Furniture - Benin

Benin

In Benin, the revenue in the Furniture market reached US$48.95m in 2024.
It is projected to experience an annual growth rate of 2.29% (CAGR 2024-2029).
The largest segment in this market is the segment of Living Room Furniture, which accounted for a market volume of US$16.07m in 2024.
When compared globally, in the United States generates the highest revenue in this market, with US$263bn in 2024.
In terms of per capita revenue, in 2024, each person in Benin generates US$3.48.
The furniture market in Benin is experiencing a surge in demand for locally-made, handcrafted wooden pieces.

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

Customer preferences: in the Furniture market in Benin are shifting towards more modern and stylish designs. Consumers are increasingly looking for furniture that not only serves a functional purpose but also adds aesthetic value to their homes. This preference for modern designs is influenced by global design trends and the desire to create a more contemporary living space. Additionally, there is a growing demand for furniture that is eco-friendly and sustainable, as consumers become more conscious of the environmental impact of their purchases. Trends in the market include the rise of online furniture shopping. With the increasing availability of internet access and the convenience of online shopping, more consumers in Benin are turning to online platforms to purchase furniture. This trend is also driven by the wide range of options available online, allowing consumers to explore different styles, designs, and prices before making a purchase. Another trend is the growing popularity of modular furniture, which offers flexibility and versatility in terms of design and functionality. This type of furniture appeals to consumers who value adaptability and the ability to customize their living spaces according to their changing needs.

Local special circumstances: in Benin also contribute to the development of the Furniture market. The country's growing middle class and urbanization are key drivers of market growth. As more people move to urban areas and experience increased disposable income, there is a greater demand for furniture to furnish homes and apartments. Additionally, the government's efforts to promote local manufacturing and reduce dependence on imports have led to the establishment of furniture production units in the country. This has not only created employment opportunities but also contributed to the availability of locally made furniture at competitive prices.

Underlying macroeconomic factors: such as economic growth and stability also play a role in the development of the Furniture market in Benin. As the economy grows and incomes rise, consumers have more purchasing power, which translates into increased spending on furniture. Furthermore, political stability and favorable government policies create a conducive business environment, attracting investment in the furniture sector and facilitating market expansion. Overall, the Furniture market in Benin is witnessing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers seek modern and stylish designs, online shopping gains popularity, and modular furniture becomes more prevalent, the market is expected to continue its upward trajectory. With the support of government initiatives and favorable economic conditions, the furniture industry in Benin is poised for further expansion and innovation.

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.