India Furniture Market Offers Big Promise, Says Matrade

KUALA LUMPUR, Jan 11 (Bernama) -- India is set to dish out many trade and business opportunities for Malaysian furniture segment players, says the Malaysia External Trade Development Corporation (Matrade). The trade agency said India's market size and preference for international standards will pave the way for Malaysian furniture manufacturers to capture the market. "The Indian urban sector is design and quality-conscious, hence price is not a factor in the consumption of top-range furniture. "Demand for furniture of international standards is very high in the larger cities like New Delhi, Bombay, Calcutta and Chennai," Matrade said in its bi-monthly publication for Malaysian exporters, Trademart (November & December issue). It added that apart from the expanding middle class, a boom in the construction industry and growing demand for office space in major cities offer good market potential for Malaysian furniture industry players. Matrade said the Indian furniture market is worth US$8 billion and is growing at a 30 per cent compounded annual growth rate in the organised sector, which represents only 15 per cent of the whole industry. "In India, the unorganised sector concentrates on the wooden furniture segment (mainly for home furniture), while the organised sector produces wooden, metal and plastic furniture mainly for office use. "Currently there are only 10,500 furniture importers in the organised sector and they mainly import from China, Italy, Germany, Singapore and Malaysia," Matrade said. -- BERNAMA