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Published 9th July 2019

ASEAN market opportunities for your business

ASEAN has grown into one of the most dynamic drivers of today’s global economy. It is predicted to become the fourth-largest economy in the world by 2030 after the United States, China, and the European Union. ASEAN’s growth is projected to continue for the next five years with its GDP growth averaging 5.4% in recent years which is above the global norm.

Next to the People’s Republic of China and India, ASEAN combined population creates the world’s third largest labour force, with 660 million inhabitants in 2020, and expected to have 720 million by 2030. Its potential market is larger than the European Union or North America. 

ASEAN Economic

ASEAN Population Growth and Urbanisation Projection

Population growth and urbanisation are projected to add 2.5 billion people to the world’s urban population by 2050

Population growth and urbanisation are projected to add 2.5 billion people to the world’s urban population by 2050, with nearly 90 percent of this increase coming in Asia and Africa. The rapid growth of urbanisation in Asia and Southeast Asia drives demand for a higher value and quality products amongst the growing number of middle-class income as significant changes in the living standards. 

The rapid growth of urbanisation in Asia and Southeast Asia drives demand for a higher value and quality products

Asia is likely to continue to lead the world in both housing starts and GDP growth over the coming decades. Large increase in urban population leads naturally to an amplified need for infrastructure in cities. The demand for timber materials for construction and interior designs which include furniture is highly correlated with new projects and GDP on both an absolute and per capita basis. 

Furniture Market Outlook

Based on CSIL findings, the furniture consumption in Asia and Pacific (including ASEAN) has grown rapidly from 32% in 2016 to 44% in 2018. The demand for urban living solutions such as furniture is expecting to increase as the population growth and urbanisation is projected to grow.

Asia and Pacific contribution to world furniture production was worth about USD 470 billion is increasing in 2018 due to fast-growing domestic suppliers which resulted in productive investments by companies from the advanced economies.

Furniture consumption in Asia and Pacific (including ASEAN) has grown rapidly from 32% in 2016 to 44% in 2018

Tap into the global market at MIFF  

MIFF at MITEC MIFF at PWTC

Explore the inevitable trade opportunities at the largest furniture trade show in Southeast Asia. Truly a global B2B trade show, MIFF takes you right into the heart of the furniture industry in the thriving ASEAN economic ecosystem, connecting you with important contacts in your own industry and uncover new ways to prosper your business. 

The trade show is attended by 20,000 visitors each year with a significant growing number of high calibre buyers who recognise the increasing procurement value, wealth of innovation and productive experience on the MIFF show floor.   

   MIFF 2019 Merryfair at MIFF 2019

Amongst the MIFF top trade buyers are coming from the leading importers of furniture such as the United States, Germany, France, the United Kingdom, and Canada.

The next edition of the annual trade show is from 6 – 9 March 2020 at the same two venues. It has already drawn strong rebookings from exhibitors satisfied by the continuing diversity of attendance and high-quality buyers in MIFF 2019.

MIFF 2020

Be part of the most global marketplace in Southeast Asia
Book a space

Reference
CSIL 2018, Largest Furniture Companies,

https://www.worldfurnitureonline.com/research-market/largest-furniture-companies-0091046.html

CSIL 2018, World Furniture Outlook 2019,
https://www.worldfurnitureonline.com/research-market/world-furniture-outlook-0058524.html

CSIL 2018, Top 200 furniture manufacturers worldwide,
https://www.worldfurnitureonline.com/research-market/top-200-furniture-manufacturers-worldwide-0058486.html

United Nation 2018, 68% of the world population projected to live in urban areas by 2050, says UN,
https://www.un.org/development/desa/en/news/population/2018-revision-of-world-urbanization-prospects.html