Saudi Arabia Carpet And Rugs Market Size

Saudi Arabia Carpet And Rugs Market Analysis

The Saudi Arabia Carpet and Rugs Market has generated revenue of USD 0.45 billion in the current year and is poised to achieve a CAGR of 3.5% for the forecast period.

The market for carpets and rugs suffered as a result of the Covid-19 pandemic. To stop the virus from spreading, the government imposed lockdown, which seriously affected the flow of raw materials and the manufacturing process for the carpets and rugs. Government regulations on hotels, restaurants, and offices caused a dramatic decline in the demand for carpets and rugs. The COVID-19 pandemic outbreak led to restrictions on supermarkets, hypermarkets, and brand stores, seriously disrupting the distribution chain. E-commerce had significantly improved the supply chain and distribution system.

Carpet and rugs are widely sought after due to their attractive and practical characteristics. They are a great addition to any home or office, adding a touch of elegance to the decor. Furthermore, they provide a layer of padding to protect floors, making them especially useful for those living in cold climates. The Saudi Arabian carpet and rug market is expected to witness significant growth in the forecast period. The industry is being driven by a number of key factors, such as customer preferences, a focus on home interior design, changing lifestyles, rising consumer income levels, the expansion of the transportation and construction industries, the demand for environment-friendly carpets, and the increasing adoption of carpet tiles. One of the main elements driving the market demand is also the growing spending on remodeling and renovation projects on existing buildings. Saudi Arabia exports carpet to more than 70 countries. Currently, on a yearly basis, it produces nearly 120-130 million sq. m of carpet, with an annual consumption of around 70 million sq. m. Carpet and rugs are utilised for their artistic and practical features, as well as to protect floors. Because of the increased interest in interior décor products, the industry is likely to grow rapidly. Homeowners are increasingly expressing a desire for comfortable homes with beautiful interiors, which is projected to increase market demand during the forecast period. Saudi Arabia possesses the Middle East's largest economy, population, and construction market. As part of its Vision 2030 agenda, Saudi Arabia has embarked on an extremely ambitious program of economic diversification and liberalization. New buildings, infrastructure, and altering economics in the infrastructure sector will play a significant influence in the growth of the Saudi Arabia carpets and rugs market during the forecasted period. However, the high cost of raw materials is expected to impede the market growth in the near future.