VIETNAM HOME FURNITURE MARKET - GROWTH, TRENDS, AND FORECAST (2019 - 2024)

The Vietnam Home Furniture Market is segmented by Type and Distribution Channel.

Market Snapshot

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Study Period:

2015-2024

Base Year:

2018

CAGR:

5%

Key Players:

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Market Overview

The Vietnamese home furniture market is expected to register a CAGR of 5%, during the forecast period.

  • 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 US, UK, 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 potential to expand its global market share.
  • 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 forecast period.

Scope of the Report

A complete background analysis of the Vietnamese home furniture market, which includes an assessment of the parental market, emerging trends by segments and regional markets, and significant changes in market dynamics and market overview, is covered in the report.

By Type
Kitchen Furniture
Living-room and Dining-room Furniture
Bedroom Furniture
Other Furniture
By Distribution Channel
Supermarkets & Hypermarkets
Specialty Stores
Online
Others

Report scope can be customized per your requirements. Click here.

Key Market Trends

Kitchen Furniture Segment

The kitchen furniture segment includes fitted kitchen units and other wooden furniture. The kitchen furniture segment is driven by increasing urbanization and remodeling of residential kitchens. Kitchen furniture and fixtures are gaining momentum, in terms of investments, with consistent growth in the hotel industry, which in turn, thrives on rise in travel and tourism.

The revenue of the kitchen furniture segment was valued at USD 0.6 billion in 2015 in Vietnam. Globally, the kitchen furniture segment generated most of its revenue from the United States in 2015.

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To understand key trends, Download Sample Report

Wood Processing in Vietnam

In 2017, the export value of timber, furniture, and non-timber forest products in Vietnam was about USD 8 billion. Specifically, export value of furniture was valued at USD 7.6 billion.

In 2018, the export value of timber, furniture, and non-timber forest products was USD 9 billion.

Timber and furniture have become the sixth-largest export category in Vietnam, accounting for 6% of the world market share.

The industry’s strong export growth is attributed to Vietnam’s existing free trade agreements (FTAs) and ongoing trade negotiations, which provide opportunities for manufacturers of furniture and other wooden products to enhance their competitiveness and boost sales.

The main challenge for the manufacturers of furniture and other wooden products is the shortage of raw materials amid the closure of natural forests and the other measures being implemented by various countries to protect their timber resources. 

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Competitive Landscape

The report covers major international players operating in the Vietnamese home furniture market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Major Players

  1. AA Corporation
  2. An Viet Furniture
  3. Cam Ha Furniture
  4. Duc Thanh Wood Processing JSC
  5. Johnson Wood Products

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Key Deliverables of the Study

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Drivers

    3. 4.3 Restraints

    4. 4.4 Opportunities

    5. 4.5 Trends Influencing the Vietnamese Home Furniture Market

    6. 4.6 Value Chain Analysis of the Vietnamese Home Furniture Market

    7. 4.7 Porter's Five Forces Analysis

    8. 4.8 Technological Innovations

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Kitchen Furniture

      2. 5.1.2 Living-room and Dining-room Furniture

      3. 5.1.3 Bedroom Furniture

      4. 5.1.4 Other Furniture

    2. 5.2 By Distribution Channel

      1. 5.2.1 Supermarkets & Hypermarkets

      2. 5.2.2 Specialty Stores

      3. 5.2.3 Online

      4. 5.2.4 Others

  6. 6. COMPANY PROFILES

    1. 6.1 AA Corporation

    2. 6.2 Anh Viet Furniture

    3. 6.3 Cam Ha Furniture

    4. 6.4 Duc Thanh Wood Processing JSC

    5. 6.5 Green River Woods Vietnam

    6. 6.6 Hoang Phat Company Ltd

    7. 6.7 International Furniture Corporation

    8. 6.8 Johnson Wood Products

    9. 6.9 Kaiser Furniture

    10. 6.10 Quoc Thang

    11. 6.11 Ikea

    12. 6.12 Williams-Sonoma, Inc

    13. 6.13 Nitori Co., Ltd

    14. 6.14 Ashley Furniture Industries, Inc.*

  7. *List Not Exhaustive
  8. 7. FUTURE OF THE VIETNAMESE HOME FURNITURE MARKET

  9. 8. DISCLAIMER

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