Furniture - Ivory Coast

Ivory Coast

In Ivory Coast, the revenue generated in the Furniture market is estimated to reach US$726.80m in 2024.
It is projected to experience an annual growth rate of 4.04% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which is expected to have a market volume of US$267.70m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, reaching US$263bn in 2024.
In terms of per capita revenue, in Ivory Coast is expected to generate US$24.55 per person in 2024.
Ivory Coast's furniture market is experiencing a surge in demand for locally made, eco-friendly and sustainable products.

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 Ivory Coast is experiencing significant growth due to a combination of factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in Ivory Coast have shifted towards modern and stylish furniture designs. Consumers are increasingly looking for furniture pieces that not only serve a functional purpose but also enhance the aesthetic appeal of their homes. This trend is driven by the growing middle-class population and their increasing disposable income, which allows them to invest in higher-quality furniture.

Trends in the market: indicate a rising demand for eco-friendly and sustainable furniture options. With growing awareness about environmental issues, consumers in Ivory Coast are becoming more conscious of the materials used in furniture production. They are seeking out furniture made from renewable resources, recycled materials, and non-toxic finishes. This trend is also influenced by global sustainability movements and the desire to align with international standards. Another trend in the furniture market is the increasing popularity of online shopping. e-commerce platforms have gained traction in Ivory Coast, providing consumers with convenient access to a wide range of furniture options. This trend is supported by the improving internet infrastructure and the growing penetration of smartphones, which enable consumers to browse and purchase furniture online. Online retailers are capitalizing on this trend by offering competitive prices, easy payment options, and doorstep delivery services.

Local special circumstances: in Ivory Coast, such as urbanization and population growth, are driving the demand for furniture. As more people move to urban areas, there is a need for furniture to furnish new homes and apartments. Additionally, the rising population contributes to the increasing demand for furniture in schools, offices, and other commercial spaces. These local circumstances create a favorable environment for the growth of the furniture market in Ivory Coast.

Underlying macroeconomic factors: also play a role in the development of the furniture market. Ivory Coast has experienced stable economic growth in recent years, which has resulted in an expansion of the middle-class population. This demographic segment has higher purchasing power and is willing to invest in furniture to improve their living standards. Furthermore, government initiatives to promote local manufacturing and reduce import dependency have boosted the domestic production of furniture. This has led to increased competition and a wider range of furniture options for consumers. In conclusion, the furniture market in Ivory Coast is growing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Consumers are seeking modern and stylish furniture designs, as well as eco-friendly and sustainable options. The rise of online shopping has also contributed to the market's growth. Urbanization, population growth, and stable economic conditions further drive the demand for furniture in Ivory Coast.

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.