Saudi Arabia Furniture Production Destined for Phenomenal Growth
Improving raw material supplies and strategic ties with western manufacturers will propel domestic furniture production in Saudi Arabia to grow at a CAGR of 10.9% during 2010-2013, says RNCOS.
- (1888PressRelease) September 17, 2010 - According to our new research report "Saudi Arabia Furniture Market Analysis", Saudi Arabia represents one of the fastest growing and highly untapped furniture markets in the MENA region. The industry showed remarkable resilience during post recessionary tough scenario and recorded positive year-on-year growth in 2009. Government support and strategic tie-ups with foreign furniture giants have proved decisive for production growth, which is expected to grow at a CAGR of 10.9% during 2010-2013.
The research has revealed that in order to promote the local production, the government favored higher import taxes on furniture products. In addition, wood and wood products suppliers acknowledged the vast untapped local demand and thus capital financing in wood product manufacturing firms grew substantially. On the back of powerful regulatory and monetary support, the production is anticipated to post double digit CAGR growth in coming years.
At the segment level, the furniture production is currently skewed towards household segment and office furniture accounts for a low but growing share. The future trend in furniture production is very much balanced. The construction of various economic cities in the Kingdom will constitute Million's Sq m of commercial and residential space in future. In view of billions of dollar worth construction projects along with various other market developments discussed in the report, the furniture players will adopt a mid way strategy to manage their production basket with a careful balance of office and household furniture offerings.
"Saudi Arabia Furniture Market Analysis" provides an extensive research and objective analysis of Saudi Arabia's booming furniture industry and its future potential. It facilitates information and statistics of the furniture industry structure, production trends and demand scenario along with import-export developments. The report provides segment wise furniture production and demand forecast to facilitate cutting edge market intelligence. Additionally, current and future trends on Interior Design Contracting and Fit-out Industry spending have been included for the retail, office, residential and hotels sectors.
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