Market Size of Vietnam Home Furniture Industry
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| Market Size (2023) | USD 5.08 Billion |
| Market Size (2028) | USD 6.70 Billion |
| CAGR (2023 - 2028) | 5.70 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Home Furniture Market Analysis
The Vietnam Home Furniture Market size is estimated at USD 5.08 billion in 2023, and is expected to reach USD 6.70 billion by 2028, growing at a CAGR of 5.70% during the forecast period (2023-2028).
Vietnam has become a preferred location to set up furniture factories and is a major base for furniture exports. Furniture from Vietnam is now exported to over 120 countries, of which the main markets are the United States, the United Kingdom, Canada, Australia, and Japan. Vietnamese furniture is also exported to China. Vietnamese consumers use a wide range of furniture products, with wooden furniture being the most common. Vietnam's indoor and outdoor furniture industry continues to stay strong, and it is expected to remain the same in the coming years. Compared to other large furniture exporters in the world, Vietnam's furniture industry holds production advantages in terms of the potential to expand its global market share.
Disruptions in supply chains and slowed global trade have severely impacted the Vietnamese furniture sector amidst the COVID 19 pandemic. Vietnam exported nearly USD 1 billion worth of timber products to China in 2019, but the trade faced a steep decline as a result of the coronavirus outbreak. The Vietnamese timber sector is also equally suffering as in 2019, the large value of timber products was exported from Vietnam to China with an overall trade surplus. COVID-19 conversion has caused difficulties for many businesses due to dependence on imported raw materials in the home furniture segments in the country. However, in recent years, the rise in real estate of Vietnam is clearly observed, and in the past five years, approximately 400,000-500,000 townhouses and villas have been constructed in the market studied. Domestic companies have been focusing on exports, which may open opportunities for furniture designers in the medium to long term when things return to normalcy.
This growth has been driven by greater demand from North America, Europe, and the Asia-Pacific region. Customers in the Middle East and India are particularly helping to propel the sector's development. Furthermore, with the increasing urbanization and construction of houses, apartments, and buildings, the Vietnamese home furniture market is expected to grow during the forecast period.
