Furniture - Madagascar

Madagascar

In 2024, the Furniture market in Madagascar is projected to generate a revenue of US$73.06m.
It is anticipated that the market will experience an annual growth rate of 0.66% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which is estimated to have a market volume of US$25.08m in 2024.
When compared globally, in the United States leads in terms of revenue generation, with US$263bn in 2024.
In relation to the total population, each person in Madagascar is expected to contribute 0.00 in revenue in 2024.
Madagascar's furniture market is experiencing a surge in demand for locally made, eco-friendly pieces, reflecting a growing interest in sustainable and traditional 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 Madagascar is experiencing significant growth and development in recent years.

Customer preferences: In Madagascar, there is a growing demand for furniture that is both functional and aesthetically pleasing. Customers are increasingly looking for furniture pieces that are durable, high-quality, and made from sustainable materials. The trend of eco-friendly furniture is gaining popularity, as more consumers are becoming conscious of their environmental impact. Additionally, there is a preference for furniture that is versatile and can be easily customized to suit individual needs and preferences.

Trends in the market: One of the key trends in the furniture market in Madagascar is the rise of online shopping. With the increasing availability of internet access and the convenience it offers, more customers are turning to online platforms to purchase furniture. This trend has been further accelerated by the COVID-19 pandemic, as people are spending more time at home and are looking to upgrade their living spaces. Another trend in the market is the growing popularity of locally-made furniture. Customers are increasingly interested in supporting local artisans and craftsmen, and are willing to pay a premium for handmade furniture that showcases traditional techniques and designs. This trend is also driven by the desire for unique and one-of-a-kind pieces that add a personal touch to homes.

Local special circumstances: Madagascar's unique cultural heritage and rich biodiversity contribute to the local special circumstances in the furniture market. The country is known for its traditional craftsmanship, with artisans skilled in woodworking and other traditional techniques. This has resulted in a wide range of furniture styles and designs that reflect the country's diverse cultural influences. Additionally, Madagascar's vast reserves of natural resources, such as wood and bamboo, provide a sustainable source of materials for furniture production. This allows local manufacturers to create furniture that is both environmentally friendly and locally sourced, catering to the preferences of eco-conscious consumers.

Underlying macroeconomic factors: The growth and development of the furniture market in Madagascar can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has resulted in a higher demand for furniture as consumers look to upgrade their homes and invest in durable and high-quality pieces. Furthermore, the government's efforts to promote the manufacturing sector and attract foreign investment have contributed to the growth of the furniture market. The establishment of special economic zones and the implementation of favorable policies have created a conducive environment for furniture manufacturers, leading to increased production and availability of furniture in the market. In conclusion, the furniture market in Madagascar is experiencing growth and development driven by customer preferences for functional and sustainable furniture, as well as the rise of online shopping and the popularity of locally-made products. The country's unique cultural heritage, rich biodiversity, and favorable macroeconomic factors 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.