JAKARTA - The Indonesian Furniture and Crafts Industry Association (Asmindo) is optimistic that Indonesia can seize 1 percent of the world's furniture market share.
Asmindo Chairman Dedy Rochimat quoted Statista 2024 data as saying that the global furniture market potential is projected to reach US 766 billion (around IDR 12.26 quadrillion) in 2024.
If Indonesia can seize 1 percent of the world's market share, the Indonesian furniture industry has the potential to generate revenue of 7 billion US dollars (around Rp112 trillion).
"Asmindo remains confident and optimistic that Indonesia can seize 1 percent of the world's furniture market share in the future," he said, quoting Antara.
To achieve this target, Dedy said that Asmindo continues to strive to encourage increased domestic and foreign markets through various programs.
In the domestic market, Asmindo has collaborated (MoU) with PT Bina Karya to support the development of the capital city of Nusantara (IKN) with furniture products and Asmindo member crafts, the majority of which are small and medium enterprises (SMEs).
Meanwhile, to improve overseas markets, Asmindo continues to push the export market through various exhibitions, such as the 2023 Kofurn furniture and interior exhibition in South Korea, the 2024 Dubai Index Exhibition, and the IFFINA Furniture and Design Exhibition.
"Actually, the African market is also extraordinary. Africa has 54 countries and a population of 1.8 billion," said Dedy.
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On the same occasion, Minister of Cooperatives and SMEs Teten Masduki said that in the midst of various domestic and global economic challenges, the Indonesian furniture industry showed positive performance.
He said data over the past five years (2018-2022) showed a fairly consistent increase in the export of furniture products, with the export value in 2022 reaching US$2.9 billion (around Rp46.4 trillion), up from US$2.8 billion (Rp44.8 trillion) from the previous year.
Teten said this increase showed positive momentum and optimism in achieving the export target of the furniture industry set by the government of USD 5 billion or approximately IDR 80 trillion by 2024.
Asmindo will again hold an IFFINA exhibition at ICE BSD, Tangerang on September 14-17, 2024. In the 2023 edition, IFFINA was attended by around 300 companies and attended by more than 10 thousand visitors from 41 countries.
Organizers are targeting the number of IFFINA 2024 visits to increase by 50 percent from last year. The number of transactions is also expected to increase by 30 percent from USD 200 million (IDR 3.2 trillion) in 2023 to USD 500 million (IDR 8 trillion) this year.
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