Ikea the world’s largest Furniture retailer has envisaged a plan to make India a hub for sourcing of bamboo for its products. .Bamboos are the fastest growing plants in the world and account for 1% of the Ikea global sales of €30 billion. Ikea plans to boost the contribution of bamboo products in it’s over product portfolio. Indonesia, China and other south east Asian countries were the major supplier of bamboo to Ikea , but it wants to make India as a major supplier of Bamboo plants. It has tied up with a bamboo grower in Bangalore and is planning extend it to major bamboo producers across the country.
Ikea is planning to open its first store in Hyderabad and subsequently shall expand to 25 stores pan India . Nearly three fourth of the Indian furniture market is controlled by standalone stores and carpenters, but now the market is expanding by entry of new players like Pepperfry, Urban ladder, Flipkart and Amazon. The growing appetite of Indian Consumers for well-crafted interiors in their bedrooms and houses is fueling the growth for these well-organized players. Ikea right now has 51 suppliers who accounts for 3% of its global products . By 2025 it hopes to employee 13000 people, open three distribution centers and source 30% of its requirements from India .