Furniture and its parts market in Finland

Earlier Report Observations

The Finnish furniture market began the period with notable investment activity, as 2018 saw a wave of mergers and acquisitions along with new players like Novart Oy, Puustelli Group Oy, and Topi-Keittiöt Oy entering kitchen furniture manufacturing. This signaled industry confidence and potential for expansion. However, by 2020, macroeconomic headwinds including inflation and rising interest rates weakened consumer demand, contributing to a decline in total market value.

Market conditions rebounded strongly in 2021, with the value growing by over 9% to surpass pre-pandemic levels, and a further modest increase followed in 2022. This recovery phase occurred without specific disruptive events highlighted in industry sources for those years.

A sharp contraction began in 2023 and accelerated into 2024, with the market value falling significantly. This downturn coincided with reports of sluggish furniture trade, leading to retail consolidation and corporate restructurings such as at Isku Kodin. Major retailer Ikea cancelled its store plans for Helsinki, reflecting the challenging environment. Concurrently, consumer preferences continued evolving toward practical, multi-functional, and sustainable furniture, but these trends did not offset the overall market decline.

Production furniture and its parts in Finland

In value, 2017-2020, M $ US

Finland's furniture and parts production volume declined after two years of growth. In 2020, output was valued at 735.7 million US dollars, down 6.3% from the previous year. Between 2017 and 2020, production increased by 4.3%, averaging 1.4% annually. The peak value was recorded in 2019 at 784.9 million US dollars, with the largest annual increase occurring in 2018 at 10.3%.

Annual dynamics of production in Finland in value, 2017-2020, M $ US

Exports furniture and its parts from Finland

Exports in kind, K t

After two years of decline, Finland's furniture and parts exports increased. In 2020, exports totaled 14.4 thousand tons, up 24.4% from 2019. Over the 2017-2020 period, exports grew by 4.3%, with a compound annual growth rate of 1.4%. The lowest value was recorded in 2019 at 11.6 thousand tons, which also saw the largest decline of 14.5%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, K t

From 2017 to 2020, Finland's furniture and parts export structure was diversified. The United States accounted for 22.7% of exports in kind, Sweden for 19.2%, and Norway for 8.1%. Together, these three countries represented just 49.9% of total flows, with no single country holding a clearly dominant position.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, M $ US

After two years of growth, Finland's furniture and parts exports in value terms declined. In 2020, export volume was recorded at 153.0 million US dollars, falling 12.2% year-over-year. Between 2017 and 2020, exports increased by 21.6%, averaging 6.7% annually. The highest value was in 2019 at 174.2 million US dollars, which also saw the largest annual increase of 26.3%.

Annual dynamics of product's exports from Finland in value, 2017-2020, M $ US

From 2017 to 2020, Finland's furniture and parts export partner portfolio in value terms was quite broad. Sweden accounted for 20.0% of exports, the United States for 18.5%, and Norway for 7.9%. Together, these three countries represented only 46.4% of total flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports furniture and its parts to Finland

Imports in kind, K t

The market showed an unstable trend throughout the period. Imports reached their lowest point in 2019 and peaked in 2020, with a 1.9-fold difference between these years. In 2020, Finland imported approximately 106.1 thousand tons of furniture and parts, a sharp increase of 86.9% year-over-year. The minimum value was in 2019 at 56.8 thousand tons, which also saw the largest decline of 43.3%.

Annual dynamics of product's imports to Finland in kind, 2017-2020, K t

From 2017 to 2020, Finland's furniture and parts import partner portfolio in kind was quite broad. Estonia accounted for 18.5% of imports, China for 16.3%, and Poland for 13.8%. Together, these three countries represented only 48.6% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, M $ US

Finland's furniture and parts import volume increased for the third consecutive year. In 2020, imports were recorded at 373.4 million US dollars, up 1.2% from the previous year. Between 2017 and 2020, imports grew by 6.9%, averaging 2.3% annually.

Annual dynamics of product's imports to Finland in value, 2017-2020, M $ US

From 2017 to 2020, Estonia, China, and Sweden continued to lead as suppliers of furniture and parts to Finland. Estonia accounted for 18.8% of imports in value terms, China for 16.0%, and Sweden for 15.7%. Together, these three countries took 50.5% of total imports in value terms.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020