Furniture - Bangladesh

Bangladesh

In 2024, the revenue in the Furniture market in Bangladesh amounts to US$1.85bn.
It is projected that the market will experience an annual growth rate of 4.27% (CAGR 2024-2029).
Among the various segments in the market, the largest one is the Living Room Furniture segment, which has a market volume of US$0.65bn in 2024.
When compared globally, in the United States generates the highest revenue, with a total of US$264bn in 2024.
Considering the population size, the per person revenue in Bangladesh is US$10.61 in 2024.
The furniture market in Bangladesh is experiencing a surge in demand due to the growing middle class and an increasing focus on home furnishing.

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Bangladesh has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish furniture designs, 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 the country.

Customer preferences: Bangladeshi consumers have shown a growing interest in modern and stylish furniture designs. They are increasingly looking for furniture that not only serves its functional purpose but also adds aesthetic value to their homes. This trend has led to a surge in demand for imported furniture, as international brands are often associated with high-quality and trendy designs. Moreover, customers are also seeking furniture that is eco-friendly and sustainable, reflecting a growing awareness of environmental issues.

Trends in the market: One of the key trends in the furniture market in Bangladesh is the growing popularity of online shopping. With the increasing penetration of the internet and the rise of e-commerce platforms, consumers now have access to a wide range of furniture options from both local and international brands. This has made it easier for customers to compare prices, designs, and features, resulting in a more competitive market. Another trend in the furniture market is the rising demand for customized furniture. Customers are increasingly looking for furniture that is tailored to their specific needs and preferences. This trend has opened up opportunities for local furniture manufacturers and artisans who can provide personalized and unique pieces.

Local special circumstances: Bangladesh has a large population, with a significant portion of it being young and aspirational. This demographic factor has played a crucial role in driving the growth of the furniture market. As young people move to urban areas and set up their own households, they are in need of furniture to furnish their homes. This has created a strong demand for furniture in the country. Furthermore, the real estate sector in Bangladesh has been experiencing rapid growth, with the construction of new residential and commercial buildings. This has created a demand for furniture to furnish these newly built spaces, further driving the growth of the furniture market.

Underlying macroeconomic factors: The growth of the furniture market in Bangladesh can be attributed to several underlying macroeconomic factors. Firstly, the rise in disposable income has allowed consumers to spend more on furniture. As the economy continues to grow and incomes rise, consumers are willing to invest in higher-quality and more expensive furniture. Secondly, urbanization has led to an increase in demand for furniture. As more people move to urban areas, the need for furniture to furnish their homes and offices has also increased. This trend is expected to continue as urbanization rates in Bangladesh are projected to rise in the coming years. In conclusion, the furniture market in Bangladesh is experiencing significant growth due to changing customer preferences, including a shift towards modern and stylish designs. The rise in disposable income and urbanization, along with the growing popularity of online shopping, have also contributed to the growth of the market. With the young and aspirational population and the booming real estate sector, the furniture market in Bangladesh is expected to continue its upward trajectory in the coming years.

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 segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments 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.