The organised brands in wood panel and interior building material space are gaining better growth with each passing year; their second quarter result is evidence. With recent reports of Greenpanel, CenturyPly, Stylam, Greenply, Rushil Decor and also as per market performance of brands like Action, Merino etc the growth is in favour of organised brands. Recently declared numbers of Greemlam Industries Ltd shows, the company is upbeat with the growing volume of their product demand. Their laminate business grew by 11 per cent in volume terms and registered a robust growth with net profit of 39.4 crore in Q2 FY 24.
The organised brands in wood panel and interior building material space are gaining better growth with each passing year; their second quarter result is evidence. With recent reports of Greenpanel, CenturyPly, Stylam, Greenply, Rushil Decor and also as per market performance of brands like Action, Merino etc the growth is in favour of organised brands. Recently declared numbers of Greemlam Industries Ltd shows, the company is upbeat with the growing volume of their product demand. Their laminate business grew by 11 per cent in volume terms and registered a robust growth with net profit of 39.4 crore in Q2 FY 24.
It is to be noted that India is steadily witnessing sustained demand in premium segment of panel products also owing to growth in the furniture segment and demands from OEMS. This is signaling brighter prospects for organised brands especially when government is tightening compliances across sectors. With India poised to become the third largest global economy by 2030, the Government of India has identified the furniture industry as a key enabler to expand the reach of ‘Make in India’ goods across the globe. The India furniture market attained a value of USD 23.12 billion in 2023, and expected to grow at a CAGR of 10.9% in the period 2024- 2032. It is very close to experts view that branded sector in wood panel and decorative space will consolidate its share and grow in coming years.
On the other organised players front every ambitious group is making effort to expand the reach with wider product basket, such as Greenply is ambitiously steering its MDF business ahead. The company is also bullish with new ad spend and mega campaigns. The other leader in organsied market 'Century Plyboards' is already on an expansion spree in the MDF sector. With an estimated investment of around Rs 850 crore, the company is adding twice the size of its present capacity. Greenpanel is investing on campaigns and ramping up the marketing plans. It all indicates that Indian market is now clearly making way for organsied brands.