Market Research Reports - Ken Research Philippine Furniture Market Size

The Philippines Furniture Market is Expected to Grow at a CAGR of 15% during 2016-2021:
Ken Research
Philippines Furniture Market by end users (home, office, hotels and industrial),by organized and
unorganized, by cities (Cebu, Davao, Quezon, Manila, Bacolod ad others), by home furniture
market Product Categories (Bedroom, Living Room, Dining Room, Kitchen and Others), by Living
Room furniture (Sofa, Sofa cum bed, Television, Coffee Table and Center Table), by Bedroom
furniture (Bed, Wardrobe, Dressing Table and Others), online furniture market, children
furniture, mattress market by size of mattress ( King, Queen, Single), by type of mattress
(Spring, Foam and others), by market structure (Organized and unorganized), by urban and
rural Demand, by Market share of Major companies (Our Home, Furniture Republic, Home Plus,
Mandaue Foam, Philux, Blims Furniture, Murillo, and others)
The number of households in Philippines is projected to rise from 23.5 million in 2016 to 26.5
million by 2021, representing growth at a CAGR of 2.5% during the period 2016-2021. The
residential sector generated most of the demand for furniture products in the country.
The government of Philippines aims to be the global design hub for furniture products using
sustainable materials by 2030. Through the efforts of the Chamber of Furniture Industries in the
Philippines (CFIP) and the Cebu Furniture Industries Foundation (CFIF), the industry expects to
make a global mark through the sustainable production of sophisticated, sturdy and
environmentally friendly products.
The Board of Investments (BOI) of Philippines agreed to provide incentive of PHP 9.13 million
furniture export project in Mandaue City, which is expected to boost the country’s positioning
as a global hub for furniture. The project, under Maison Galuchat Inc, is expected to
manufacture furniture and accessories and export all of them to countries in Asia, Europe and
the US. The company intends to initially employ about 50 craftsmen and gradually expand it to
120 by 2022.
Middle class households in the country accounted for approximately 45.0% of overall
population of the country and accounted for approximately 66.0% of the country’s household
income in 2016. The 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 furniture products in the near future. The diversification of furniture is
also marked by the shift from the production of low-end furniture to the medium and high-end
lines. This means emphasis on quality, design and material rather than on mass production of
pieces. This is attributed primarily to growing competition globally.