Kitchen & Dining Furniture - Equatorial Guinea

In Equatorial Guinea, the revenue generated in the Kitchen & Dining Furniture market reaches US$4.39m in 2024.
It is projected that this market will experience an annual growth rate of -8.76% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment, amounting to US$39bn in 2024.
Additionally, in terms of per person revenues, US$2.50 is generated in Equatorial Guinea in 2024.
Despite the limited availability of resources, Equatorial Guinea has seen a rise in demand for modern and space-saving kitchen and dining furniture.

Definition:

The Kitchen & Dining Furniture segment covers diferent movable objects designed for kitchen and dining rooms. These objects mainly meet people’s needs for eating, preparing food, or food storage and includes dining tables, baker’s racks, kitchen islands/carts, pantry storage, and various types of kitchenware. Items not considered include household appliances such as refrigerators, stoves, small kitchen appliances, and sinks and faucets.

Structure:

The Kitchen & Dining Furniture segment is divided into two subsegments:

The Dining Tables, Kitchen Islands & Pantries subsegment includes furniture pieces designed to enhance the functionality and aesthetics of kitchen and dining spaces. These products range from traditional dining tables to kitchen islands and pantry storage units, providing both practical and decorative value to the kitchen and/or dining spaces.
The Kitchenware subsegment refers to items which aid in the preparation and the serving of food. Products in this subsegment include cookware such as pots and pans, tableware such as cutlery and glassware, and other items that are essential for the preparation and serving of food.

Additional Information:

The Kitchen & Dining Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment 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.

Dining tables
Kitchen islands and carts
Food pantries
Kitchenware

Household appliances
Cookware, kitchen, and cleaning utensils
Kitchen remodels

The Kitchen & Dining Furniture market in Equatorial Guinea is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in Equatorial Guinea are shifting towards modern and stylish kitchen and dining furniture. As the country's middle class continues to expand, there is a growing demand for high-quality, aesthetically pleasing furniture that enhances the overall look and feel of homes. Customers are increasingly seeking furniture that is not only functional but also adds a touch of elegance and sophistication to their living spaces. This shift in preferences is driving the demand for contemporary designs, sleek finishes, and innovative features in kitchen and dining furniture.

Trends in the market: indicate a rise in the popularity of open-plan living spaces and multifunctional furniture in Equatorial Guinea. open-plan kitchens are becoming more common as they create a sense of spaciousness and facilitate social interaction. This trend has led to an increased demand for kitchen furniture that seamlessly integrates with the rest of the living area. Similarly, multifunctional dining furniture, such as extendable tables or storage solutions, is gaining popularity as it allows for flexibility and maximizes the use of limited space.

Local special circumstances: in Equatorial Guinea, such as rapid urbanization and increasing disposable income, are contributing to the growth of the Kitchen & Dining Furniture market. As more people move to urban areas and adopt modern lifestyles, the demand for stylish and functional furniture is on the rise. Additionally, the country's growing middle class has more purchasing power, enabling them to invest in higher-end furniture products. These special circumstances create a favorable environment for the development of the Kitchen & Dining Furniture market in Equatorial Guinea.

Underlying macroeconomic factors: also play a role in the market's growth. Equatorial guinea's steady economic growth and increasing gdp per capita have resulted in improved living standards and higher consumer spending. As people have more disposable income, they are willing to invest in higher-quality furniture that aligns with their evolving tastes and preferences. Furthermore, the government's focus on infrastructure development and urbanization projects has stimulated the construction industry, leading to a higher demand for kitchen and dining furniture. In conclusion, the Kitchen & Dining Furniture market in Equatorial Guinea is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards modern and stylish furniture, the rise of open-plan living spaces and multifunctional furniture, rapid urbanization, increasing disposable income, and steady economic growth are all contributing to the market's positive trajectory. As these factors continue to shape the market, it is expected that the Kitchen & Dining Furniture industry in Equatorial Guinea will continue to thrive in the coming years.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.