Furniture - Iraq

Iraq

In 2024, the Furniture market in Iraq is projected to generate a revenue of US$2.54bn.
This market is expected to exhibit an annual growth rate of 2.90% (CAGR 2024-2029).
The largest segment within the market is the Living Room Furniture segment, which is estimated to have a market volume of US$1.02bn in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, with a total of US$264bn in 2024.
In terms of per capita figures, in Iraq is expected to generate US$54.57 in revenue per person in 2024.
The furniture market in Iraq is experiencing a surge in demand for traditional, handcrafted pieces, reflecting a revival of cultural heritage and appreciation for craftsmanship.

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 Iraq has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: in the Furniture market in Iraq have shifted towards modern and stylish designs, as consumers seek to enhance the aesthetics of their homes and offices. This trend is in line with global market preferences, as customers worldwide are increasingly looking for furniture that combines functionality with contemporary design. Additionally, there is a growing demand for furniture that is durable and easy to maintain, as customers in Iraq value long-lasting and practical products. Trends in the Furniture market in Iraq reflect the global market trends, but also incorporate local elements. One notable trend is the increasing popularity of online furniture shopping. With the rise of e-commerce platforms, customers in Iraq now have access to a wider range of furniture options and can conveniently compare prices and designs. This trend is driven by the growing internet penetration in the country and the convenience of online shopping. Furthermore, there is a growing interest in eco-friendly and sustainable furniture, as customers in Iraq become more conscious of environmental issues and seek products that align with their values.

Local special circumstances: also play a role in shaping the Furniture market in Iraq. The country has a young population, with a significant portion of the population under the age of 30. This demographic factor contributes to the growing demand for furniture, as young individuals establish their households or upgrade their living spaces. Additionally, the ongoing urbanization in Iraq has led to the construction of new residential and commercial buildings, creating a demand for furniture to furnish these spaces. Underlying macroeconomic factors have also contributed to the development of the Furniture market in Iraq. The country has experienced relative stability in recent years, following a period of political and economic uncertainty. This stability has boosted consumer confidence and spending power, leading to increased demand for furniture. Additionally, favorable government policies and investments in infrastructure have supported the growth of the furniture industry, creating opportunities for local manufacturers and retailers. In conclusion, the Furniture market in Iraq is experiencing growth driven by changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. As customers in Iraq seek modern and stylish furniture, online shopping and sustainability are becoming increasingly important. The young population, urbanization, and macroeconomic stability further contribute to the growth 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.