In their latest research study, “Saudi Arabia Furniture Market Forecast to 2017”, RNCOS analysts identified that furniture demand in the Kingdom has rapidly expanded over the past few years on the back of rising affluence, influence of western culture, booming construction activities and tourism developments. Moreover, the furniture demand is anticipated to grow at a CAGR of around 13.7% during 2013-2017, making the Kingdom one of the most attractive furniture markets in the Middle East.
In the report, they have studied the Saudi Arabia furniture market in terms of production, demand scenario, import and export, as well as the furniture demand including office and household along with their forecast till 2017. In the total furniture demand by segment, household furniture account for the significant share due to large number of residential construction activities in the country. They found that furniture market in Saudi Arabia is highly import oriented as more than three-fourth of the furniture consumption is met through imports. The report covers a detailed analysis of furniture imports and exports including major furniture exporting and importing countries to Saudi Arabia.
With the industry’s immense growth potential, the study foresees huge opportunities for both existing and new market players. The report also includes the profiles of key industry players, like Al-Abdulkader Furniture, Almutlaq Furniture, Riyadh Furniture Industries, Al Aamer Furniture, among others.
With the emergence of global furniture brands, the household furniture market has seen drastic revolutionary changes. Quality, which once used to be a challenge for local manufacturers, has now become an area of special focus. Leading manufacturers usually have strong design capability, while accommodating to OEM orders from overseas buyers. In future, it is anticipated that household furniture market will undergo phenomenal development phase. Various emerging trends in this product category will lead to a CAGR growth of around 12.9% during 2013-2017.