Decorative Rugs 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 during the historic period can be attributed to several factors, expansion in the e-commerce sector, rising demand for home renovations, increasing disposable incomes, heightened consumer awareness of economic growth, and evolving 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 anticipated during the forecast period can be attributed to several factors, heightened awareness of the role of interior design, increased holiday spending, growing preference for sustainable products, improved accessibility to decorative rugs, and greater convenience for consumers. Key trends expected to influence the market include the development of innovative materials and designs, the adoption of sustainable and eco-friendly materials, advancements in smart rugs embedded with technology, and a rising demand for durable and weather-resistant rugs.

The increasing focus on home decor and interior design is expected to drive growth in the decorative rug market. Home decor and interior design involve enhancing indoor spaces to create more appealing and functional environments. This includes selecting colors, furniture, and layouts that reflect personal preferences and needs. The rise in home decor and interior design is fueled by a desire to personalize living spaces, increased disposable incomes, and social media trends showcasing stylish interiors. Decorative rugs play a significant role in home decor by adding color, texture, and warmth, defining spaces, providing comfort, and either complementing or contrasting with other furnishings. For example, in March 2024, the Furniture Industry Research Association, a UK-based organization, reported that the UK furniture and furnishings sector achieved a manufacturing turnover of £11.35 billion ($14.69 billion) in 2022, a 10% increase from the previous year. This trend highlights how the emphasis on home decor and interior design is boosting the decorative rug market.

Leading companies in the decorative rugs market are concentrating on innovative weaving techniques and designs, such as hand-knotted braided rugs, to gain a competitive edge. Hand-knotted braided rugs feature knots tied by hand and braided elements for added texture and pattern. For instance, in July 2023, Capel Rugs, a US-based rug manufacturer, introduced the Aria wool rug collection. These hand-knotted Aria rugs, made in India from natural undyed wool, showcase geometric and bohemian-inspired patterns with a high-low profile.

In October 2022, Sage Park, a US-based investment firm, acquired Orian Rugs Inc. for an undisclosed amount. This acquisition aims to strengthen Sage Park's reputation for high-quality American-made textiles, expand its manufacturing capabilities, and enhance its customer offerings while preserving Orian's legacy as a prominent producer of decorative rugs and specialty yarns. Orian Rugs Inc., based in the US, specializes in manufacturing decorative area and scatter rugs.

Major companies operating in the decorative rugs market are Mohawk Industries, Shaw Industries Group Inc., Milliken Co, Tarkett Group, Oriental Weavers, Balta Rugs NV, Safavieh Inc., The Dixie Group, Surya Inc., Nourison Co, COURISTAN Inc., Loloi Rugs, Colonial Mills Inc., Capel Rugs, Jaipur Living Inc., Dalyn Rugs Co, Momeni Rugs Inc., Kaleen Rugs Inc., Samad Rugs, Harounian Rugs International, Tamarian, EXQUISITE RUGS.

North America was the largest region in the decorative rugs market in 2023. The regions covered in the decorative rugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the decorative rugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Decorative rugs are floor coverings designed primarily for aesthetic purposes, adding a decorative touch to a room. Available in a variety of shapes, sizes, colors, patterns, and materials, these rugs can enhance or complement the décor of any space. Their versatile design elements make them a valuable addition to both residential and commercial settings.

The main types of decorative rugs include hand-knotted rugs, hand-tufted rugs, machine-made rugs, flat-weave rugs, and others. Hand-knotted rugs are crafted by tying individual knots of yarn into a foundation, distinguishing them from machine-woven rugs. These rugs are made from various materials such as wool, nylon, cotton, polyester, jute, and more. They are distributed through multiple channels, including wholesalers, hypermarkets, specialty stores, online retailers, and others, catering to a range of applications in both residential and commercial environments.

The decorative rugs market research report is one of a series of new reports that provides decorative rugs market statistics, including decorative rugs industry global market size, regional shares, competitors with a decorative rugs market share, detailed decorative rugs market segments, market trends and opportunities, and any further data you may need to thrive in the decorative rugs industry. This decorative rugs market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The decorative rugs market consists of sales of piles, backings, bindings, and edge finishing, dyes and colours, tufting guns, and looms. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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