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Decorative Rugs Market size exceeded USD 3.50 billion in 2021 and is estimated to exhibit a CAGR of around 6% from 2022 to 2028.
Rug demand was at its peak in developed economies a few decades ago. However, in recent years, this trend has shifted with people spending more money on making cosmetic changes to their homes or offices. To some extent, this need has been fueled by the easing of the economic crisis, resulting in a renewed demand for rugs.
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Hand-knotted segment is poised to witness 10% CAGR through 2028. Area rugs that are hand-knotted are expensive than synthetic & machine-made carpets. The element that distinguishes these rugs from their competitors is their superior craftsmanship, possibly the most crucial benefit of a handmade rug.
|Market Size in 2021:||3,691.91 Million (USD)|
|Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||6.1%|
|2028 Value Projection:||5,402.89 Million (USD)|
|Historical Data for:||2018 to 2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||546|
|Segments covered:||Product, Material, Distribution Channel, End-use|
|Pitfalls & Challenges:|
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Hand-tufted decorative rugs market is set to account for around 50% of the revenue share by 2028. Their characteristics including low cost, quick production, durability, availability in different shapes & sizes, and varied designs & patterns are further expected to increase market revenue.
The online retail distribution channel is expected to reach USD 750 million by 2028. The emergence of e-commerce, growing purchasing power, and the availability of many online platforms for carpets & rugs are likely to open new growth opportunities.
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The polyester-based decorative rugs market demand is predicted to cross nearly 3 billion sq. feet by 2028. One of the most appealing aspects of choosing polyester rugs is that they are available in a wide range of vivid colors. They are less difficult to dye & pattern than other rug fibers. Polyester holds color better than wool, cotton, and other natural fibers.
The residential application is projected to observe growth rate of above 5.5% through 2028 impelled by an rise in housing projects and a high interest in home improvement projects. The addition of new rugs will increase the aesthetic value of a property. Rugs are commonly used in newly constructed homes due to their low cost, easy installation, and appealing appearance.
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North America dominates the global decorative rugs market and is anticipated to capture more than USD 2.5 billion revenue by 2028. One of the main factors driving the regional rugs industry growth is the rapid expansion of construction & housing activities, particularly in the U.S. The increasing consumer demand for interior design and home décor will further augment the industry statistics. Apart from that, increased restoration and remodeling operations in the U.S. real estate sector have resulted in a tremendous demand for carpets & rugs.
Asia Pacific region is slated to register the highest gains till 2028. Rising residential & commercial construction activities in China, Japan, India, and Southeast Asia coupled with growing consumer disposable income are boosting market concentration.
Top players in the decorative rugs market are Balta Group, Bukhara Oriental Rugs, Mohawk Industries, Inc., Capel Rugs, Harounian Rugs International, Agnella, Kalaty Rug Corp., Loloi, Inc., Milliken and Co., and Momeni.
Companies are collaborating with other participants to strengthen their industry foothold. For instance, in September 2021, RugsUSA, a leading e-commerce company that offers the online sales of rugs and home décor products, signed an agreement with Francisco Partners to invest in flooring business.
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Market, By Product
Market, By Material
Market, By Distribution Channel
Market, by End-use
The above information is provided on a regional and country basis for the following: