Furniture & Interior
Furniture market worldwide is projected to grow by US$192 Billion, driven by a compounded growth of 4.8%. Africa is one of the fastest growing furniture markets in the world. At the moment, Kenya is East Africa’s largest furniture market, estimated at $496 million, of the region’s total market value of $1.2 billion, and has been growing at 10 percent annually in the last five years. Kenya is likely to dominate the market even though its urban population is smaller than that of Ethiopia and Tanzania.
President Uhuru Kenyatta has revived government plans of ensuring construction of 500,000 affordable and decent housing units by 2022 as part of his ‘Big Four’ agenda to meet the needs of the country’s growing urban population. The surge in the construction of houses in Kenya is expected to trigger new demand for wood products that require different types of resins such as polyurethane, nitrocellulose, acrylics, unsaturated polyester.
Total furniture imports into Africa (both from other African countries and other areas of the world) exceeds USD 3 billion, corresponding to about 2% of world imports as estimated by CSIL. Southern Africa and North Africa are the areas with the highest level of imports among the African regions.