Indiawood 2024: Over 950 Firms Showcase Furniture in Bengaluru

New Delhi, Feb 22 (PTI) Over 950 companies from more than 50 countries are participating in the 13th edition of the Indiawood exhibition that began in Bengaluru on Thursday.

"As we inaugurate Indiawood 2024, we are not just celebrating the present achievements but also laying the groundwork for the future," NuernbergMesse India Managing Director Sonia Prashar said in a statement.

Sivakumar Venugopal, Member of the Management Board at NuernbergMesse India, said, "The 25th year of Indiawood next year is a significant milestone that celebrates not just the longevity but also the impact of this event on the global stage."

The 2024 edition of Indiawood is being held at the Bangalore International Exhibition Centre, showcasing over 950 exhibitors from more than 50 countries.

According to industry estimates, the value of the Indian furniture market is pegged at USD 32 billion, with a compound annual growth rate of 20-25 per cent.

The potential for exports is huge since India has only a 5 per cent share of the world market, it said.

Furniture exports increased sharply from Rs 1,952 crore (about USD 26 million) in FY14 to Rs 6,790 crore (USD 820 million) in FY23 -- a 248 per cent growth, the statement said.