A booming furniture market is expected to drive up demand for American hardwoods in India this year, according to the American Hardwood Export Council (AHEC). With the total value of American hardwood lumber and veneer exports to India reaching USD 5.272 million in the first three quarters of last year, India is on track for a record year in 2019. Source: Timberbiz
Given the growing interest and demand for US hardwoods, particularly red oak, AHEC has announced its participation at INDIAWOOD, which has established itself as the leading event for the furniture manufacturing and the woodworking industry in India.
Valued at more than USD 31.61 billion in 2018, the Indian furniture market is anticipated to reach USD 61.09 billion by the end of 2023, according to market reports.
A closer look reveals that the residential sector accounted for USD 20.65 billion in 2018 with the remainder being attributed to the commercial sector.
Significantly, wooden furniture is expected to continue its dominance in India with a projected annual growth of 11.32% for 2018 – 2023.
Currently, the demand for furniture is mainly from the north and south of India but it is in the south where the majority of manufacturers and distribution networks exist.
Through 2020, AHEC will also focus its strategy on education aimed at all elements of the ‘timber chain’, whether it is specifiers (architects and interior designers), end users (furniture and joinery manufacturers) or importers and distributors.
Pointing to the sustained growth of US hardwood exports to India over the past few years, Mr Wiles believes that American hardwoods are now widely accepted and understood across India, but there is still a lot more to be done to help the market discover the untapped potential of U.S. hardwoods.
