Myanmar ‘is a Promising market in Southeast Asia.
Population . 60 Million ( 2019 )
GDP Growth . 6.6% ( 2019) . Per Capital .5.6% ( 2019 )
Myanmar has the potential to quadruple its current GDP to US dollars 200 billion in 2030. The consumer class is expected to grow from 2.5 million in 2010 to 20 million in 2030 which could potently triple spending from USD 35 billion to 100 billion .The opportunities are immense . A growing consumer close largely unreached population of more than 60 million peoples and access to the greater neighboring markets of about 2.8 billion peoples.
Business Opportunity of Myanmar’s Furniture / Timber Wood
Myanmar is well endowed with forest resources and a perfect location beside the biggest furniture demand market for wood processing. The local wood processing factories with laggard equipment certainly will face strong competition from the foreign companies. Owing to laggard technique of furniture manufacturing, most of Myanmar’s logs are directly exported after basic processing. There is a lack of local furniture manufacturers in Myanmar.
Growing demand for furniture in the residential and commercial segment.
The rising demand for commercial & residential spaces equipped with harm-resistant features is among the key factors fueling the furniture demand. An increase in the middle-class income along with government investments pertaining to infrastructure developments will further improve the industry size.
Opportunities are emerging across various parts of the developing economies, where high disposable income plays an important role. The industry constantly strives to advance and present products that will appeal to a variety of lifestyles and individuals on a global market.
The residential application dominated the global furniture market in 2019 and is estimated to hold above 60% share in 2026. Rapid sales in convertibles and single sofas will contribute to a steady market growth. Increasing exports and imports of luxurious and comfortable furniture driven by rising consumer disposable income and changing lifestyles are enhancing the upholstered furniture demand