The furniture manufacturing output in Mexico has experienced several fluctuations from 2013 to 2023. Initially, there was a decline in output in 2014, followed by significant growth in 2015 and moderate increases up to 2019. Despite a notable 12.8% drop in 2020 due to the pandemic, the market rebounded with a 30.08% rise in 2021. The market grew at an impressive rate again in 2022 with a 7.39% increase, reaching a relatively steady state in 2023, growing just 0.12% to stand at 150.49 billion Mexican Pesos. Over the past five years, the CAGR has been 4.33%, indicating solid growth despite periodic volatility.
Future trends to watch for:
- The forecast shows a consistent growth pattern from 2024 to 2028 with a CAGR of 2.01%, suggesting a deceleration in the growth rate compared to the past five years.
- Anticipate an overall growth rate of 10.46% by 2028, reflecting slower but steady progress in the industry.
- Emerging markets, consumer preferences for sustainable furniture, and advancements in manufacturing technology will likely shape future trends.