Market Analysis for Furniture Business in the Middle East
The furniture business in the Middle East has been growing steadily in recent years, and growth is only projected to continue. Market analysis shows that the region is on the rise in this particular field, which has seen a majority of the market value in past years. From types of furniture produced to market value, there are numerous things to discuss when it comes to the market analysis of the Middle East.
Furniture set in Egypt, Royal Kempinski Hotel, Cairo.
For those who are in the furniture industry, there are important market analysis procedures that can help shed some light on the changing business. Projected annual growth rates and data on producer goods can show how much is changing in the furniture industry as well as what the future and past both look like. And so, in order to better understand the furniture industry in the Middle East, this article explains all the must-know data and possible changes over the coming years.
Middle East Market Analysis
Lebanon, which has nearly 35% of the market value in the Middle East,Wood/furniture businesses compose eight percent of Lebanon’s general industry. In essence, this shows that the furniture business in the Middle East isn’t as grand or all-encompassing as it is in other countries. The figures certainly differ from country to country. Indeed, Saudi Arabia’s market share, the second-most prominent. This market analysis shows that the industry has plenty of room to grow, making any projections of growth in the coming decade appear accurate.
Elegant Sofas & Chairs for Reception
Of the items that are most frequently produced, seating and sleeping products come first. Beds, chairs, and sofas have a home (and a large market of buyers) in the Middle East. Market Analysis of the Middle East also yields information about the reasons behind possible boosts to the furniture industry. As nations in the Middle East focus more on tourism and increasing infrastructure and travel to the region, companies producing furniture have had more business and more growth than what they typically experience. The more tourism grows and new accommodations are required in the Middle East, the more the furniture industry will experience an expansive evolution. Aside from this data, though, there is a lot for companies in the furniture industry to experience as the enterprise changes for the future.
Future Business Opportunities
Furniture Market Analysis Chart
The compound annual growth rate of the furniture industry is expected to hold steady at ten percent for the next decade. This can be attributed to a few separate factors. Firstly, as mentioned above, an increase in the tourist industry can lead to more impactful furniture sales. In addition, the real estate industry is a large section of the economy in the Middle East, especially Lebanon and Saudi Arabia. It should be noted, of course, that the size of the real estate industry is relative. It still isn’t as prominent as other industries both in the Middle East and in other parts of the world. Still, as the real estate market grows and expands throughout the region, the furniture industry will see parallel growth and expansion as well. While there are a diverse number of factors that will impact the industry, it is worth mentioning that other businesses are capable of benefiting (and hindering) the progress of growth.
The Final Word
And so, the current state of the furniture industry is that of a stable enterprise that will be steadily growing over the coming years. Several projections show that the growth will be subtle but important for countries like Lebanon and Saudi Arabia. It’s also necessary to remember that other industries, many of which have been pushed forward by government intervention on behalf of the economy, can speed up the process of positive change as it relates to the furniture industry.
Royal Suite for Residential or Corporate Units
Indeed, when it comes to market analysis in the Middle East, things can get complicated quickly. Fortunately, the basics are simple to grasp. The furniture industry is growing at about ten percent annually, which means that both producers and suppliers can benefit from new business in the coming years. While things might not change dramatically, those in the industry can be assured that their prospects are good and that hopefully, the market will only continue to grow as the next decade approaches.
