LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the furniture manufacturing market in Serbia is expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Furniture Manufacturing Market in Serbia 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Serbia has a longstanding tradition of wood processing and furniture production. The furniture manufacturing market plays an important role in the Serbian economy by providing employment to over 1.2% of the total employed population in the country. Furniture manufacturers in Serbia are experiencing a boost in trade due to increase in FDI inflow, and easy availability of raw materials and cheap labor. Strong demand from export markets such as Russia has led to the furniture manufacturers in Serbia establishing a strong foothold in the global furniture market.
Brijesh Kumar Choubey, a lead analyst at Technavio for research on retail goods and services, says, “Serbia's strategic location at the crossroads of Western Europe and the Middle East also provides an added advantage, as it provides manufacturers easy access to markets and consumers in Europe and the Middle East. The furniture industry in Serbia recorded a trade surplus of over USD 150 million in 2014.”
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Based on the type of product, the furniture manufacturing market in Serbia can be segmented into the following:
- Office and shop furniture
- Kitchen furniture
- Mattresses
- Other furniture (desk chairs, deck chairs, headboards of metal beds, outdoor metal furniture, and chest of drawers)
In 2015, in terms of revenue, the kitchen furniture segment accounted for 21%-23% share of the furniture manufacturing market in Serbia, followed by the mattresses segment with 17%-19%, and the office and shop furniture segment with 16%-18%.
Kitchen furniture market in Serbia
The kitchen furniture market in Serbia is expected to grow at a rapid pace during the forecast period because of an increase in demand from export markets such as Germany. Manufacturers in the market are focusing on manufacturing products that comply with EU standards to enable them access to other export markets in the EU, such as Austria. Kitchen furniture designed using wood-based panels, chipboards, and veneer are a key trend in the market. Manufacturers in the market are also targeting Russia as a potential export market for kitchen furniture.
Mattresses market in Serbia
The mattresses market in Serbia is expected to grow at a steady rate during the forecast period owing to domestic demand as well as increasing demand from export markets such as countries in the EU and Russia. In accordance with global trends, manufacturers in the market are focusing on innovation, including the use of memory foam in furniture. For instance, manufacturers such as Simpo and Philip & Co Filipovic offer memory foam-based mattresses, in addition to spring-based products.
Office and shop furniture market in Serbia
Post the global economic crisis of 2008, the office and shop furniture market in Serbia grew at a sluggish rate due to a decline in foreign investment, primarily from companies in Western Europe. However, with the country being a key part of the Balkan region, many foreign companies are likely to establish their presence in the country, leading to an increase in the setting up of offices in the country. For example, Russia Today news service and Turkey's Halkbank are some of the companies that have commenced operations in the country. Such developments are expected to provide potential growth opportunities for manufacturers in the market.
Some of the key manufacturers in the furniture manufacturing market in Serbia are:
- Atlas
- Casa Italia
- Catra home fashion
- Cimo Company
- Dunav Apatin
- Ergomade
- Extraform
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