India must tap the Canadian home furnishing market

Oct 13, 2021

“Canada, despite having a relatively small population of 38 million, has a very well developed and substantial home furnishing market. The Canadian market is a high-value quality-conscious market. The home furnishings retail market in Canada has expanded by 4 per cent to CAD 18 billion during 2020, and we expect this market growth to continue till 2025. India is a net cotton exporter, and has a competitive advantage over this key raw material. India is also strong on creative aesthetics. The availability of competitively-priced labour, presence of traditional skills and natural products places Indian manufactures at a distinct advantage. The ultra-low mortgage rates in Canada will support the demand for home furnishings, and the significant growth in ecommerce will add to the same”, said H. E. Mr. Ajay Bisaria, High Commissioner of India in Canada at the webinar on ‘Business Opportunities in Home Decor and Textile in Canada . The webinar was organised jointly by World Trade Center Mumbai and High Commission of India in Canada in partnership with BC-India Business Network .

Offering support to Indian SMEs, Mr. Bisaria said, “Increased consciousness about environmental and ethical considerations in Canada will create demand for organic, ethically-sourced and handcrafted products, which is complementary to Indian production patterns and strengths. Indian producers and suppliers should, therefore, leverage this opportunity to carve out a larger share of the Canadian market. Our offices will provide the necessary support to Indian businesses to assess the Canadian markets and expand here.”

During the programme, Mr. Anshuman Gaur, Deputy High Commissioner of India to Canada, made a presentation on the home furnishings market in Canada. He opined that LED lamps remained the top performer in home furnishings during 2020, and ‘Work from Home’ pushed the demand for home office furniture. The wholesale chain in Canada should be targeted by Indian exporters, as it is a low-tapped market.

He further expressed, Canada’s favourable immigration policy will drive the housing market, and therefore, the home furnishings market in the near future. Industry operators must comply with all local, provincial and federal regulations pertaining to storing and transporting goods, occupational health & safety and environmental policy.

Earlier in his Welcome Address, Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai suggested, “India and Canada enjoy a strategic and diplomatic partnership. The two countries are discussing a Comprehensive Economic Partnership Agreement (CEPA) and home decor and textiles can be a focus sector in the proposed agreement. Consumption demand for these products in India and Canada is expected to grow significantly over the coming years, and businesses in the two countries can maximize commercial opportunities through trade, investment, technology transfer and inclusion of the MSME enterprises.”

Dr. Kalantri further remarked, “We should encourage joint ventures in the home decor industry, and Indian companies can export fabrics and made-ups through SEZs and EOUs.”

Mr. Vivek Savkur , CEO, BC-India Business Network proposed the Vote of Thanks.

The programme was attended by members of trade and industry, academia, Consular Corps and MSMEs from India and Canada.

Source