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The decorative rugs market is expected to record decent growth by 2028 on account of elevated spending on home improvement and renovation. In 2021, spending on home improvement saw a 25% year-over-year growth, says a report from home services firm Angi. As customers are spending more time indoors since the pandemic began, it is likely that this trend will continue into 2022 and beyond.
With high spending on home renovation, sales of decorative rugs are expected to impel, encouraging rug manufacturers to expand their production capacity. In 2022, Jaipur Rugs - one of India's largest hand-knotted rugs manufacturers - revealed plans to reach $132 million valuation in its next financial year, supported by its new store in Europe as well as impending plans to expand in Southeast Asian markets.
The global decorative rugs market is segmented in terms of material, product, distribution channel, regional landscape, and end-use.
With respect to product, the machine-made decorative rugs segment is forecasted to witness over 6.0% CAGR through the forecast timeframe. Aspects like quick production and low cost will offer machine-made rugs an edge over hand-knotted rugs. Plants that knit these rugs are mostly electrically automated and controlled by computers. These types of rugs can be made quickly using diverse materials like wool and synthetic fibers like nylon, polypropylene, polyester, acrylic, and art silk in less time.
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Among materials, the cotton-based decorative rugs market is projected to witness 4.0% CAGR over the estimated period. Consumers are preferring cotton-based rugs given to features like their softness, fiber strength, and ability to hold dyes. Rugs that are made using cotton are also environmentally friendly and exhibit excellent insulating attributes.
Meanwhile, jute rugs segment is anticipated to see decent growth in view of the material's easy availability, eco-friendly nature, and biodegradable properties. Jute is sourced naturally and can easily be transformed into durable, long-lasting fibers, making it completely eco-friendly and ideal for making rugs.
Based on distribution channels, the hypermarkets/supermarkets landscape is estimated to offer promising business prospects to decorative rug manufacturers owing to the widespread penetration of these stores across both developing and developed economies. Recently, U.S. hypermarket chain Costco started selling indoor-outdoor rugs in a colorful array of patterns that can be used anywhere in home spaces.
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The commercial end-use market for decorative rugs is deemed to observe >6.5% CAGR between 2022 to 2028. An increase in the construction of corporate offices to support the IT industry will drive market growth. In 2022, Google Ireland announced that it has secured approval for an office scheme that will establish a new company campus in Dublin to accommodate 1,700 workers. Such initiatives will spark the demand for rugs for commercial use in IT spaces.
Based on regional lookout, Latin America decorative rugs market is estimated to foresee a 6.0% CAGR through the analysis timeline. Countries like Argentina, Brazil, and Mexico are speculating robust economic growth, with the hospitality sector being a major driver. In 2022, U.S. hotels and resort brand, Hilton announced its expansion into southern Brazil with the launch of Hilton Porto Alegre - the first Hilton hotel in Rio Grande do Sul state. Offering luxury amenities like spacious guestrooms and suites will spark the demand for designer rugs across such spaces.
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