth rate of 2.34%, also known as the Compound Annual Growth Rate (CAGR), from 2024 to 2029.
The largest segment within the market is the Living Room Furniture segment, which is expected to reach a market volume of €33.76m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, with an estimated value of €242bn in 2024.
Taking into account the total population figures, the per person revenue in Uganda's Furniture market is projected to be €2.25 in 2024.
The demand for locally-made, handcrafted furniture in Uganda is on the rise, reflecting a growing interest in supporting local artisans and promoting sustainable practices.

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 Uganda is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Furniture market in Uganda are evolving, with consumers increasingly seeking modern and stylish furniture options. They are looking for furniture pieces that not only serve functional purposes but also enhance the aesthetic appeal of their living spaces. As a result, there is a growing demand for contemporary designs, innovative materials, and unique furniture pieces that reflect individual tastes and preferences.

Trends in the market: indicate a shift towards sustainable and eco-friendly furniture options. Consumers are becoming more conscious of the environmental impact of their purchasing decisions and are actively seeking furniture made from sustainable materials such as bamboo, recycled wood, and organic fabrics. This trend is also driven by a global movement towards sustainability and responsible consumption. Another trend in the Furniture market in Uganda is the rising popularity of online shopping. The increasing penetration of internet and smartphones has made it easier for consumers to browse and purchase furniture online. Online platforms offer a wide range of furniture options, competitive prices, and convenient delivery services, attracting a growing number of customers who prefer the convenience of shopping from their homes.

Local special circumstances: also play a role in the development of the Furniture market in Uganda. The country has a young and growing population, with a rising middle class that has higher disposable incomes. This demographic shift has led to an increase in consumer spending on furniture and home decor items. Additionally, urbanization and the growth of real estate projects have created a demand for furniture in residential and commercial spaces.

Underlying macroeconomic factors: further contribute to the growth of the Furniture market in Uganda. The country's stable economic growth, improving infrastructure, and favorable investment climate have attracted both local and international furniture manufacturers and retailers. This has led to increased competition in the market, driving innovation and offering consumers a wider range of choices. In conclusion, the Furniture market in Uganda is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Consumers are increasingly seeking modern and stylish furniture options, with a growing demand for sustainable and eco-friendly designs. Online shopping is also gaining popularity, providing convenience and a wide range of choices. The young and growing population, along with favorable macroeconomic conditions, further contribute to the market's growth.

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.