The Philippines Furniture Market is Expected to Grow at a CAGR of 15% during 2016-2021: Ken Research

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The Philippines Furniture Market is Expected to
Grow at a CAGR of 15 during 2016-2021 Ken
Research
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Philippines Furniture Market by end users (home,
office, hotels and industrial),by organized and
unorganized, by cities (Cebu, Davao, Quezon,
Manila, Bacolod ad others), by home furniture
market Product Categories (Bedroom, Living Room,
Dining Room, Kitchen and Others), by Living Room
furniture (Sofa, Sofa cum bed, Television, Coffee
Table and Center Table), by Bedroom furniture
(Bed, Wardrobe, Dressing Table and Others),
online furniture market, children furniture,
mattress market by size of mattress
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( King, Queen, Single), by type of mattress
(Spring, Foam and others), by market structure
(Organized and unorganized), by urban and rural
Demand, by Market share of Major companies (Our
Home, Furniture Republic, Home Plus, Mandaue
Foam, Philux, Blims Furniture, Murillo, and
others) The number of households in Philippines
is projected to rise from 23.5 million in 2016 to
26.5 million by 2021, representing growth at a
CAGR of 2.5 during the period 2016-2021. The
residential sector generated most of the demand
for furniture products in the country. The
government of Philippines aims to be the global
design hub for furniture products using
sustainable materials by 2030. Through the
efforts of the Chamber of Furniture Industries in
the Philippines (CFIP) and the Cebu Furniture
Industries Foundation (CFIF), the industry
expects to make a global mark through the
sustainable production of sophisticated, sturdy
and environmentally friendly products.
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The Board of Investments (BOI) of Philippines
agreed to provide incentive of PHP 9.13 million
furniture export project in Mandaue City, which
is expected to boost the countrys positioning as
a global hub for furniture. The project, under
Maison Galuchat Inc, is expected to manufacture
furniture and accessories and export all of them
to countries in Asia, Europe and the US. The
company intends to initially employ about 50
craftsmen and gradually expand it to 120 by
2022. Middle class households in the country
accounted for approximately 45.0 of overall
population of the country and accounted for
approximately 66.0 of the countrys household
income in 2016. The 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 furniture products
in the near future.
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The diversification of furniture is also marked
by the shift from the production of low-end
furniture to the medium and high-end lines. This
means emphasis on quality, design and material
rather than on mass production of pieces. This is
attributed primarily to growing competition
globally. It has been observed that Furniture
manufacturing in Philippines is limited to
clusters in Metro Manila, Pampanga and Cebu,
while most of the retail sales are still
restricted to the regions in Cebu, Davao and
Quezon. There are multiple regions that are yet
to be catered and tapped by the organized
furniture market players operating in
Philippines. Ken Research in its latest study,
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 suggests
that the increasing demand for bedroom furniture
by
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the growing residential sector in Philippines is
projected to be the highest revenue generating
segment in the home furniture market. The
anticipated rise in number of housing units and
middle class population will drive the sales of
bed frames, wardrobes, dressing table and other
furniture, which are a part of bedroom set. Rise
in number of online market players catering to
the demand for wooden products and accessories
are also estimated to stimulate the market
revenues in a positive manner. The report
provides information on market size of the
Philippines Furniture market, market segmentation
on the basis of Organized and Unorganized market,
end users and by cities which is sub categorized
into home furniture market segmentation. Key
Data Points Covered in the Report Home Furniture
Sales Manila Center Table Sales Philippines
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Dining Room Furniture Philippines Mandaue Foam
Furniture Philippines Our Home Furniture Sales
Philippines Philippine Furniture Market Size Cebu
Sales Furniture Philippines For more information
on the market research report please refer to the
below link https//www.kenresearch.com/consumer-p
roducts-and-retail/home-and-office-furnishings/phi
lippines-home-furniture-market/142263-95.html Rel
ated Report by Ken Research https//www.kenresearc
h.com/consumer-products-and-retail/home-and-office
-furnishings/indonesia-home-furniture-market/14109
4-95.html
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https//www.kenresearch.com/consumer-products-and-
retail/home-and-office-furnishings/china-furniture
-market-report/35851-95.html https//www.kenresea
rch.com/consumer-products-and-retail/home-and-offi
ce-furnishings/india-furniture-market-research-rep
ort/8520-95.html Contact Ken Research Ankur
Gupta, Head Marketing Communications query_at_kenre
search.com 91-124-4230204
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