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. 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.
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.
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.
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 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.
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. 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 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 sector’s 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
Unorganized Segment Furniture Philippines
Challenges 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
For more information on the market research report please refer to the below link:
Related Report by Ken Research
Ankur Gupta, Head Marketing & Communications