Decorative Rugs Market - By Product (Hand-knotted, Hand-tufted, Machine-made, Flatweave), By Material (Wool, Nylon, Cotton, Polyester, Jute), By Distribution Channel (Wholesalers, Hypermarkets, Specialty Stores, Online Retailers), By End-use & Forecast, 2023-2032

Decorative Rugs Market Size

Decorative Rugs Market size crossed USD 3.7 billion in 2022 and will exhibit a 6.5% CAGR from 2023 to 2032. The rise in spending on home décor is expected to propel the demand for decorative rugs.
 

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Recently, consumer interest in luxury interior décor and aesthetics has increased significantly. The growing need for comfortable lifestyles has spurred the adoption of décor products to improve the overall ambiance of a room by enhancing style, character, and warmth. As consumer interest in personalizing homes increases, the demand for decorative rugs will grow.
 

However, rapid urbanization and a solid growth in disposable incomes across developed and developing countries will complement industry growth. A rise in the urban population has also contributed to a growing inclination toward luxury lifestyles, augmenting spending on high-quality, durable, and stylish decorative rugs. According to World Bank data, more than 50% of the global population currently lives in urban areas. By 2045, the global urban population is estimated to surge by 1.5 times and exceed 6 billion.
 

Economic fluctuations are serving as a roadblock for decorative rugs market growth, given their impact on consumer spending patterns. Volatile economic conditions and economic downturns are affecting consumer purchasing power, compelling consumers across low- and middle-income countries to adopt a minimalistic lifestyle and reduce their spending and luxury products. In situations like economic crises or inflation, consumers also tend to cut back on discretionary spending including home décor items such as rugs and furniture, which may limit the sales of decorative rugs.
 

Decorative Rugs Market Analysis

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The hand-tufted decorative rugs market valuation is set to reach over USD 4.5 billion by 2032. Hand-tufted rugs have grown popular recently owing to their affordable pricing. These rugs offer a cost-effective alternative to hand-knotted rugs for middle-income groups seeking affordable yet stylish home décor. Additionally, they give customers access to a higher level of customization, and personalization with a wide variety of designs, sizes, and colors to choose from. Hence, the flexibility and appeal offered by hand-tufted rugs will spur decorative rugs industry growth.
 

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The residential end-use segment of the decorative rugs market is projected to expand at a 6% CAGR from 2023 to 2032. High-end decorative rugs are experiencing an uptick in demand for residential applications such as bedrooms, dining rooms, and living rooms as they provide an aesthetic appeal and add value to the décor. The availability of rugs in a wide variety of designs and pricing models is helping manufacturers and retailers cater to broad demographic and different income groups.
 

The increasing trend of home renovation and interior decoration backed by rising disposable income and changing consumer preferences will foster demand for decorative rugs. Moreover, the significant rise in residential construction across developing economies is anticipated to broaden the application scope of decorative rugs.
 

 

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North America decorative rugs market is predicted to surpass USD 3 billion by 2032. Recently, there has been a substantial rise in demand for home décor products, with countries such as the U.S., and Canada witnessing a rapid uptake of decorative rugs. Consumers across these countries are spending heavily on home renovation and interior decoration as a result of the growing trend for luxury aesthetics and comfortable home décor.
 

The presence of a favorable economic scenario and rapid urbanization will increase the adoption of decorative rugs. Furthermore, the increasing development of commercial infrastructures such as hotels, retail stores, and offices is indicating a rise in need for decorative rugs.
 

Decorative Rugs Market Share

Some of the leading companies include:

• Balta Group
• Mohawk Industries Inc
• Bukhara Oriental Rugs
• Capel Rugs
• Agnella
• Harounian Rugs International
• Kalaty Rug Corp
•  Milliken and Co
• Loloi Inc., Momeni Inc.
   

Recent Industry Developments:

• March 2022: Capel Rugs announced plans to unveil a large range of new rugs featuring an array of styles, constructions, and price points along with updated patterns and designs. Made from 100% wool from India, the new collection was aimed at providing retailers with high-value products for a better aesthetic.
   
• January 2023: Kalaty introduced the new range of high-end area rugs to the winter 2023 Las Vegas market unveiling a wide variety of hand-knotted designs, colors, patterns, and styles.
   

This decorative rugs market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD Million from 2018 to 2032 for the following segments:

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By Product

• Hand-Knotted Rugs
• Hand-Tufted rugs
• Machine-Made Rugs
• Flatweave Rugs
• Others (Braided Rugs, etc.)

By Material

• Wool
• Nylon
• Cotton
• Polyester
• Jute
• Others

By Distribution Channel

• Wholesalers/ Distributors
• Hypermarkets/ Supermarkets
• Specialty Stores
• Online Retailers
• Others

By End Use

• Residential
• Commercial

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Portugal
  • Spain
  • Italy
  • Romania
  • Poland
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Chile
• Middle East & Africa
  • Saudi Arabia
  • GCC