Furniture - Ghana

  • Ghana
  • In Ghana, the revenue in the Furniture market is estimated to be US$431.30m in 2024.
  • It is projected to experience an annual growth rate of 2.04% (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$263bn in 2024.
  • In terms of per capita revenue, each person in Ghana generates 0.00 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

 
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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.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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