India Wood Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 14.77 Billion |
| Market Size (2029) | USD 22.5 Billion |
| CAGR (2024 - 2029) | 8.78 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Wood Market Analysis
The India Wood Market size is estimated at USD 14.77 billion in 2024, and is expected to reach USD 22.5 billion by 2029, growing at a CAGR of 8.78% during the forecast period (2024-2029).
The wood market in India is vital to the country’s economy, which is underpinned by the country's rapid urbanization and economic growth. It consists of a broad range of activities, from logging and sawmilling to the production of finished wood products like furniture and wood-based panels. The industry is segmented into key areas such as sawn timber, plywood, veneers, and wood-based panels like medium-density fiberboard (MDF) and particleboard. Sawn timber is widely used in construction, packaging, and furniture making, while plywood and veneers are essential for home and office interiors.
The growing number of middle class and rising income levels are driving increased demand for both traditional and modern wooden furniture. In addition, wood-based panels are gaining popularity due to their versatility and cost-effectiveness in modular furniture and construction. Overall, the Indian wood industry is poised for continued growth, supported by the expanding real estate sector and evolving consumer preferences.
India Wood Market Trends
Rapid Urbanization and Ongoing Economic Growth is Driving India's Wood Market
- The wood market in India encompasses activities from logging and sawmilling to the production of finished goods like furniture and wood-based panels. As the country urbanizes rapidly and economic growth continues, the demand for wood products is on the rise. The industry benefits from several market drivers, making it a major contributor to the nation's economy.
- One of the primary drivers of growth is the booming real estate and construction sectors. With increasing urbanization and government initiatives like affordable housing, there is a growing demand for wood in construction, furniture, and interior design. Rising disposable incomes and lifestyle changes have also led to higher consumer spending on wooden furniture and home decor, further fueling the industry's growth.
- The expanding middle class in India also contributes to the industry's growth, as more households seek aesthetically pleasing and durable wood products. Innovations in design and the adoption of advanced manufacturing techniques have enhanced product quality and efficiency, making wood products more accessible to a broader audience. The consumer shift toward sustainable and eco-friendly materials has opened new opportunities for growth in the wood industry.
- Overall, the Indian wood market is poised for continued expansion, driven by strong market demand and evolving consumer preferences.
Rise of Online Sales of Wooden Furniture Market in India
- The wood market in India is experiencing substantial growth, driven by several major factors, including the rapid expansion of the online furniture market. The significant increase in online furniture sales reflects changing consumer preferences for convenience and accessibility.
- This growth is largely fueled by the rise of e-commerce platforms, which provide consumers with easy access to a wide range of wood furniture products. Moreover, rising disposable incomes and urbanization are boosting demand for high-quality, aesthetically appealing wood furniture.
- The industry's expansion is also supported by a shift toward sustainable and eco-friendly materials, aligning with global trends and encouraging the use of wood-based products. Innovations in manufacturing and design are enhancing product offerings and catering to the ever-evolving tastes of the Indian middle class. Overall, the Indian wood industry is positioned for continued growth, bolstered by the strong performance of the online furniture market and a favorable economic environment.
India Wood Industry Overview
The wood industry in India is fragmented, featuring a mix of small to medium-sized enterprises and large players. Key companies include Century Plyboards India Ltd, Godrej Interio, Greenply Industries Limited, Ikea India Pvt Ltd, and Kingswood Group of Companies. Despite a few major players, the market remains highly diverse.
India Wood Market Leaders
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Century Plyboards India Ltd.
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Godrej Interio (Godrej & Boyce Mfg. Co)
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Greenply Industries Limited
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Ikea India Pvt Ltd.
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Kingswood Group of Companies
*Disclaimer: Major Players sorted in no particular order
India Wood Market News
- March 2024: Godrej & Boyce plans to invest USD 4.8 million over the next three years to expand its distribution network in tier-II and tier-III cities. The investment aims to double its presence to over 400 towns by FY 2027. The company will spend USD 1.2-1.8 million annually on store expansion and renovation, targeting a 15-20% annual growth in revenue.
- April 2023: India's first-ever safety application for material handling, Godrej and Boyce, launched i-Report, its innovative safety solution to improve safety in the material handling industry in India. The app will help to bridge the gaps in the industry’s safety policy and standards by providing a 360-degree safety solution to their customers as well as business partners by providing remote and real-time incident reporting and audit capabilities, as well as training and consultation.
