Furniture Market to Expand Dynamically in KSA

Noida, India (PressExposure) March 15, 2011 -- According to our recent publication "Saudi Arabia Furniture Market Analysis" furniture industry in Saudi Arabia has been growing at a tremendous pace for the last few years. The sector has outperformed various prominent industries' growth and positioned Saudi Arabia as a furniture market development hub in the Middle Eastern region. Despite the economic slowdown, the industry sustained its growth rate and achieved positive year-on-year growth. Moreover, the furniture consumption is anticipated to grow at a CAGR of around 12% during 2011-2013, which will sustain the country's attractiveness for domestic as well as foreign investments.

The study identified that currently, the Saudi Arabian furniture industry is witnessing a huge demand-supply gap due to massive in-efficient and underdeveloped wood products industry. Domestic manufacturers are facing shortage of furniture raw material and parts and hence, huge imports become inevitable. However, it is expected that dependence on imports will reduce in future as many international furniture giants are establishing their roots in the Kingdom and raw material supply is also getting the government attention.

Further, construction of mega projects in both residential and office segments are expected to fuel the growth of furniture demand in the coming years. The proposed construction of six an economic city in the Kingdom is expected to boost the industry developments in the coming years. In both household and office market variants, the country is all set to witness one of world's fastest demand growth, which will lure international majors to enter the market.

Our report "Saudi Arabia Furniture Market Analysis", has been authored to evaluate the future market potentials of the furniture sector in Saudi Arabia. The report provides information and statistics of furniture industry structure, production trends, demand scenario, and import-export developments. The report provides segment wise furniture production and demand forecast to facilitate cutting edge market intelligence. Additionally, current and futuristic trends on Interior Design Contracting and Fit-out Industry spending have been included for the retail, office, residential, and hotels sectors.

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Press Release Submitted On: March 15, 2011 at 12:37 am
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