Furniture - Ghana

Ghana

In Ghana, the revenue in the Furniture market is estimated to be US$444.50m in 2024.
It is projected to experience an annual growth rate of 2.57% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which is expected to have a market volume of US$139.20m in 2024.
When compared globally, in the United States generates the highest revenue in this market, reaching US$264bn in 2024.
In terms of per capita revenue, each person in Ghana generates US$12.78 in 2024.
Ghana's furniture market is witnessing a surge in demand for locally-made, eco-friendly products, reflecting a growing preference for sustainable and ethically sourced materials.

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 Ghana is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Furniture market in Ghana are shifting towards more modern and contemporary designs. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing and in line with the latest design trends. This shift in preferences is driven by the growing influence of global design trends and the desire to create stylish and modern living spaces. Trends in the market indicate a growing demand for eco-friendly and sustainable furniture. Customers in Ghana are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from sustainable materials such as bamboo, recycled wood, and natural fibers. This trend is in line with the global movement towards sustainability and reflects a growing awareness of environmental issues in the country. Another trend in the Furniture market in Ghana is the increasing popularity of online shopping. With the rise of e-commerce platforms and the growing availability of internet access, customers are now able to browse and purchase furniture online. This trend is driven by the convenience and wide range of options offered by online retailers, as well as the ability to compare prices and read customer reviews before making a purchase.

Local special circumstances: in Ghana also contribute to the development of the Furniture market. The country has a growing middle class with increasing disposable income, which has led to a rise in consumer spending on furniture and home decor. Additionally, urbanization and population growth have resulted in a higher demand for housing, leading to an increased need for furniture.

Underlying macroeconomic factors: also play a role in the growth of the Furniture market in Ghana. The country's stable economic growth and favorable investment climate have attracted foreign investors, leading to the establishment of international furniture brands and retailers in the market. This has increased competition and brought in new products and designs, further fueling the growth of the market. In conclusion, the Furniture market in Ghana is experiencing growth and development driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards modern and contemporary designs, the demand for eco-friendly furniture, the rise of online shopping, the growing middle class, urbanization, and stable economic growth are all contributing to the positive trajectory of the market.

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.