India Wood Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Drivers
4.1.1 Increased Consumer Spending on Residential Furniture
4.1.2 Growth in Online Retail Platforms Makes Wood Furniture More Accessible to Consumers
4.2 Market Restraints
4.2.1 The Cost of Sourcing and Processing Eco-Friendly Materials Can Be Higher, Affecting Pricing Competitiveness
4.2.2 Regulatory Compliance
4.3 Market Opportunities
4.3.1 Rapid Urbanization and Real Estate Development Create a Steady Demand for Wood in Construction and Home Furnishings
4.4 Insights into Export and Import of Wooden Furniture
4.5 Insights into Current Trends and Technological Innovations in the Market
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Insights into Various Regulatory Trends Shaping the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Hardwood
5.1.2 Softwood
5.2 By Material
5.2.1 Plywood
5.2.2 Laminates
5.2.3 MDF
5.2.4 Other Materials
5.3 By Product
5.3.1 Bedroom
5.3.2 Seating
5.3.3 Kitchen
5.3.4 Other Products
5.4 By Application
5.4.1 Residential
5.4.2 Commercial
5.5 By Distribution Channel
5.5.1 Online
5.5.2 Offline
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Century Plyboards India Ltd
6.2.2 Godrej Interio (Godrej & Boyce Mfg. Co)
6.2.3 Greenply Industries Ltd
6.2.4 Ikea India Pvt Ltd
6.2.5 Kingswood Group of Companies
6.2.6 Indroyal Furniture Pvt Ltd
6.2.7 Merino Industries Ltd
6.2.8 Nilkamal Ltd
6.2.9 Zuari Furniture
6.2.10 Durian*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER
India Wood Industry Segmentation
The wood market in India refers to the extraction, processing, and production of wood and wood-based products. It consists of activities such as logging, sawmilling, and the manufacturing of products like timber, plywood, veneers, furniture, and wood-based panels. This industry serves various sectors, including construction, furniture making, and interior design, and is driven by factors like urbanization, economic growth, and rising consumer demand for wood products.
The Indian wood market is segmented into type, material, distribution channel, application, and product. By type, the market is segmented into hardwood and softwood. By material, the market is segmented into plywood, laminates, MDF, and other materials. By application, the market is segmented into residential and commercial. By distribution channel, the market is segmented into online and offline. The report offers market size and forecasts in terms of value (USD) for all the above segments.
| By Type | |
| Hardwood | |
| Softwood |
| By Material | |
| Plywood | |
| Laminates | |
| MDF | |
| Other Materials |
| By Product | |
| Bedroom | |
| Seating | |
| Kitchen | |
| Other Products |
| By Application | |
| Residential | |
| Commercial |
| By Distribution Channel | |
| Online | |
| Offline |
India Wood Market Research Faqs
How big is the India Wood Market?
The India Wood Market size is expected to reach USD 14.77 billion in 2024 and grow at a CAGR of 8.78% to reach USD 22.5 billion by 2029.
What is the current India Wood Market size?
In 2024, the India Wood Market size is expected to reach USD 14.77 billion.
Who are the key players in India Wood Market?
Century Plyboards India Ltd., Godrej Interio (Godrej & Boyce Mfg. Co), Greenply Industries Limited, Ikea India Pvt Ltd. and Kingswood Group of Companies are the major companies operating in the India Wood Market.
What years does this India Wood Market cover, and what was the market size in 2023?
In 2023, the India Wood Market size was estimated at USD 13.47 billion. The report covers the India Wood Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Wood Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the trends in the India Wooden Furniture Market?
The trends in the India Wooden Furniture Market are a) Rising demand for eco-friendly and sustainable furniture b) Increasing preference for high-quality and customizable wooden furniture c) Growth of organized retail formats
India Wood Industry Report
The Indian wooden furniture industry is experiencing significant growth, driven by increasing urbanization, rising disposable incomes, and the popularity of eco-friendly and sustainable furniture options. The market is characterized by a moderately competitive landscape as indicated by the Herfindahl-Hirschman Index, suggests a diverse range of players contributing to the wooden furniture industry in India. The demand is particularly strong in the residential sector, with a preference for durable and customizable options that cater to modern living spaces. The rise of e-commerce has revolutionized the furniture shopping experience, enabling wider product availability and convenience for consumers. However, challenges such as deforestation and stringent wood use regulations pose potential risks to supply chains, impacting production costs and market dynamics. Overall, the wood furniture industry in India is poised for continued expansion, with opportunities for innovation in product design and online retail enhancing the consumer experience and driving further growth. For detailed statistics on the India Wood furniture market share, size, and revenue growth rate, refer to Mordor Intelligence™ Industry Reports, which include a market forecast outlook and historical overview.Get a sample of this industry analysis as a free report PDF download.
