Furniture - Ukraine

Ukraine

In Ukraine, the revenue generated in the Furniture market is valued at US$387.10m in 2024.
It is projected that the market will experience an annual growth rate of 5.67% (CAGR 2024-2029).
Among the various segments in the market, the largest one is the Home Décor segment, which accounts for a market volume of US$143.50m in 2024.
When compared globally, in the United States generates the highest revenue in the Furniture market, reaching US$263bn in 2024.
Considering the total population, the per person revenue in Ukraine amounts to US$10.20 in 2024.
The furniture market in Ukraine is witnessing a surge in demand for locally-made, handcrafted wooden furniture, reflecting a growing preference for traditional 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 Ukraine is experiencing significant growth and development in recent years. Customer preferences have shifted towards modern and stylish furniture designs, resulting in increased demand for these products. Additionally, the growing middle class and rising disposable incomes have contributed to the expansion of the furniture market in Ukraine.

Customer preferences: Customers in Ukraine are increasingly seeking modern and stylish furniture designs. They are looking for furniture that not only provides functionality but also adds aesthetic value to their homes. This shift in preferences can be attributed to the influence of global trends and the increasing exposure to international design concepts through the internet and social media platforms. As a result, manufacturers and retailers have been focusing on offering a wide range of contemporary furniture options to cater to this demand.

Trends in the market: One of the key trends in the furniture market in Ukraine is the growing popularity of online shopping. With the advancement of e-commerce platforms and the convenience it offers, more customers are opting to purchase furniture online. This trend has led to the emergence of online furniture retailers and the expansion of existing brick-and-mortar stores into the online space. The online furniture market has witnessed significant growth, as it provides customers with a wide range of options, competitive prices, and the convenience of doorstep delivery. Another trend in the market is the increasing demand for eco-friendly and sustainable furniture. Customers are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from sustainable materials. This trend has led to the introduction of eco-friendly furniture lines by manufacturers and the use of recycled materials in the production process. Additionally, customers are also looking for furniture that is durable and long-lasting, which further supports the demand for sustainable furniture options.

Local special circumstances: Ukraine has a rich history of craftsmanship and woodworking, which has contributed to the development of a strong furniture manufacturing industry. The country has a skilled workforce and a tradition of producing high-quality furniture. This has positioned Ukraine as a competitive player in the global furniture market, with its products being exported to various countries. Furthermore, the relatively lower labor costs in Ukraine compared to Western European countries have made it an attractive destination for outsourcing furniture production. Many international furniture companies have set up manufacturing facilities in Ukraine to take advantage of the cost benefits while maintaining high-quality standards.

Underlying macroeconomic factors: The growth in the furniture market in Ukraine can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, which has resulted in an increase in disposable incomes. This has allowed consumers to allocate a larger portion of their budget towards home furnishings and furniture purchases. Additionally, the government has implemented policies to support the development of the furniture industry. This includes providing incentives for foreign investment, promoting exports, and improving infrastructure. These initiatives have contributed to the growth of the furniture market by attracting foreign manufacturers and expanding the industry's reach in international markets. Overall, the furniture market in Ukraine is experiencing significant growth and development driven by changing customer preferences, favorable macroeconomic factors, and the country's strong manufacturing capabilities. The market is expected to continue expanding as customers increasingly seek modern and sustainable furniture options, and as the government continues to support the growth of the industry.

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.