The Decorative Rugs Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Decorative Rugs Global Market Report 2024, The decorative rugs market size has grown strongly in recent years. It will grow from $3.55 billion in 2023 to $3.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to growth in the e-commerce sector, rising home renovation demand, increasing disposable incomes, increasing consumer awareness of economic growth, and increasing consumer preferences.
The decorative rugs market size is expected to see strong growth in the next few years. It will grow to $5.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing awareness of the role of interior design, increasing holiday spending, increasing preference for sustainable products, increasing accessibility to decorative rugs, and increasing convenience and accessibility for consumers. Major trends in the forecast period include the development of innovative materials and designs, adoption of sustainability and eco-friendly materials, innovation in smart rugs embedded with technology, and demand for durable and weather-resistant rugs.
The growing emphasis on home decor and interior design is expected to propel the growth of the decorative rug market going forward. Home decor and interior design focus on improving indoor spaces to create a more attractive and functional environment, involving choices in color, furniture, and layout to suit personal tastes and needs. The surge in home decor and interior design is driven by a desire to customize living spaces, higher disposable incomes, and social media trends featuring elegant interiors. Decorative rugs contribute to home decor and interior design by introducing color, texture, and warmth, defining areas, offering comfort, and either standing out or blending with other furniture. For instance, in March 2024, according to the Furniture Industry Research Association, a UK-based furniture association, in 2022, the UK furniture and furnishings sector achieved a total manufacturing turnover of £11.35 billion ($14.69 billion), marking a 10% increase compared to the previous year. Therefore, the growing emphasis on home decor and interior design is driving the decorative rug market.
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The decorative rugs market covered in this report is segmented –
1) By Product: Hand-Knotted Rugs, Hand-Tufted Rugs, Machine-Made Rugs, Flatweave Rugs, Other Products
2) By Material: Wool, Nylon, Cotton, Polyester, Jute, Other Materials
3) By Distribution Channel: Wholesalers Or Distributors, Hyper markets Or Super markets, Specialty Stores, Online Retailers, Other Distribution Channels
4) By Application: Residential, Commercial
Major companies operating in the decorative rugs market are focusing on innovative weaving techniques and designs such as hand-knotted braided design to gain a competitive advantage. A hand-knotted braided design is a rug style where knots are tied by hand and braided details are added for extra texture and pattern. For instance, in July 2023, Capel Rugs, a US-based rug manufacturing company, launched the Aria wool rug collection. The hand-knotted Aria rugs feature geometric and bohemian-inspired patterns, crafted in India from natural undyed wool with a high-low profile.
The decorative rugs market report table of contents includes:
1. Executive Summary
2. Decorative Rugs Market Characteristics
3. Decorative Rugs Market Trends And Strategies
4. Decorative Rugs Market – Macro Economic Scenario
5. Global Decorative Rugs Market Size and Growth
…
32. Global Decorative Rugs Market Competitive Benchmarking
33. Global Decorative Rugs Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Decorative Rugs Market
35. Decorative Rugs Market Future Outlook and Potential Analysis
36. Appendix
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