Philippines Furniture Market Outlook to 2021: Ken Research

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Philippines Furniture Market Outlook to 2021 Ken
Research
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Ken Research announced its latest publication on
Philippines Furniture Market by Type (Home Bed
Room, Living Room, Dining Room, Kitchen
Furniture Office Hotel Industrial), by Sales
(Domestic and Export) - Outlook to 2021 provides
a comprehensive analysis of the furniture market
in Philippines. The report focuses on the home
furniture product segments of the industry. The
report covers aspects such as furniture market by
its key segments including end users, major
cities, organized and unorganized sectors.
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It also covers the home furniture market by its
product categories including bedroom (Bed,
Wardrobe, Dressing Table and Others), living room
(Sofa, Sofa cum bed, Television, Coffee Table and
Center Table), dining room and kitchen, online
furniture market, children furniture, mattress
market by size of mattress (King, Queen, Single),
by type of mattress (Spring, Foam and others).
The publication also includes competitive
landscape, which discusses the major market
players along with the detailed discussion about
the organizations and their product portfolio.
The reports also provides in depth case studies
for setting up modular kitchen and home furniture
in Philippines. Furthermore, the report includes
snapshot on the online furniture market. The
future analysis of overall Philippines Furniture
Market has also been discussed along with
recommendations from analyst view.
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Philippines Furniture Market The furniture market
of Philippines witnessed growth at a CAGR of
16.7 during the period 2012-2016. Rise in number
of furniture manufacturers and retail outlets
largely contributed to the growth in market
revenues. Furthermore, rise in urbanization
generated increased demand for furniture from
residential, hotels, office and industrial
sectors during the period. Over furniture
manufacturers directly employed over workers,
with another being indirectly employed.
Additionally, increasing awareness among the
customers about online sales and e-commerce
portals for furniture along with the expansion in
services of e-retailers including Lorenz
Furniture has also been a significant factor
which has positively impacted Philippines
furniture market during recent years.
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Philippines Furniture Market Segmentation By End
Users Retailers existing in the space catered to
the varied requirements across all categories of
end users. The growing middle class population in
Philippines coupled with increasing GDP of the
country boosted the demand for residential
property. Growing demand for housing structures
was the major reason behind the augmented demand
for furniture in the country. Home furniture
therefore dominated the overall Philippines
furniture market in 2016, followed by office,
hotel and industrial sector. By Product
Categories in Home Furniture There has been a
rapid growth in real estate sector due to the
demand for residential property in the country.
Bedroom furniture was the highest selling product
category in home furniture segment as of 2016,
followed by living room furniture, kitchen
furniture, dining room furniture and all other
home furniture.
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• By Organized and Unorganized Sector Unorganized
  sector dominated the market, in terms of number
  of manufacturers, and about 3,720 unorganized
  furniture companies operated in the country in
  2016. Abundance of raw materials and availability
  of cheap, skilled labor has led to the growth of
  the Philippines furniture market. Lower cost of
  production by using the locally available
  resources assists them in selling products at a
  lower price than the one sold by established
  companies with multiple retail outlets in
  Philippines.
• Snapshot on Philippines Online Furniture Market
• Sales for furniture in Philippines have been
  dominated by offline retail outlets, franchisee
  outlets, showrooms and exclusive stores of
  manufacturers and major players operating in the
  space. Despite having approximately 44.5 million
  internet users in the country during 2016, online
  sales of furniture contributed poorly to the
  overall market revenues during the same year.
  Online players faced stiff

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• competition from brick and mortar stores all
  across the country, which offered a wide variety
  of products at competitive prices. All companies
  selling via online channel had at least one
  offline store and are yet to register significant
  traffic and product orders through online in the
  country. The major players which have dominated
  the revenues of online furniture sales in 2016
  are Lorenz Furniture, Urban Concepts, Homeplus,
  Blims Furniture, Philux, Murillo, Furniture
  Republic, Bonny Furniture and others.
• Competition
• The furniture industry in Philippines is highly
  competitive owing to large number of companies,
  both domestic and international, offering
  furniture products at competitive prices with
  limited variations in design and aesthetics.
  Furniture products of all price segments,
  including cheap, mid-segment and
  luxurious/premium ones are designed by several
  manufacturers to cater to customers of all
  classes.

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• Generally, manufacturers and retailers focus on
  targeting a particular customer segment based on
  purchasing power of consumers. Despite the
  presence of international brands, the unorganized
  players largely cater to the furniture demands of
  the country. They offer cheaper and customized
  solutions for furniture needs across the country.
  
• The unorganized sector poses a stiff competition
  to organized players existing or entering the
  space due to abundance of raw material and
  availability of reasonably priced skilled labor.
  Organized players have been successful in
  marketing modern furniture products largely in
  the metro cities of the country.
• Philippines Furniture Market Future Outlook and
  Projections
• The furniture market is expected to grow at an
  impressive rate during 2017-2021. Rise in
  domestic as well export demand of furniture
  products is anticipated to result in market
  growth. Since tourism based

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enterprises such as hotels, restaurants, museums
and leisure service providers face growing needs
to update their amenities the demand for unique
furniture items is expected to rise sharply.
Apart from the robust hotel sector, construction
of more condominiums and residential houses in
the country is expected to drive the growth of
the industry in the coming years. The property
sectors strong growth and families easier
access to housing credit will also increase
demand for household items and most importantly
furniture products. Key Topics Covered in the
Report Bed Room Furniture Market
Philippines Home plus Furniture Products
Philippines Future Furniture Philippines Home
Furniture Sales Manila Center Table Sales
Philippines Online furniture market analysis
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Unorganized Segment Furniture Philippines Challeng
es Furniture Philippines Online Furniture GMV
Philippines Our Home Furniture Sales
Philippines Business Model Furniture
Philippines Mattress market revenue and
outlook Value Chain Furniture Philippines Dining
Room Furniture Philippines Mandaue Foam Furniture
Philippines Philux Sales Furniture
Philippines Philippines Home Furniture Market
Segmentation Growth Dining Room Furniture Market
Philippines Furniture Market by Organized and
Unorganized Sectors Market Share of Major Players
in Philippines Furniture Market
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For more information on the market research
report please refer to the below
link https//www.kenresearch.com/consumer-product
s-and-retail/home-and-office-furnishings/philippin
es-home-furniture-market/142263-95.html Related
Report by Ken Research https//www.kenresearch.com
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ishings/indonesia-home-furniture-market/141094-95.
html https//www.kenresearch.com/consumer-product
s-and-retail/home-and-office-furnishings/china-fur
niture-market-report/35851-95.html
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https//www.kenresearch.com/consumer-products-and-
retail/home-and-office-furnishings/india-furniture
-market-research-report/8520-95.html Contact Ken
Research Ankur Gupta, Head Marketing
Communications query_at_kenresearch.com 91-124-42302
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