Wood and wood product import value into India FY 2011-2023
The woodworking industry in India is amongst the fastest growing sectors. According to a study conducted by World Bank, the organized furniture market across the country was expected to grow at a rate of about 20 percent annually over the next few years. The country has also been importing wood and wood products. The value of imports in the industry was more than 581 billion Indian rupees at the end of fiscal year 2023.
Industry insight
India has a thriving range of industries that deal with processed and semi-processed value-added timber products. Plywood, veneer and wooden furniture, handicrafts, and pulp and paper are also popular segments within the industry. In 2019, the wood exports from the country were valued at over 70 billion Indian rupees. In response to the growing demands, the wholesale price index of wood and wood products has also increased in recent years.
Growing concerns
To cope with domestic and international demands, tree loss in the nation has been consistent over the last 20 years. The damage along the north eastern parts of the country was severe in the last five years, due to the ‘’slash and burn’’ cultivation approach. Growing concerns and pressure from environmental organizations possibly reduced the proposed investments in the timber sector. Nonetheless, the demand and growth in the industry is most likely to remain unaffected by the ‘minor’ growth inhibitors.
Industry insight
India has a thriving range of industries that deal with processed and semi-processed value-added timber products. Plywood, veneer and wooden furniture, handicrafts, and pulp and paper are also popular segments within the industry. In 2019, the wood exports from the country were valued at over 70 billion Indian rupees. In response to the growing demands, the wholesale price index of wood and wood products has also increased in recent years.
Growing concerns
To cope with domestic and international demands, tree loss in the nation has been consistent over the last 20 years. The damage along the north eastern parts of the country was severe in the last five years, due to the ‘’slash and burn’’ cultivation approach. Growing concerns and pressure from environmental organizations possibly reduced the proposed investments in the timber sector. Nonetheless, the demand and growth in the industry is most likely to remain unaffected by the ‘minor’ growth inhibitors.
