Furniture - Guinea

Guinea

In Guinea, the revenue in the Furniture market reached US$133.70m in 2024.
It is projected to experience an annual growth rate of 1.00% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which recorded a market volume of US$45.49m in 2024.
In terms of global comparison, in the United States generates the highest revenue in the Furniture market, amounting to US$264bn in 2024.
When considering the population, the per person revenues in Guinea for 2024 amount to US$9.21.
"Guinea's furniture market is experiencing a surge in demand for locally made, handcrafted pieces, reflecting a growing appreciation for traditional craftsmanship and sustainable design."

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 Guinea is experiencing steady growth and development.

Customer preferences: Customers in Guinea have shown a strong preference for furniture that is both functional and aesthetically pleasing. They are looking for furniture that is durable and can withstand the test of time. Additionally, customers in Guinea tend to favor furniture that is made from natural materials such as wood, as they appreciate the craftsmanship and quality that comes with these types of products.

Trends in the market: One of the key trends in the furniture market in Guinea is the increasing demand for locally made furniture. Customers are increasingly looking for furniture that is made by local artisans, as they appreciate the unique designs and craftsmanship that comes with these products. This trend is also driven by a desire to support local businesses and promote the local economy. Another trend in the market is the growing popularity of online furniture shopping. Customers in Guinea are increasingly turning to online platforms to purchase furniture, as it offers convenience and a wider range of options.

Local special circumstances: One of the special circumstances in the furniture market in Guinea is the availability of natural resources. Guinea is known for its rich reserves of timber, which makes it an ideal location for furniture production. This has led to the establishment of local furniture manufacturing companies, which are able to produce high-quality furniture using locally sourced materials. Additionally, Guinea has a strong tradition of craftsmanship, which has contributed to the development of unique furniture designs that are in high demand both domestically and internationally.

Underlying macroeconomic factors: The growth and development of the furniture market in Guinea can be attributed to several underlying macroeconomic factors. Firstly, Guinea has experienced stable economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed more people to invest in furniture and home decor items. Secondly, the government of Guinea has implemented policies to promote the growth of the manufacturing sector, including the furniture industry. This has attracted both domestic and foreign investments, leading to the expansion of the market. Finally, the increasing urbanization in Guinea has also contributed to the growth of the furniture market. As more people move to urban areas, there is a greater demand for furniture to furnish their homes and offices.

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.