FURNITURE FOAM MARKET ANALYSIS

Market Challenges And Opportunities

• Favorable growth of the tourism & hospitality industry globally is boosting demand for luxury furniture which is projected to drive growth of global furniture foam market throughout the forecast period. For instance, according to India Brand Equity Foundation's report, the hotel & tourism sector in India received Foreign Direct Investment of US$ 12.35 billion during the period of April 2000 to March 2019.
• Wood accounted for major share among raw material used in the manufacturing of furniture. Many forest-based industries are highly dependent on supply of wood from forest departments. Due to rising environmental concerns, forest departments have restricted supply of wood to these industries. Also, the complexity of wood harvesting in terms of process and production cost is a major challenge in front of furniture manufacturers.
• Asia Pacific is expected to be the fastest growing region in the global furniture foam market during the forecast period. Increasing investments by leading furniture manufacturers in emerging economies such as India and China are projected to create growth opportunity for players operating in the Asia Pacific furniture foam market. For instance, in 2018, IKEA, the world’s largest furniture retailer, opened its first retail store in India and is planning to open more 24 stores across the country by the end of 2025.