Market Size of India Wood Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.00 Billion |
| Market Size (2029) | USD 1.47 Billion |
| CAGR (2024 - 2029) | 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Wood Market Analysis
The India Wood Market size is estimated at USD 1 billion in 2024, and is expected to reach USD 1.47 billion by 2029, growing at a CAGR of 8% during the forecast period (2024-2029).
The market is projected to expand due to various factors, including increased disposable income and consumer spending on home decoration. Furthermore, the development of infrastructure and the construction of residential, commercial, and industrial properties will further contribute to the market's growth. Furniture Manufacturers in India are adopting new technologies, such as IoT, to gain an edge over their competitors. With the help of IoT services, furniture manufacturers can improve their design control, performance monitoring, and upkeep. The adoption of IoT in furniture manufacturing is expected to be a significant factor in developing the furniture market in India shortly.
India is the third largest wood exporter in the world after China and Vietnam, with an annual demand of 63 million cubic meters. Of this, 30 million cubic meters are produced domestically, while 33 million cubic meters are imported. The Indian furniture industry is experiencing rapid growth driven by various factors. These include the growing preference of urban dwellers for modular and modern furniture, the rise in urbanization across India, and a preference for long-lasting and hybrid seating options. The demand for furniture is expected to remain on the rise. The booming wood industry in India is helping to reduce the cost of furniture production, thus making it more cost-effective.
The pandemic surged the demand for office furniture that is both durable and comfortable. As the pandemic has spread, many people have continued to work from home, leading to an increase in demand for modular office furniture. However, some factors prevent this growth, such as high costs and a lack of availability of the product's raw material. To address these issues, manufacturers provide innovative multi-function office furniture to stay ahead of the competition.
